The global biosimulation market size is expected to reach USD 3.77 billion by 2024, according to a new report by Grand View Research, Inc., registering a CAGR of 15.4% during the forecast period. Soaring need for advanced generation therapeutics owing to the growing prevalence of chronic diseases, such as cancer and diabetes, is stoking the growth of the biosimulation market.
Moreover, the rising geriatric population worldwide is playing an imperative role in the growth of the market. Aged people are highly susceptible to chronic diseases, which is augmenting the need for highly efficacious drugs. In addition, a growing number of drug resistance cases, high drug relapse rates, and limited availability drugs to treat diseases such as AIDS are leading to high clinical urgency for the adoption of biosimulation in applications such as drug development and drug discovery.
Surging demand for biosimulation software and services can also be attributed to their higher cost-efficiency. This cost efficiency is a result of ability to predict toxicity, adverse reactions, and efficacy of investigational drugs during early stages of product development, thus limiting the probability of drug relapse & adverse events at later stages.
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Software accounted for the largest share of the product segment in 2015 owing to growing adoption in personalized medicine resulting in improved patient outcomes
The services segment is expected to exhibit growth at a significant CAGR as a consequence of rising inclination of the big pharmaceutical companies to outsource their biosimulation process so as to reduce the overall cost
The drug discovery segment is predicted to witness a lucrative CAGR throughout the forecast period owing to the elimination of probable drug failures and prediction of unfavorable drug interactions
Drug development accounted for the largest share owing to growing usage of in silico software by major pharmaceutical & biotechnology companies for increased drug efficacy of their existing products by identification and evaluation of optimal synergistic combinations & dosage forms
In 2015, the pharmaceutical and biotechnology companies held a substantial share owing to growing efforts to develop better treatment options at a cheaper and faster rate through in silico biology models
Academic research institutes are anticipated to grow at consistent rate owing to the presence of various academic research groups involved in complex biological systems studies that use computer models, such as by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK)
In 2015, North America accounted for the majority share of the overall market as a result of increased usage of in silico models by regulatory authorities to ensure patient safety
Asia Pacific is predicted to spearhead the market as a consequence of increasing outsourcing research activities across this region
Key players are deploying collaborative strategies and expansion of product portfolio to capture a large share. For instance, in April 2016, Simulation Plus, Inc. introduced DDDPlus Version 5.0, an in-vitro dissolution experiment software that helps researchers in study of different drug dosage forms
Grand View Research has segmented the global biosimulation market report on the basis of product, application, end-use, and region:
Biosimulation Product Outlook (Revenue, USD Million, 2013 - 2024)
Biosimulation Application Outlook (Revenue, USD Million, 2013 - 2024)
Biosimulation End-use Outlook (Revenue, USD Million, 2013 - 2024)
Pharmaceutical & Biotechnology Companies
Contract Research Organizations (CROs)
Academic Research Institutes
Biosimulation Regional Outlook (Revenue, USD Million, 2013 - 2024)
Middle East & Africa
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