The global biosimulation market size surpassed US$ 2.1 Bn in 2020 and expected to reach over US$ 7 billion by 2030.
Biosimulation can be defined as computer-aided mathematical simulation of biological processes, which form an integral part of the human biology system. Biosimulation is focused on offering model-based prediction of the behavior and the dynamics of biological systems. The growth of the global biosimulation market can be attributed to significant rise in spending on R&D by pharmaceutical and biotechnology companies. Additionally, high cost associated with re-conducting clinical trials, owing to the high failure rate in phase III clinical trials contributes to the adoption of biosimulation in drug discovery and drug development, which, in turn, boosts the growth of the market.
North America dominated the global biosimulation market in terms of revenue in 2019 and the trend is projected to continue during the forecast period. The market in the region is anticipated to expand at a high CAGR from 2020 to 2030. The growth of the market in North America can be attributed to the strong recommendation by the U.S. FDA for adopting biosimulation, increase in adoption of predictive biosimulation in the R&D process, and rise in focus on the development of biosimulation platforms for the development of COVID-19 vaccines.
Strategic Acquisitions among Key Market Players
Leading players, such as Certara and Simulations Plus, focus on enhancing their market presence by adopting inorganic growth strategies. This, in turn, will enable them to cater the rise in demand and consolidate their position in the biosimulation market. Simulations Plus, a leading player in the biosimulation market acquired Lixoft of Paris, France, in April 2020. Lixoft is focused on designing software solutions for reducing the cost and increasing the success rate of new drug development.
In February 2020, Certara acquired the modelling and biosimulation technology assets from In Silico Biosciences, Inc. The assets acquired include platform of multiple integrated quantitative systems pharmacology (QSP) modules related to brain pathology and physiology.
Software Dominated Global Market
In terms of offering type, the software segment is projected to account for major share of the global biosimulation market during the forecast period. The growth of the segment can be attributed to increase in the number of pharmaceutical and biotechnology companies, regulatory agencies, and academic & research institutes employing biosimulation software during the research process of drug discovery and drug development.
The global biosimulation market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global biosimulation market in 2019. The U.S. was a major market for biosimulation in the region in 2019. The expansion of the market in the country can be attributed to the presence of leading players, rise in usage of biosimulation technology by pharmaceutical and biotechnology companies, and recommendation of regulatory agencies to employ the biosimulation technology in the drug development process.
The biosimulation market in Asia Pacific is expected to expand at a high CAGR from 2020 to 2030 driven by developing countries such as China and India. Life science research is gaining momentum in countries across Asia, partly due to favorable government policies and high demand for innovative drugs. Additionally, a large and trained talent pool of researchers and engineers coupled with significant computational infrastructure have ensured that the expansion remains at a relatively rapid pace. Furthermore, the biosimulation market is expanding rapidly in China and India despite late entry of industry players in these countries.
Strategic Acquisitions and Partnerships by Key Players to Propel Global Market
The global biosimulation market is fragmented in terms of number of players. Key players operating in the global biosimulation market are Certara, Dassault Systèmes S.A., Schrödinger, Inc., Simulations Plus, Inc., Rhenovia Pharma, Advanced Chemistry Development, Inc., Insilico Biotechnology AG, Physiomics plc, Genedata AG, and Rosa & Co. LLC., among others.
Global Biosimulation Market: Segmentation
Scope of the Report
VRR’s report on the global biosimulation market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the overall revenue of the global biosimulation market from 2016 to 2030, considering 2020 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global biosimulation market for the forecast period.
The report has been prepared after an extensive research. Primary research involves bulk of research efforts, wherein analysts carried out interviews with market leaders and opinion makers. Secondary research involves referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global biosimulation market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of top-down and bottom-up approaches to study various phenomena in the global biosimulation market.
The report includes an elaborate executive summary, along with a snapshot of the growth pattern of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competition dynamics in the global biosimulation market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global biosimulation market. The next section of the report highlights the USPs, which include technological advancements, healthcare industry overview, key industry events, and COVID-19 pandemic impact on industry (value chain and short/mid/long-term impact) in the global biosimulation market.
The report delves into the competition landscape of the global biosimulation market. Key players operating in the global biosimulation market have been identified and each one of these has been profiled for its distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global biosimulation market report.
Key Questions Answered in Biosimulation Market Report
Research Objectives and Research Approach
The comprehensive report on the global biosimulation market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and health care compliances laid down by accredited agencies in the purview of research in the global biosimulation market. It is followed by market introduction, market dynamics, and an overview of the global biosimulation market, which includes TMR’s analysis of market drivers, restraints, and trends affecting the market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key players in the global biosimulation market has been mapped to ascertain the size of the market in terms of value. The forecast presented here assesses the total revenue generated in the global biosimulation market. In order to provide an accurate forecast, we initiated by sizing up the current biosimulation market with the help of the parent market.
The report analyzes the global biosimulation market in terms of offering type, application, end user, and region. Key segments under each criteria have been studied at length and the market share of each of these by the end of 2030 has been provided. These valuable insights would help stakeholders in making informed business decisions for investments in the global biosimulation market.
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