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(Medical-NewsWire.com, January 17, 2020 ) The growth of biosimulation market is majorly driven by factors such as the increase in R&D investments in the pharmaceutical and biotechnology industries, growing adoption of biosimulation software by regulatory bodies, technologically advanced QSP systems, need to curtail drug discovery and development costs, and growth in the biologics and biosimilars markets.
According to a new market research report "Biosimulation Market by Product (Software, Molecular Simulation, In House, Contract Services), Application (Clinical Trials, PKPD, ADME), Delivery (Subscription, Ownership), End User (Biotech, Pharma Companies, CROs, Regulatory) - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 2.88 Billion by 2022 from USD 1.38 Billion in 2017, at a CAGR of 15.9%.
Browse 187 market data Tables and 28 Figures spread through 180 Pages and in-depth TOC on "Biosimulation Market"
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The Biosimulation Market is highly competitive with the presence of several small and big players. Some of the players in the Biosimulation Market include Certara (US), Simulation Plus (US), Dassault Systèmes (France), Schrödinger (US), ACD/Labs (Canada), Chemical Computing Group (Canada), Physiomics (UK), Evidera (US), In silico biosciences (US), INOSIM Software (Germany), Insilico Biotechnology (Germany), LeadInvent Technologies (India), Rosa (US), Nuventra Pharma (US), and Genedata (Switzerland).
Biosimulation software expected to dominate the biosimulation market in 2017.
Based on product and service, the Biosimulation Market is segmented into software and services. In 2017, the biosimulation software segment is expected to account for the largest share of the biosimulation market. The high growth of this segment is attributed to the growing adoption of biosimulation software by pharmaceutical and research organizations and the increasing R&D investment for pharmaceutical research.
Based on end user, the pharmaceutical and biotechnology companies segment is projected to grow at the highest CAGR in Biosimulation Market.
Based on end user, the Biosimulation Market is segmented into research institutes, pharmaceutical and biotechnology companies, contract research organizations (CROs), regulatory authorities, and other end users (consulting firms, defense research and development organizations, nutraceutical companies, and food and agricultural companies).
The pharmaceutical and biotechnology companies segment is expected to register the highest CAGR during the forecast period. Increased R&D budgets of pharmaceutical and biotechnology companies and increasing adoption of inorganic growth strategies by different biosimulation service providers are likely to boost the adoption of biosimulation solutions in the pharmaceuticals and biotechnology industry.
North America to dominate the biosimulation market
In 2017, North America is expected to dominate the biosimulation market followed by Europe. The large share of this geographical segment is attributed to factors such as growth in the biotechnology and pharmaceutical industry, a large number of ongoing drug development processes, increased use of personalized medicine, and increasing R&D expenditure by pharmaceutical and biotechnology companies.
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