Published Date : 19 Oct 2022
The global biosimulation market size accounted for US$ 3.12 billion in 2022 and is predicted to surpass around US$ 9.17 billion by 2030 with a CAGR of 14.4% from 2022 to 2030.
Some sales insights revealing the strong growth of biosimulation during the past few years are listed below:
Approximately 46% of the Global Biosimulation Market Captured by North America
North America is witnessing an escalation in the incidences of chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory diseases. Rising investments in the adoption of automated and digital technologies in the healthcare and pharmaceutical industries, and favorable government policies that supports drug discovery and drug development activities are the most prominent factors that significantly drives the growth of the North America biosimulation market. The in-silico model is witnessing a rapid surge in the implementation of the regulatory policies, which standardizes the treatment procedures and improves the safety of the patients.
Furthermore, the presence of the world’s leading pharmaceutical companies along with the top contract manufacturers and contract researchers has an exponential contribution towards the growth of the North America biosimulation market. The sutging adoption of the biosimulation software by the regulatory authorities, growing need to control thye drug development and the drug discovery costs, adoption of advanced QSP systems, and rising demand for the biologics and biosimilar among the patients are the major drivers of the North America biosimulation market. US is the major market in the global biotechnology industry. Moreover, the growing demand for the biosimulation software in the various end use verticals such as nutraceutical companies, food and agricultural companies, consulting firms, and defense research organizations in North America is expected to have a significant impact on the market growth during the forecast period.
Biosimulation Market Report Scope
|Market Size in 2022||USD 3.12 Billion|
|Market Size by 2030||USD 9.17 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 14.4%
|Packaging Segment Market Share in 2021||46%|
|Software Segment Market Share in 2021||66%|
|Forecast Period||2022 to 2030|
What are the key trends in the Global Biosimulation Market?
The emerging applications of the biosiumulation are the major factor that is expected to drive the market growth in the foreseeable future. The demand for the biosimulation is rising in various applications such as defense, agriculture, food, nutraceuticals, and so on, which is expected to drive the market. Further, the various developmental strategies to boost the applications of the biosimulation is positively influencing the market.
For instance, in May 2017, the UK Ministry of Defense received in-silico drug discovery software from the Institute of Life Science at Swansea University for developing antimicrobials to be utilized in the defense and security of the nation. Furthermore, the rapid and strong growth in the biologics and biosimilar industries is further fueling the growth of the biosimulation market across the globe. The growing need for cutting costs in the biologics and biosimilar companies is boosting the adoption of biosiumulation software across the globe.
What are the key challenges in the Global Biosimulation Market?
The biosimulation software utilizes a variety of languages, models, and tools for processing the various aspects of the biological process. However, the concerned government authorities are yet to standardize the process and provide regulations on the use of in-silico technologies in the drug discovery and drug development activities.
The latest technological advancements has enhanced the computation power of the bio-medical researchers that helps in the development of complex biosimulation solutions. The biosimulation models and simulations are complex which creates diffiuculties for the researchers to share biomedical models. Thus the lack of standardization makes it difficult to reuse or represent the biomedical models and this may restrict the adoption of the biosimulation.
Asia Pacific Forecast the Strongest Growth Rate during the Forecast Year (2022-2030)
The rising penetration of the biopharmaceutical companies, development of regulatory authorities, rising number of contract researchers, and growing defense sector in the emerging nations like China, India, and South Korea is expected to have a positive and significant impact on the demand for the biosiumulation software during the forecast period. The rising inestments by the top MNCs in the Asia Pacific region and rising volume of research activities across the region for the development of various drugs and therapeutics is expected to boost the market growth in the upcoming future.
Some of the major players in the global biosimulation market include:
By End User
By Delivery Model
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