The latest market report published by Acute Market Reports “Biosimulation Market: Growth, Future Prospects, and Competitive Analysis, 2021 -2029” the biosimulation market was valued at US$ 1.87 Bn in 2020, and is expected to reach US$ 6.55 Bn by 2029, expanding at a CAGR of 14.8 % from 2021 to 2029.
Browse the full report Biosimulation Market Growth, Future Prospects, and Competitive Analysis, 2021 -2029 report at https://www.acutemarketreports.com/report/biosimulation-market
Market Insights
The biosimulation market is expected to show remunerative growth in the forecast period of 2021-2029. Biosimulation also known as ‘modeling and simulation’, or ‘model-based drug development’ or ‘in silico drug development’ is a technique which uses computer based programs for simulation of biologic process, thus capturing biological elements and their relationships, and simulating the behavior of a certain system in different situations.
The cost of developing a new drug is enormous and an exorbitant amount of money and time is incorporated for the development by the pharmaceutical industries and research institutes. According to a 2014 study by the Tufts Center for the Study of Drug Development (TCSDD), the cost of developing a new drug considering from its R&D to marketing approval accounts to around $2.9 billion per NDA. The drug development is always not a success in the market and also faces drug failures which may occur at any stage of development which effects the growth of the pharmaceutical industry. For e.g. Bristol-Mayer Squibb faced 35% drop in its share price post its phase 3 failure of cancer immunotherapy drug Opdivo. To avoid such drug failures and minimalize the utilization of time, money and patients, biosimulation techniques are utilized.
According to an article posted by Certara, Inc., incorporating biosimulation/model-based drug development accounts to $97 million of savings per NDA. Biosimulation is used for lead identification and optimization, target identification and optimization, pre-clinical trials, clinical trials and regulatory approvals. Biosimulation technique helps in predicting the success rate of a drug and its potential to gain market approval which would help the industries to strategize accordingly and economize their revenue. Moreover, it also monitors the resources incurred by initially assessing for any drug-drug interactions, avoid ethical issues of unnecessary trials, eliminate the need for some clinical trials & design safer and efficient trials. It would predict the number of patients required for the study thus reducing the cost incurred on patients and increase the success rate of a New Drug Application (NDA). Owing to the aforementioned benefits of biosimulation and the current markets requirement of more efficacious drugs, reduced drug failure rate and decreased cost and time for drug development is driving the biosimulation market.
North America is held a largest share in the biosimulation market. An increase in drug development, stringent regulatory policies ensuring patient safety and efficacy standards, rising number of strategic collaborations amongst pharmaceutical industries/research institute with in silico software developers for model-based drug development are the major factors that increases the demand in this market. Asia-Pacific is expected to witness highest growth in the biosimulation market during the forecast period, 2021-2029 owing to increasing presence of CRO’s, rising healthcare infrastructure, developing healthcare IT and an extensive presence of research and development activities.
Market Competition Assessment:
The biosimulation market is observed as the most diversified and competitive market comprising large number of players. As the biosimulation market grows, it accounts for greater opportunities for the existing key players to expand owing to high demand in the future. Emerging key players could also capture high market shares with advanced biosimulation techniques. The market is dominated by several players, depending on their major competencies. The key players in this market are Certara USA, Inc., Simulation Plus, Inc., Dassault Systems SA, Schrodinger, Inc., Advanced Chemistry Development, Inc., Chemical Computing Group, Inc., Physiomics PLC, Entelos, Inc., Rhenovia Pharma Ltd., Genedata AG, Evidera, Inc., In Silico Biosciences Inc., Oxford Drug Design, Insilico Biotechnology AG, Leadinvent technologies Pvt Ltd. & Leadscope, Inc.
Key Market Movements:
