Biosimulation Market (Offering Type: Software and Services; Application: Drug Discovery, Drug Development, and Others; and End User: Contract Research Organization, Pharmaceutical & Biotechnology Companies, Research Institutes, Regulatory Institutes, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Progress in Software Engineering to Improve Development of Biosimulation Models
Advancements across various facets of the medical sector have occurred at a rapid pace over the past couple of decades, due to technological innovations and research activities. The development of new drugs for a range of medical diseases and conditions has shifted gears over the past few years due to which, the demand for biosimulation has witnessed unprecedented growth– a factor that is expected to boost the growth of the biosimulation market during the assessment period. Biosimulation is increasingly being used in drug discovery and drug development applications, including target identification & validation, lead identification & optimization, and pre-clinical testing of new drugs.
Players operating in the drug development sector are increasingly focusing on deploying various strategies to minimize monetary loss and financial costs upon failure of a drug therapy. At present, drug development companies and researchers continue to find the most effective way to bridge the gap between clinical medicine & drug development and patient response. Several new projects have entered the biosimulation market that primarily aim to improve drug development and delivery for a range of medical diseases and conditions. Advancements in the software technology and advent of artificial intelligence are likely to have a strong influence on the overall growth of the global biosimulation market during the assessment period.
At the back of these factors, the global biosimulation market is projected to reach a market value of US$ 7 Bn by the end of 2030. A number of market players are increasingly focusing on developing biosimulation platforms to gain a competitive edge in the current market landscape.
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Increasing Demand for Biomedical Simulations to Drive Global Market
Recent advancements in the development of biomedical simulations have played an imperative role in boosting the overall growth of the global biosimulation market. Biosimulations are increasingly being used to assess diseases, engineer cells, and model cellular processes. Market players that are currently operating in the biosimulation market are focusing on enhancing the quality of biosimulations by introducing simulation models by leveraging tools and practicing utilization in software engineering. The model engineering trend has gained considerable momentum in the recent past due to which, the global biosimulation market is on the course to exhibit an impressive growth rate during the assessment period.
Progress in software engineering is expected to largely benefit the development of biosimulation models in terms of construction, design, testing, error checking, etc. Market players are anticipated to address the current underlying issues pertaining to biosimulation such as readability, reproducibility, and reuse. Advancements in model engineering techniques are likely to play an essential role in the overall development of the global biosimulation market during the assessment period.
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Market Players Focus on Expanding Services, Launching New Biosimulation Platforms to Gain Advantage
Sensing the growing interest in biosimulation, a number of players involved in the current biosimulation market are focusing on expanding their operations and services to gain competitive edge. For instance, Switchback Medical, one of the top tier medical device contract design and manufacturing companies announced that the company is likely to expand its services by creating a new division– Switchback BioSim Innovations. With the expansion, the company aims to improve its market position by offering dynamic biosimualtion model development, physical training, and cell culture services.
In April 2020, OnScale and LEXMA entered a partnership– a move wherein both companies are expected to leverage AI and cloud simulation, and launch effective biosumualation solutions to improve patient outcome.
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Market Players Explore Potentials of Biosimulation to Combat COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to have a low impact on the global biosimulation market. Research and development activities are likely to continue in full swing amid the COVID-19 crisis, as researchers and medical experts explore the potentials of biosimulation to curb the transmission of the novel coronavirus. Thus, the demand for biosimulation solutions and platforms is anticipated to witness steady growth.
The global biosimulation market is expected to expand at an impressive CAGR of ~13% during the forecast period. Advancements in technology, increasing focus on improving drug development & discovery, growing adoption of artificial intelligence, and rising emphasis on improving model engineering solutions are factors projected to drive the global market. In addition, research and development activities, along with increasing investments toward the same would play a key role in fueling the global biosimulation market growth during the assessment period.
Biosimulation Market: Overview
- The global biosimulation market was valued at US$ 1.8 Bn in 2019 and is projected to expand at a high CAGR from 2020 to 2030
- Biosimulation can be defined as computer-aided mathematical simulation of the biological processes, which forms an integral part of the human biology system. Biosimulation offers model-based prediction of the behavior and the dynamics of biological systems.
- The global biosimulation market is driven by increase in adoption of biosimulation in drug discovery and development by regulatory bodies, rise in failure rates of drugs in the late clinical trial phases, surge in spending on research & development by pharmaceutical and biotechnology companies, and increase in awareness about the advantages of biosimulation
- Additionally, usage of biosimulation technologies in testing the hypothesis of using drugs for a new indication or disease contributes to the growth of the market
Biosimulation Market: Segmentation
- The global biosimulation market has been segmented based on offering type, application, end user, and region
- In terms of offering type, the global biosimulation market has been categorized into software and services. The software segment has been split into PK/PD modeling & simulation, PBPK modeling & simulation, trial simulators, molecular modeling, and others.
- Based on application, the global biosimulation market has been classified into drug discovery, drug development, and others. The drug discovery segment has been segregated into target identification & validation and lead identification & optimization.
- Rise in usage of biosimulation and modeling technologies in drug discovery can be attributed to increase in usage of molecular modelling for the identification of effective compounds that help enhance the efficiency and reduce drug toxicity. Furthermore, role of molecular dynamics simulation in drug discovery propels the segment. The drug development segment has been bifurcated into pre-clinical testing and clinical trial.
- In terms of end user, the global biosimulation market has been divided into contract research organization, pharmaceutical & biotechnology companies, research institutes, regulatory institutes, and others
Biosimulation Market: Regional Segmentation
- The global biosimulation market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global biosimulation market in 2019 and the trend is projected to continue during the forecast period
- The biosimulation market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2030. Growth of the market in the region can be attributed to increase in the number of regulatory agencies adopting biosimulation and rise in momentum on life sciences research, owing to favorable government policies and partly due to significant demand for innovative drugs.
Biosimulation Market: Major Players
- 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,
- Rosa & Co. LLC., among others
- In June 2020, Certara launched an updated version of its Phoenix biosimulation software, which is considered the industry gold standard in pharmacokinetic/pharmacodynamic (PK/PD) and toxicokinetic modeling and simulation software. The updated version includes features to enhance efficiency, quality, and time saving required for conducting trials. This is anticipated to contribute to the growth of the biosimulation market.
- In August 2020, Certara announced the development of biosimulation platform for COVID-19 vaccines. The company has been developing a Quantitative Systems Pharmacology (QSP) platform for COVID-19 to test vaccine candidates across multiple patient populations.
Biosimulation Market – Scope of the Report
TMR’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 2018 to 2030, considering 2019 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
- What will be the sales revenue generated by biosimulation across all regions during the forecast period?
- What are the key trends in the global biosimulation market?
- What are major drivers, restraints, and opportunities in the global biosimulation market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which application segment will generate the maximum revenue by 2030 and which product segment will expand at the fastest CAGR during the forecast period?
Biosimulation Market – 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.
Biosimulation Market – Segmentation