(IT-NEWSWIRE.COM, September 25, 2020 ) 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".
The growth of this 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.
Biosimulation software expected to dominate the 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.
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Emerging Applications of Biosimulation Industry:
The emerging applications of biosimulation in defense, industrial bioprocessing, nutraceuticals, and agri-food production present significant opportunities for the growth of the global biosimulation market. Various biosimulation companies are adopting inorganic and organic growth strategies to expand the applications of their biosimulation software and services. In May 2017, the Institute of Life Science at Swansea University delivered an in silico drug discovery software platform for the UK Ministry of Defense for the development of antimicrobials to meet the needs of defense and security in the country. Likewise, in April 2017, Certara formed a partnership with the Australian Department of Defense. Certara’s d3 medicine company was selected to conduct a national audit to check the research and development capabilities and capacity of Australia’s medical countermeasures (MCM) product.
North America to dominate the biosimulation market
In 2017, North America is expected to dominate the 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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Key Market Players:
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).
Mr. Aashish Mehra