LONDON–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/Biotechnology?src=hash" target="_blank"gt;#Biotechnologylt;/agt;–Technavio’s latest market research report on the global biosimulation
market predicts the market to witness a CAGR of over 14% during the
forecast period. This research report segments the market by end-user
(pharmaceutical and biotechnology companies, contract research
organizations, and others) and geography (North America, Europe, Asia,
and ROW).
Leveraging mathematical modeling and simulation to improve generic
drugs will gain momentum.
The cost-effective nature of generics and patent expiry are factors that
are contributing to the growth of the global biosimulation market.
Patent expiry creates significant opportunities for the entry of generic
drugs. Workshops are being conducted for advancing the use of modeling
and simulation for modernizing the development of generic drugs. These
workshops pertain to the identification of opportunities for modeling
and biosimulation in the drug development process. Furthermore,
pharmaceutical companies and CROs are leveraging machine learning tools,
quantitative risk modeling, and systems pharmacology to improve the
overall drug development process and regulatory decision-making. With
the growing need for stakeholders to use quantitative approaches in the
process of generic drug development, the global
biosimulation market is anticipated to witness a surge over the
next few years.
Pharmaceutical and biotechnology companies segment to dominate the
market
Pharmaceutical and biotechnology companies emerged as the largest
end-user segment. The increasing focus on applications such as high
content screening (HCS) and the use of biosimulation software and
services for drug discovery and drug development are driving the growth
of this segment. These companies are primarily involved in the discovery
and development of drugs for treating complex diseases. These companies
are also using biosimulation software to simulate the physical reaction
of patients towards new drugs as it helps in evaluating the potential of
new drugs as well as enabling better design pivotal studies. This will
further drive the biosimulation market during the forecast period.
“Manufacturers in the biosimulation industry are witnessing
significant demand for biosimulation software and services due to
significant investments in R&D. Biosimulation software and services
allow the selection of appropriate drug doses and evaluation of new drug
formulations. It also helps in designing optimal clinical trials and
predicting drug to drug interactions,” says a senior research analyst at
Technavio.
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Biosimulation to witness the fastest adoption in Asia.
Asia is expected to witness the fastest growth in the global
biosimulation market due to the significant revenue contributions from
emerging economies, including China and Japan. Several factors such as a
huge population base, a considerable number of pharmaceutical companies,
and CROs working on drug discovery and development outsourced by
companies in Western countries will positively impact market growth in
the forthcoming years. Furthermore, the rising number of conferences
aimed at promoting the efficiency of biosimulation techniques will
further increase the awareness of biosimulation and its application
among different stakeholders, including industry experts, academic
institutes, and research organizations. Therefore, the growing adoption
of biosimulation across advancing economies will lead the region to
account for the fastest growth over the forecast period.
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challenges, trends, and more.
Some of the key topics covered in the global
biosimulation market analysis include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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