Global Biosimulation Market, By Product and Services (Software and Services), By Application (Drug Discovery and Drug Development), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,901.9 Mn in 2023, and is expected to exhibit a CAGR of 17.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Market players are engaged in expanding their manufacturing facility for biostimulation, and this is expected to drive the global biosimulation market growth during the forecast period. For instance, on November 22, 2020, Cellworks Group Inc., a company that manufactures and develops biotechnology drugs, announced the launch of its precision drug development business units which is aimed at accelerating time-to-market for drug development and reviving previously studied but unapproved pharmaceutical assets through predictive biosimulation. The two new business units will use Cellworks’ biosimulation platform and Computational Biology Model (CBM), in order to predict responses to pharmaceutical interventions in silico, thereby, streamlining the clinical trial process by identifying the right patients more rapidly, and this reduces the time and expense of developing successful pharmaceutical agents.
Global Biosimulation Market– Impact of Coronavirus (COVID-19) Pandemic
The global biosimulation market covers various product and services segments that help researchers and organizations to develop treatments and vaccines for the SARS-CoV-2 virus. When analyzing the market by product and services, the leading segment is software.
Software tools that enable biosimulation have found widespread adoption among pharmaceutical and biotech companies working aggressively on COVID-19 research. These software packages allow scientists to construct detailed digital models of biological systems impacted by the virus. Some key capabilities include pathogen-host interaction modeling, drug discovery and repurposing, vaccine development, and clinical trial design and optimization. Leading software providers offer user-friendly interfaces and cloud-based access, allowing geographically dispersed research teams to collaborate effectively.
A major driver for software dominance has been the ability to accelerate COVID-19 research remotely during lockdowns and social distancing. Software providers worked closely with groups like the World Health Organization to distribute their solutions free of cost to public health organizations in developing countries. This enhanced global scientific cooperation, which is key to control the pandemic. Certain software tools also helped national public health agencies to simulate the spread of the virus and assess impacts of various containment strategies.
Within the software segment, subscription-based cloud solutions has witnessed strongest growth, enabling anytime, anywhere access. Notable users include Brazil's Butantan Institute and the European Union's Joint Research Centre. Emerging areas like artificial intelligence and high-performance computing integration further boosted the potential of digital experimentation approaches.
Global Biosimulation Market: Key Developments
In July 2023, Certara, Inc., one of the leader in biosimulation software and advanced drug development solutions, announced that the company had entered into partnership with the Drugs for Neglected Diseases initiative (DNDi), a not-for-profit research and development organization that discovers, develops, and delivers safe, effective, and affordable treatments for neglected patients around the world. DNDi, through its Data Management and Biostatistics (DMB) Centre in Nairobi, will leverage Certara’s data science platform, Pinnacle 21 Enterprise (P21E), to standardize data from multiple clinical data sources.
Browse 35 Market Data Tables and 29 Figures spread through 142 Pages and in-depth TOC on “Global Biosimulation Market”- Forecast to 2030, Global Biosimulation Market, Global Biosimulation Market, By Product and Services (Software and Services), By Application (Drug Discovery and Drug Development), By Distribution Channel (Pharmaceutical & Biotechnology Organizations, Contract Research Organizations (CROs) and Academic Research Institutions) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/biosimulation-market-2016
Key Takeaways of the Global Biosimulation Market:
- Global biosimulation market is expected to exhibit a CAGR of 17.5% during the forecast period, due to strong focus of key players on inorganic growth strategies such as product launches, acquisitions, mergers, collaborations, and others to enhance market position, strengthen product portfolios, and increase product reach, which is expected to drive growth of the global biosimulation market. For instance, on December 13, 2023, Certara, Inc., a manufacturer of medicines by using proprietary biosimulation software, technology and services that transform traditional drug discovery and development, announced that it had acquired Applied BioMath, the leader in model-informed drug discovery and development offering biosimulation and software solutions. Under this agreement, Certara, Inc. and Applied BioMath are the life sciences industry’s largest team of experts in quantitative systems pharmacology (QSP), a method of biosimulation used across the development lifecycle to predict endpoints, biomarkers and the most effective dosing regimen.
- Among the product and services segments, software segment is witnessing the highest growth. As biotechnology and pharmaceutical companies continue investing heavily in research and development activities, software has emerged as a cutting-edge tool, thus, enabling non-linear predictive analysis of biological processes. According to World Health Organization, in 2021, software solutions have streamlined drug discovery workflows by reducing costs associated with wet-lab experiments and facilitating complex computational simulation modeling. Leading vendors offer software packages incorporating systems biology algorithms, artificial intelligence, high-performance computing infrastructure and user-friendly interfaces. These help scientists to simulate interactions between molecules, cells, tissues and entire organisms to gain mechanistic insights not easily obtained through physical experimentation alone. According to National Institutes of Health in 2021, software is transforming drug research and development activities by enabling virtual screening of large molecular libraries, reducing costly clinical trial failures.
- Among region, North America accounts for the largest share in the product and services category. In order to fully leverage simulation platforms, scientific expertise in fields such as biology, physiology, chemometrics and programming is required. Hence, many software developers also offer specialized consulting, custom modeling, training and cloud-hosted solutions. As biological databases and computing power continue augmenting at exponential rates, third-party service providers help customers to maximize value from software investments through expert guidance in application domains and long-term roadmap support. International organizations also emphasize the need to build local skills to support such software deployments.
- Major players operating in the global biosimulation market include Certara, L.P., Simulations Plus, Inc., Dassault Systèmes (Accelrys), Genedata AG, LeadScope, Inc., Compugen Inc., Schrödinger, LLC, In Silico Biosciences, Inc., Advanced Chemistry Development, Inc., Chemical Computing Group ULC, Physiomics PLC, and Pharmaceutical Product Development, LLC (Evidera)
