Biosimulation Market to Register Substantial Expansion in Coming Years
The biosimulation market is expected to reach USD 2.88 billion by 2022 from USD 1.38 billion in 2017, growing at a CAGR of 15.9%. 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 are driving the growth of this market.
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Based on product & service, the market is segmented into software and services. The biosimulation services segment is expected register the highest CAGR during the forecast period. The high growth in this segment is attributed to the recurring need for services such as data analysis and consulting services.
Based on applications, the biosimulation market is segmented into drug discovery, drug development, and other applications (nutraceuticals and agri-food production). The other applications segment is expected to register the highest CAGR during the forecast period. The increasing use of biosimulation software and techniques by the defense, industrial bioprocessing, nutraceuticals, and agri-food production industries will drive the growth of this market segment in the coming years.
Based on delivery model, the biosimulation market is segmented into ownership models and subscription models. The ownership models segment is expected to register the highest CAGR during the forecast period. Buyers mainly opt for these delivery models due to the security benefits associated with them are the major factors that are expected to drive the growth of the ownership models segment.
Based on the end user, the biosimulation market is segmented into research institutes, pharmaceutical and biotechnology companies, contract research organizations (CROs), regulatory authorities, and other end users (consulting firms, defense research and development organizations, nutraceutical companies, and food and agricultural companies). The pharmaceutical and biotechnology companies are expected to dominate the market during the forecast period. The growth of this segment is mainly attributed to factors such as the increased R&D budgets of pharmaceutical and biotechnology companies and increasing adoption of inorganic growth strategies by different biosimulation service providers.
Among the four regional segments covered in the biosimulation market—North America, Europe, Asia, and the Rest of the World (RoW), Europe is expected to grow at the highest CAGR during the forecast period. The growing focus on research-related funding activities by governments is expected to assist in the development of drug discovery and development process, thus driving the demand for biosimulation in the European region.
Read more: https://www.prnewswire.com/news-releases/biosimulation-market-worth-288-billion-usd-by-2022-667859333.html