Biosimulation is referred to as the simulation of the biological process and system by a computer-aided program. It is being extensively adopted for pharmaceutical drug development as a wide application in drug discovery and development. The designed medicine through the simulation is observing its impact on the disease and the body. It is predictive tools which is widely used in the discovery stage to determine the future outcomes of the current experimental trials. Further, there is an increase in investment for research and development which is proving to be the major reason for the growth of the biosimulation market. Simulation Plus acquired Lixoft of Paris in 2020. Lixoft of Paris focus on the designing the software solutions which will help in the reduction of the cost and increasing the rate of the success in the development of the new drug.
However, due to the lack of standardization in the biosimulation in the process of the drug development and discovery and the shortage of skilled labour in the developed countries are expected to restrain the market growth of the biosimulation during the forecasted period.
Some of the players of the biosimulation market are Rhenovia Pharma, Accelrys, Certara, Genedata, Leadscope, Compugen, Archimedes, Simulations Plus Inc., Schrodinger Inc., and Insilico Biotechnology.
The global biosimulation market is estimated to grow at a CAGR of 13.55% to reach US$5,680.595 million in 2026 from US$2,333.475 million in 2019.
Growing Adoption of Biosimulation Software
The regulatory bodies are increasingly adopting the biosimulation software which is expected to drive the market growth. Biosimulation are being widely adopted to assess the disease, model cellular process, and engineer cells. The recent advancement in the biomedical simulation’s development is playing an imperative role in augmenting the overall growth of the biosimulation market. Market players that are operating in the biosimulation market are focusing on enhancing the quality of biosimulation by the introduction of simulation models, leveraging tools and practicing utilization in the software engineering. Model engineering trend have gained the considerable momentum during the past few years and is expected to exhibit impressive growth during the forecasted period. Software engineering is witnessing progress and is expected to largely benefit the development of the biosimulation models in terms of design, construction, error checking, and testing among others.
Market players are expected to address the current underlying issues related to the biosimulation such as reuse, readability and reproducibility. The advancement in the model engineering techniques is expected to play an essential role in the development of the overall biosimulation market during the forecasted period. The increasing demand for the biosimulation market is motivating the major players such as Simulation Plus and Certara to focus on the enhancement of their global presence by adopting inorganic growth strategies.
North America Dominating the Data Monetization Market
The biosimulation market is North America, South America, Europe, Middle East and Africa, Asia Pacific. North America is expected to witness a significant growth in the biosimulation market. The expansion of the pharmaceutical and biotechnology industry, increase in the research and development by the industry of biotechnology and pharmaceutical and the growing use of the personalized medicine are some of the key factors that are driving the market growth of the biosimulation in the region. United States have considerable number of patients in every disease category which is the key reason for the pharmaceutical companies to conduct the clinical trials for the new drug in this region. Moreover, the U.S. Food and Drug Administration (FDA) recommend the simulation process in the drug development and discovery thereby boosting the market growth of the biosimulation in the region. Furthermore, companies involved in the business of delivering biosimulation software and services are expanding their scope in drug discovery and drug development by utilizing advanced tools and better software optimization.
The biosimulation market faced low impact due to the outbreak of covid-19 and is witnessing growth during the pandemic. Research and development activities are expected to continue during the coronavirus crisis as the medical expert and researchers are exploring the potential of the biosimulation to curb the transmission of the coronavirus. Thus, the demand for the biosimulation solution and platform is expected to witness steady growth during the pandemic. Certara, the global leader in the biosimulation announced its plan in 2020 to develop a new biosimulation platform for Covid-19 vaccines and major enhancement in its immunogenicity and immune-oncology QRS platform. Certara’s mechanistic model helped the researchers to examine how a drug or a biologic is handled by the human body in computer-generated, virtual patients. Schrodinger announced its collaboration agreement with Google Cloud in February 2021. This collaboration will help to accelerate the capacity and speed of capacity of its physics-based computational platform for the discovery of drugs and materials science.