Biosimulation Market: Introduction
According to the report, the global biosimulation market was valued at US$ 1.8 Bn in 2019 and is projected to expand at a high CAGR from 2020 to 2030. Biosimulation can be defined as computer-aided mathematical simulation of biological processes, which form an integral part of the human biology system. Biosimulation is focused on offering model-based prediction of the behavior and the dynamics of biological systems. The growth of the global biosimulation market can be attributed to significant rise in spending on R&D by pharmaceutical and biotechnology companies. Additionally, high cost associated with re-conducting clinical trials, owing to the high failure rate in phase III clinical trials contributes to the adoption of biosimulation in drug discovery and drug development, which, in turn, boosts the growth of the market.
North America dominated the global biosimulation market in terms of revenue in 2019 and the trend is projected to continue during the forecast period. The market in the region is anticipated to expand at a high CAGR from 2020 to 2030. The growth of the market in North America can be attributed to the strong recommendation by the U.S. FDA for adopting biosimulation, increase in adoption of predictive biosimulation in the R&D process, and rise in focus on the development of biosimulation platforms for the development of COVID-19 vaccines.
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Strategic Acquisitions among Key Market Players
Leading players, such as Certara and Simulations Plus, focus on enhancing their market presence by adopting inorganic growth strategies. This, in turn, will enable them to cater the rise in demand and consolidate their position in the biosimulation market. Simulations Plus, a leading player in the biosimulation market acquired Lixoft of Paris, France, in April 2020. Lixoft is focused on designing software solutions for reducing the cost and increasing the success rate of new drug development.
In February 2020, Certara acquired the modelling and biosimulation technology assets from In Silico Biosciences, Inc. The assets acquired include platform of multiple integrated quantitative systems pharmacology (QSP) modules related to brain pathology and physiology.
Software Dominated Global Market
In terms of offering type, the software segment is projected to account for major share of the global biosimulation market during the forecast period. The growth of the segment can be attributed to increase in the number of pharmaceutical and biotechnology companies, regulatory agencies, and academic & research institutes employing biosimulation software during the research process of drug discovery and drug development.
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Biosimulation Market: Prominent Regions
The global biosimulation market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global biosimulation market in 2019. The U.S. was a major market for biosimulation in the region in 2019. The expansion of the market in the country can be attributed to the presence of leading players, rise in usage of biosimulation technology by pharmaceutical and biotechnology companies, and recommendation of regulatory agencies to employ the biosimulation technology in the drug development process.
The biosimulation market in Asia Pacific is expected to expand at a high CAGR from 2020 to 2030 driven by developing countries such as China and India. Life science research is gaining momentum in countries across Asia, partly due to favorable government policies and high demand for innovative drugs. Additionally, a large and trained talent pool of researchers and engineers coupled with significant computational infrastructure have ensured that the expansion remains at a relatively rapid pace. Furthermore, the biosimulation market is expanding rapidly in China and India despite late entry of industry players in these countries.
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Strategic Acquisitions and Partnerships by Key Players to Propel Global Market
The global biosimulation market is fragmented in terms of number of players. Key players operating in the global biosimulation market are Certara, Dassault Systèmes S.A., Schrödinger, Inc., Simulations Plus, Inc., Rhenovia Pharma, Advanced Chemistry Development, Inc., Insilico Biotechnology AG, Physiomics plc, Genedata AG, and Rosa & Co. LLC., among others.
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