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LONDON, GREATER LONDON, UNITED KINGDOM, October 31, 2024 /EINPresswire.com/ -- The biosimulation market is projected to grow from $4.03 billion in 2023 to $4.57 billion in 2024, with a compound annual growth rate (CAGR) of 13.4%. This growth during the historical period can be attributed to the increasing complexity of diseases, the rise of in silico trials, reductions in drug development costs, and the rising prevalence of chronic diseases.
What Is The Estimated Market Size Of The Global Biosimulation Market And Its Annual Growth Rate?
The biosimulation market is expected to reach $8.08 billion by 2028, with a compound annual growth rate (CAGR) of 15.3%. The growth during the forecast period can be attributed to the use of biosimulation in rare disease research, a focus on pharmacodynamics modeling, improved patient stratification in clinical trials, rapid advancements in biopharmaceuticals, biosimulation for drug repurposing, and the increasing demand for safer and more effective drugs.
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Growth Driver Of The Biosimulation Market
The global surge in healthcare expenditure is expected to bolster the biosimulation market during the forecast period. Rising healthcare spending is likely to lead to increased investment in drug development, which will, in turn, drive revenues from biosimulation solutions. Currently, biosimulation software is used to mimic diseases in the drug development process. This software enables virtual clinical trials for new pharmaceutical drugs by running disease simulations on computers.
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Which Market Players Are Steering The Biosimulation Market Growth?
Key players in the market include Certara Inc., Dassault Systèmes SE, Schrödinger Inc., Simulations Plus Inc., Rhenovia Pharma SAS, Insilico Biotechnology AG, Genedata AG, Entelos Inc., Physiomics plc, Rosa & Co. LLC., In Silico Biosciences Inc., INOSIM Software GmbH, LeadInvent Technologies Limited, Nuventra Pharma Sciences Inc., Archimedes Inc., VeriSIM Life Inc., Compugen Inc., Leadscope Inc., Pharmaceutical Product Development LLC, Advanced Chemistry Development Inc., Chemical Computing Group Inc., Immunetrics and PPD Inc., Instem India Private Limited, Evidera Inc., Biomodels LLC, PhysioStim SA, Lhasa Limited, SimBioSys Inc., Cadence Design Systems Inc., Allucent Inc.
What Are The Key Trends That Influence Biosimulation Market Share And Analysis?
Leading companies in the biosimulation market are prioritizing cloud-based biosimulation to gain a competitive advantage. This software allows researchers to model and analyze complex biological processes remotely, enhancing collaboration and scalability within the life sciences sector.
How Is The Global Biosimulation Market Segmented?
1) By Product: Software, Services
2) By Application: Drug Development, Drug Discovery, Other Applications
3) By End User: Pharmaceutical And Biotechnology Companies, Contract Research Organizations (CROs), Regulatory Authorities, Academic Research Institutions, Other End Users
Geographical Insights: North America Leading The Biosimulation Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Biosimulation Market Definition
Biosimulation is a mathematical simulation process that utilizes computers to replicate biological processes and systems. The goal of biosimulation is to provide model-based predictions regarding the dynamics and behavior of these biological systems.
Biosimulation Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global biosimulation market report covering trends, opportunities, strategies, and more
The Biosimulation Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on biosimulation market size, biosimulation market drivers and trends, biosimulation market major players and biosimulation market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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