Biosimulation Market Globally Grow at a CAGR of 15.9% by 2023 | Top Key Players - ACCELRYS, ARCHIMEDES, CHEMICAL COMPUTING GROUP, CERTARA, COMPUGEN, GENEDATA, LEADSCOPE

The biosimulation market is expected to witness a CAGR of 15.9% during the forecast period. North America dominates the global biosimulation market and is expected to grow at a CAGR over the forecast period.

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Shortage of Trained Professionals
Professionals working in the biosimulation market have to possess comprehensive knowledge about the software and science involved in the drug development. Hence the pharmaceutical industry is lacking qualified experts working in this field, and they are looking forward to train their employees, which may consume time and resources. Therefore, the shortage of trained professionals is a limiting factor for the biosimulation market.
In spite of the scope for growth, there are some other factors restraining the global market for biosimulation, which includes lack of awareness among healthcare professionals and of standardized processes.

Key Developments in the Market
July 2017: EQT Partners Inc. acquired Certara, which is a continuation of the convergence between healthcare and technology, as the industry further adopts biosimulation to advance drug development

Major Players:
ACCELRYS, DASSAULT SYSTu00c8MES, ARCHIMEDES, CHEMICAL COMPUTING GROUP, CERTARA, COMPUGEN, GENEDATA, LEADSCOPE, RHENOVIA PHARMA AND IN SILICO BIOSCIENCES INC.,amongst others.

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Need for Low Drug Discovery and Development Costs
The development of new drugs require a huge amount of research and resources. Drug discovery involves enormous investment, and the failure of drug molecule in the later phase results in wastage of effort and cost. Hence, there was a necessity to develop a tool that will outlay the future drug molecule, during the discovery phase. Biosimulation not only helps in predicting the chances of failure of a drug in the development process, but also reduces the cost of any other possible failures by shrinking the set of clinical experiments. This is the major reason that drives the growth of the global biosimulation market. The need for low drug discovery and less development cost is expected to drive this market with a high growth rate in future.
The other factors supporting the growth of the market is the increased accuracy of prediction before an actual trial and increasing healthcare expenditure along with technological advancements in the field of biosimulation.

North America Dominates the Market
North America is anticipated to dominate the global biosimulation market followed by Europe. A large market share of this geographical segment is attributed to factors, such as, growth in the biotechnology and pharmaceutical industry, a large number of ongoing drug development processes, and increasing R&D expenditure by pharmaceutical and biotechnology companies. The Asia Pacific region is also an emerging market where growth is being driven by an increase in the number of CROs.

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