Global Biosimulation Market to witness digitized satiation
There is a growing demand for reduction in the cost of discovery of new drugs and the risk of failure at a later stage in the development of new drugs is too high. In order to counter such problems, biosimulation is used as a predictive tool and it helps in the prediction of the future outcomes of the drug development by simulation of the biological processes involved.
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Simulations Plus, Inc..
Dassault Systemes SE
Advanced Chemistry Development, Inc.
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This is the main factor supporting the growth of the global biosimulation market. However, high costs associated with the R&D related to biosimulation and a lack of qualified workforce are the main restraints hampering the growth of this market.
The global biosimulation market is slated to touch a value of about US$ 1,750 Mn in the year 2022 and grow at a robust CAGR during the assessment period.
4 Forecast Highlights on Global Biosimulation Market
As per the forecast of Persistence Market Research, the services product type segment is slated to touch a value of nearly US$ 700 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022.
The services product type segment is estimated to account for more than one-third of the revenue share of the product segment by the year 2017 and is forecasted to gain market share by 2022 over 2017.
As per the forecast of Persistence Market Research, the pharmaceutical and biotech companies segment will reach a value of about US$ 350 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The pharmaceutical and biotech companies segment is forecasted to account for more than one-third of the total revenue share of the end user segment by the end of the year 2017 and is expected to lose in market share by 2022 as compared with the year 2017.
As per the forecast of Persistence Market Research, the drug development segment is slated to reach a value of nearly US$ 1,000 Mn in 2022. The drug development segment is expected to gain market share by the end of the year 2022. The largest share is contributed by the North America region in the drug development segment.
Persistence Market Research forecasts the U.S. biosimulation market to exhibit a compound annual growth rate (CAGR) of more than 13% from 2017 to 2022.
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