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Biosimulation Market Dynamics and Future Opportunities | 2024 To 2033 Key Players Certara Inc., Dassault Systèmes SE, Schrödinger Inc., Simulations Plus Inc., Rhenovia Pharma SAS
Biosimulation Market Share
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According to The Business Research Company's, The biosimulation market size has grown rapidly in recent years. It will grow from $4.03 billion in 2023 to $4.57 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to growing complexity of diseases, rise of in silico trials, drug development cost reduction, growing complexity of diseases, rising prevalence of chronic diseases..
The biosimulation market size is expected to see rapid growth in the next few years. It will grow to $8.08 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to biosimulation in rare disease research, focus on pharmacodynamics modeling, patient stratification in clinical trials, rapid growth in biopharmaceuticals, biosimulation for drug repurposing, demand for safer and more efficacious drugs.. Major trends in the forecast period include digital r&d strategies, technological advancements in simulation software, biosimulation for biomarker identification, optimization of clinical trial design, digital biomarkers and endpoints, continuous advancements in computational biology..
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Market Drivers and Trends:
The surge in healthcare expenditure worldwide is expected to support the biosimulation market over the forecast period. Increasing healthcare spending is likely to provide more expenditure on the development of drugs which in turn, will drive the revenues generated from the biosimulation solutions. Biosimulation software is currently being used in the development of drugs to mimic diseases. With the help of the biosimulation software, virtual clinical trials can be conducted for new developing pharmaceutical drugs using computers running disease simulations. For instance, in September 2022, according to the Centers for Medicare & Medicaid Services, a US-based federal agency, spending on health care in the United States increased by 2.7% to $12,914 per person in 2021, or $4.3 trillion. Further, spending on healthcare accounted for 18.3% of the country's GDP. Therefore, the surge in healthcare expenditure drives the biosimulation market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Biosimulation Market 2024 Key Insights:
• The biosimulation market size is expected to see rapid growth in the next few years. It will grow to $8.08 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%.
• Global Healthcare Expenditure Boosts Biosimulation Market Growth
• Innovations In The Biosimulation Market
• North America was the largest region in the biosimulation market in 2023
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