Biosimulation Technology Market Growing with Technological Advancements and Increasing Research

The global biosimulation market is growing significantly due to technological advancements and increasing research and development investment in the pharmaceutical and biotechnology industries. Low success rate of drug approval and emerging software applications of biosimulation technology are creating ample opportunities for the global biosimulation technology market to grow at a significant rate in the forecasted period.

Biosimulation technology market can be categorized on the basis of applications, end-users, and product types. Based on applications, the biosimulation technology market can be categorized as drug development, drug discovery, and others. Drug development segment includes preclinical testing and clinical trials; whereas, drug discovery segment includes target identification and validation, and lead identification and optimization.

Some of the factors driving the growth of the global biosimulation technology market are increasing research and development expenditures, increasing investment in biosimulation training and education programs, technological advancements, increasing focus on reducing drug discovery and development cost, and increasing healthcare expenditure. However, lack of skilled professionals and lack of biosimulation standardization are some of the factors restraining the growth of the global biosimulation technology market to some extent.

Geographically, North America will be leading the global biosimulation technology market in the coming years due to technological advancements, growth in biosimilars and biologics market, high healthcare expenditure, and presence of a large number of pharmaceuticals and biotechnology companies. In addition, the U.S. Food and Drug Administration (FDA), strongly recommends simulation process in drug discovery and development; hence, fueling the growth of biosimulation technology market in North America. Europe is the fastest growing region in the global biosimulation technology market. The major reasons for the fastest growth in the region are high healthcare expenditure and increasing research and development activities.

Some of the major players operating in the global biosimulation technology market Dassault Systemes SA, Simulation Plus Inc., Certara USA, Inc., Advanced Chemistry Development, Inc., In Silico Biosciences, Inc., Chemical Computing Group, Inc., Physiomics PLC., Rhenovia Pharma Ltd., Genedata AG, Entelos Holding Corporation, Leadscope, Inc., and Schrodinger Inc. among others.