Biosimulation Market to Grow by USD 1.42 Billion During 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--May 27, 2019--
Technavio’s latest market research report on the global biosimulation market predicts the market to witness a CAGR of over 14% during the forecast period. This research report segments the market by end-user (pharmaceutical and biotechnology companies, contract research organizations, and others) and geography (North America, Europe, Asia, and ROW).
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Technavio has published a new market research report on the global biosimulation market from 2019-2023. (Graphic: Business Wire)
Leveraging mathematical modeling and simulation to improve generic drugs will gain momentum.
The cost-effective nature of generics and patent expiry are factors that are contributing to the growth of the global biosimulation market. Patent expiry creates significant opportunities for the entry of generic drugs. Workshops are being conducted for advancing the use of modeling and simulation for modernizing the development of generic drugs. These workshops pertain to the identification of opportunities for modeling and biosimulation in the drug development process. Furthermore, pharmaceutical companies and CROs are leveraging machine learning tools, quantitative risk modeling, and systems pharmacology to improve the overall drug development process and regulatory decision-making. With the growing need for stakeholders to use quantitative approaches in the process of generic drug development, the global biosimulation market is anticipated to witness a surge over the next few years.
Pharmaceutical and biotechnology companies segment to dominate the market
Pharmaceutical and biotechnology companies emerged as the largest end-user segment. The increasing focus on applications such as high content screening (HCS) and the use of biosimulation software and services for drug discovery and drug development are driving the growth of this segment. These companies are primarily involved in the discovery and development of drugs for treating complex diseases. These companies are also using biosimulation software to simulate the physical reaction of patients towards new drugs as it helps in evaluating the potential of new drugs as well as enabling better design pivotal studies. This will further drive the biosimulation market during the forecast period.
“Manufacturers in the biosimulation industry are witnessing significant demand for biosimulation software and services due to significant investments in R&D. Biosimulation software and services allow the selection of appropriate drug doses and evaluation of new drug formulations. It also helps in designing optimal clinical trials and predicting drug to drug interactions,” says a senior research analyst at Technavio.
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Biosimulation to witness the fastest adoption in Asia.
Asia is expected to witness the fastest growth in the global biosimulation market due to the significant revenue contributions from emerging economies, including China and Japan. Several factors such as a huge population base, a considerable number of pharmaceutical companies, and CROs working on drug discovery and development outsourced by companies in Western countries will positively impact market growth in the forthcoming years. Furthermore, the rising number of conferences aimed at promoting the efficiency of biosimulation techniques will further increase the awareness of biosimulation and its application among different stakeholders, including industry experts, academic institutes, and research organizations. Therefore, the growing adoption of biosimulation across advancing economies will lead the region to account for the fastest growth over the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the global biosimulation market analysis include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY PHARMACEUTICAL
SOURCE: Technavio Research
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PUB: 05/27/2019 10:05 AM/DISC: 05/27/2019 10:05 AM