Biosimulation Market Expanding At A CAGR 16.9% For The Forecast Period From 2022 To 2030Posted by Neha Bora on September 9th, 2022 San Francisco, 8 Sep 2022: The Report Biosimulation Market Size, Share & Trends Analysis Report By Product (Software, Services), By Application (Drug Development, Drug Discovery), By End Use, By Region, And Segment Forecasts, 2022 - 2030 The global biosimulation market size is expected to reach USD 9.95 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.9% from 2022 to 2030. The key factors fueling the market growth include the increasing incidence of chronic diseases, increase in healthcare digitization, and usage of biosimulation solutions in clinical trials and research. The need for drug discovery and development amidst the prevalence of acute and chronic diseases has increased the allocation of funds for R&D activities, which has propelled the adoption of biosimulation solutions. In addition, a high drug attrition rate leads to an increase in the cost of clinical trials, which is expected to drive the clinical urgency to incorporate in silico biology approach. This approach significantly reduces the probability of drug failure by predicting biological interactions, thereby reducing overall costs. A rise in drug relapse rates, drug resistance cases, and the limited availability of drugs to treat diseases such as AIDS have led to high clinical urgency for the adoption of biosimulation in applications such as drug development and drug discovery. The COVID-19 pandemic also had a significant impact on the market growth. Simulations Plus, for instance, launched the StrategiesPlus COVID-19 ACT Program in March 2020 for speeding consulting assistance to any organization involved in COVID-19 research. The company declared that as of November 2020, its business was not materially adversely affected. However, the continuing spread of COVID-19 and the measures taken by governments of affected countries are likely to disrupt the supply chain and adversely impact its business and financial performance. Surging demand for biosimulation software and services can also be attributed to their higher cost-efficiency. Biosimulation solutions enable cost-effective prediction of toxicity, adverse reactions, and efficacy of investigational drugs during the early stages of product development, thus limiting the probability of drug relapse and adverse events at later stages. Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, to maintain a competitive edge in the market. For instance, in January 2022, Simulations Plus Inc. collaborated with an animal health company for validating current animal physiologically based pharmacokinetic (PBPK) models. With this funded collaboration, the company aimed to add a critical new species to its GastroPlus platform. Moreover, in November 2021, Yokogawa Electric Corporation acquired Insilico Biotechnology AG, a Germany-based company that develops and provides bioprocess software and services. Access Research Report of Biosimulation Market @ https://www.grandviewresearch.com/industry-analysis/biosimulation-industry Biosimulation Market Report Highlights
List of Key Players of the Biosimulation Market
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