Increase in Focus on Use of Advanced Technology for Drug Development, Research Activities to Drive Global Biosimulation Market, Finds TMR

ALBANY, N.Y., Aug. 4, 2021 /PRNewswire/ -- Biosimulation is the computer-assisted simulation of biological processes that are fundamental to human biology. The objective of biosimulation is to provide model-based predictions of a biological system's dynamics and behavior. Moreover, considerable investments in research and development activities by pharmaceutical as well as biotechnology firms are driving the global biosimulation market.

Due to research initiatives and technical breakthroughs, the medical industry has seen tremendous growth in business in the previous two decades. The need for biosimulation has grown tremendously in recent years as a result of the shift in focus in drug research and development. Pre-clinical testing of novel medicines, lead identification and optimization, and target identification and validation are some of the key applications where biosimulation is employed.

The global biosimulation market is expected to be reach US$ 7 Bn by 2030. The market was valued at US$ 1.8 Bn in 2019 and is expected to grow at a CAGR of 13.3% during the forecast period from 2020 and 2030.

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Key Findings of Market Report

• Increasing Popularity of Model Engineering to Assist in Improving Biosimulation Models

Recent breakthroughs in biomedical simulation development have supported the overall expansion of the global biosimulation market. In order to simulate biological processes, engineer cells, and diagnose illnesses, biosimulation is becoming increasingly popular. Thus, to improve the quality of biosimulation, market players are developing simulation models employing different tools and honing their skill in using software engineering. In terms of error correction, testing, building, and design, advancements in software engineering are expected to assist the creation of various biosimulation models.

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• Growing Interest in Biosimulation to Enable Companies to Expand, Diversify Product Portfolio

Numerous companies in the biosimulation market are extending their services and operations to achieve competitive advantage, as they recognize the rising interest in biosimulation. For instance, one of the leading medical product design and production firms, Switchback Medical, stated that it plans to broaden its services by forming a new unit for biosimulation, Switchback BioSim Innovations to better serve its clients. The firm hopes to strengthen its market position by providing ell culture services, physical training, and dynamic biosimulation model creation as part of the expansion.

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Biosimulation Market: Growth Drivers

• Market players are expected to address existing underlying challenges of biosimulation such as reuse, repeatability, and readability. Improvements in the techniques of model engineering are anticipated to play a critical role in the growth of the global biosimulation market in the years to come.
• Growth in the use of biosimulation as well as modelling methods in the drug development can be attributed to the rise in the application of molecular modelling for the detection of useful compounds that assist in improving drug efficacy while diminishing toxicity of drugs
• The U.S. FDA's strong recommendation for biosimulation adoption can be credited with the market's rise in North America. Furthermore, the use of predictive biosimulation in research and development is becoming more common, and the emphasis on developing biosimulation platforms for making COVID-19 vaccines is likely to boost the demand for biosimulation.

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Biosimulation Market: Key Competitors

• Advanced Chemistry Development, Inc
• Insilico Biotechnology AG
• Dassault Systèmes SE
• Simulations Plus, Inc.
• Genedata AG
• Rosa & Co. LLC.

Biosimulation Market: Segmentation

Offering Type

• Software
• Services

Application

• Drug Discovery
• Drug Development

End User

• Contract Research Organization
• Pharmaceutical and Biotechnology Companies
• Research Institutes
• Regulatory Institutes

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