Development of a new drug involves considerable amount of research and resources. The process of drug development, from clinical trials to approval, every stage has a very high chance of failure. These chances can be significantly reduced by biosimulation. Biosimulation not only helps in predicting the chances of failure of a drug in the development process, but also reduces the cost of any other possible failures by shrinking the set of clinical experiments. Pharmaceutical giants (such as Pfizer, Merck, Novartis, etc.) and research firms (such as Johnson Pharmaceutical Research & Development) have been employing services offered by biosimulation software and service-providing companies to reduce the trial’s duration and the high-cost involved with failures. High drug discovery and development cost is expected to drive this market with a high growth rate for years to come.

The other factors supporting the growth of the market is increasing healthcare expenditure along with technological advancements in the field of biosimulation.

Key Market Trends

Software Segment is Expected to Show Better Growth Over the Forecast Period

Based on the product, it is segmented into software and services. The high growth in the segment is attributed to the growing adoption of biosimulation software by pharmaceutical and research organizations and the increasing R&D investment for pharmaceutical research. Phoenix, which is the industry’s premier modeling and simulation software developed by Certara, is used by over 6,000 scientists in 60 countries at nearly 2,000 institutions, including the top 50 global pharmaceutical companies, academic institutes, and research foundations. The software majorly helps in understanding how the body reacts to a drug. Hence, the rising demand for advanced technologies to reduce the cost incurred on drug discovery and development is expected to drive the market.

North America Holds the Largest Share in the Biosimulation Market

The biosimulation market holds the largest share in the North America region. The United States has a considerable number of patients in every disease category, which is the prime reason for pharmaceutical companies to conduct clinical trials for a new drug in this region. Furthermore, companies involved in the business of delivering biosimulation software and services are expanding their scope in drug discovery and drug development by utilizing advanced tools and better software optimization. Hence, considering all these factors, the biosimulation market is expected to grow in the forecast period.

Competitive Landscape

The global players into the biosimulation market are Biovia, Certara, L.P, Compugen Inc., Genedata, In Silico Biosciences, Inc., Leadscope Inc, Pharmaceutical Product Development, LLC, Schr?dinger, LLC and Simulations Plus, Inc.

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