The global biosimulation market is projected to reach USD 2.88 Billion by 2022 from USD 1.38 Billion in 2017, at a CAGR of 15.9%. Factors such as increase in R&D investments in the pharmaceutical and biotechnology industries, growing adoption of biosimulation software by regulatory bodies, technologically advanced QSP systems, need to curtail drug discovery and development costs, and growth in the biologics and biosimilars markets are driving the growth of the market.
The report segments the global biosimulation market into by product & service, application, delivery model, end user, and region.
Based on product & service, the market is segmented into software and services. The biosimulation software segment is expected to account for the largest market share in 2017. The high growth in this segment is attributed to the growing adoption of biosimulation software by pharmaceutical and research organizations and the increasing R&D investment for pharmaceutical research.
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The market is segmented into research institutes, pharmaceutical and biotechnology companies, contract research organizations (CROs), regulatory authorities, and other end users (consulting firms, defense research and development organizations, nutraceutical companies, and food and agricultural companies). In 2017, pharmaceutical and biotechnology companies are expected to form the largest share in 2017, and is projected to register the highest CAGR during the forecast period. Increased R&D budgets of pharmaceutical and biotechnology companies and increasing adoption of inorganic growth strategies by different biosimulation service providers are likely to boost the adoption of biosimulation solutions in the pharmaceuticals and biotechnology industry.
The market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). The dominance of the North American market is attributed to factors such as growth in the biotechnology and pharmaceutical industry, a large number of ongoing drug development processes, increased use of personalized medicine, and increasing R&D expenditure by pharmaceutical and biotechnology companies.
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