Global Biosimulation Market Size (2024 - 2029)

Biosimulation Market Analysis

Biosimulation Market is poised to grow at a CAGR of 10% during the forecast period (2022-2027). The development of a new drug involves a considerable amount of research and resources. In the process of drug development, from clinical trials to approval, every stage has a very high chance of failure. These changes can be significantly reduced by biosimulation.

During the COVID-19 pandemic, the biosimulation market has witnessed significant growth owing to the significance of this technology in the study of drug development and how it works with the human body. Hence, during the vaccine development for COVID-19, biosimulation helped significantly. For instance, when COVID-19 was declared as a pandemic, Certara, a company that provides biosimulation technology started providing its services to the companies developing a vaccine. Hence, the utilization of biosimulation was higher during the pandemic which fueled the market growth.

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 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.

New technologies that are being implemented by key companies are also accelerating the market for biosimulation. For instance, Certara brought a novel technology in the year 2022 that can be beneficial to understanding the challenges in drug discovery and development with complex biologics. In addition, biosimulation is largely being used in healthcare research and development which is propelling the market growth.

Biosimulation Industry Segmentation

As per the scope of the report, Biosimulation refers to the modeling and simulation of complex biological processes and systems to understand their functions and physiologies at the molecular level. The Biosimulation Market is segmented By Product (Software, Service), Application (Preclinical and Clinical Development, Drug Discovery, and Others), End-User (Pharmaceutical and Biotechnology Companies, Contract Research Organizations, Others), and Geography (North America, Europe, Asia Pacific, Middle East, and Africa, South America). The report offers the value (in USD million) for the above segments. The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally.