Market Trends of Global Biosimulation Industry
This section covers the major market trends shaping the Biosimulation Market according to our research experts:
Software Segment is Expected to Show Significant Growth Over the Forecast Period
Based on the product, the market is segmented into software and services. The high growth in the software segment is attributed to the growing adoption of biosimulation software by pharmaceutical and research organizations and the increasing research and development investment in 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.
Entelos is one of the simulation software providers that work in the provision of predictive biosimulation for drug discovery and development. The company also provides advanced predictive technologies that lower the risk, time, and cost of product development in the healthcare industry. The presence of such companies in the biosimulation software segment is accelerating the demand for various software and ultimately contributing to the growth of the market studied.
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 American region. In the North American region, the United States holds the largest share owing to the well-established healthcare industry, high utilization of novel technologies in research and development of pharmaceuticals, and the presence of key companies in the country.
As per the data from clinicaltrials.gov, as of 8th August 2022, there are around 134,116 clinical trials going on in the United States which contributes to 32% of the total clinical trials globally. The COVID-19 pandemic has resulted in the huge demand for clinical trials across the United States which is ultimately contributing to the growth of the biosimulation market in the country. Additionally, in May 2022, Simulations Plus, Inc., a leading provider of modeling and simulation software and services for pharmaceutical safety and efficacy, received a renewal of its license from the United States Food and Drug Administration (FDA) for the DILIsym software platform. Such new launches in the biosimulation sector are expected to propel market growth.
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 new drugs 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.
