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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Based on application, the market is segmented into drug discovery, drug development, and other applications (nutraceuticals, and agri-food production). The drug development segment is estimated to account for the largest market share in 2017. Biosimulation solutions help to reduce the time and cost of the drug development process by screening out flawed NCEs that have a higher probability of failure due to toxicity and poor PK/PD properties. These factors are expected to increase the adoption of biosimulation software in the drug development process and are supporting the growth of this application segment.
Based on delivery model, the market is segmented into ownership models and subscription models. The subscription models segment is estimated to account for the largest market share in 2017. The large share of the subscription models segment is attributed to the advantages associated with these models such as cost-effectiveness, interoperability, and flexibility.
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Based on end user, 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.