Global Biosimulation Technology Market Outlook, Share, Growth and Demand Forecast to 2024

Posted on 2019-07-18 by P&S Intelligence in Healthcare // 0 Comments

New York, United States, 2019-Jul-18 — /EPR Network/ —

The global biosimulation market is growing significantly due to technological advancements and increasing research and development investment in the pharmaceutical and biotechnology industries. Low success rate of drug approval and emerging software applications of biosimulation technology are creating ample opportunities for the global biosimulation technology market to grow at a significant rate in the forecasted period.The advanced research and development facilities and new product developments by the companies are propelling the demand for cost effective biosimulation software.

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In biosimulation industry, there is a trend of collaboration and partnership of universities and research institutes with suppliers. Drug discovery and development process is stringent, time consuming, and expensive process. In addition, the success rate of drug approval is very low. According to Tufts Centre for the Study of Drug Development, an academic, non-profit research group at Tufts University, in the U.S., out of 1,000 compounds tested only one makes it to human clinical trials, and out of five such compounds only one gets approved. Biosimulation technology overcomes these limitations by simulating biological systems through software models and increasing predictability in early stages of drug development; hence, saving time and money in drug development process.

Some of the factors driving the growth of the global biosimulation technology market are increasing research and development expenditures, increasing investment in biosimulation training and education programs, technological advancements, increasing focus on reducing drug discovery and development cost, and increasing healthcare expenditure. However, lack of skilled professionals and lack of biosimulation standardization are some of the factors restraining the growth of the global biosimulation technology market to some extent.

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Some of the major players operating in the global biosimulation technology market Dassault Systemes SA, Simulation Plus Inc., Certara USA, Inc., Advanced Chemistry Development, Inc., In Silico Biosciences, Inc., Chemical Computing Group, Inc., Physiomics PLC., Rhenovia Pharma Ltd., Genedata AG, Entelos Holding Corporation, Leadscope, Inc., and Schrodinger Inc. among others.

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