Progress in Software Engineering to Improve Development of Biosimulation Models
Advancements across various facets of the medical sector have occurred at a rapid pace over the past couple of decades, due to technological innovations and research activities. The development of new drugs for a range of medical diseases and conditions has shifted gears over the past few years due to which, the demand for biosimulation has witnessed unprecedented growth– a factor that is expected to boost the growth of the biosimulation market during the assessment period. Biosimulation is increasingly being used in drug discovery and drug development applications, including target identification & validation, lead identification & optimization, and pre-clinical testing of new drugs.
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Players operating in the drug development sector are increasingly focusing on deploying various strategies to minimize monetary loss and financial costs upon failure of a drug therapy. At present, drug development companies and researchers continue to find the most effective way to bridge the gap between clinical medicine & drug development and patient response. Several new projects have entered the biosimulation market that primarily aim to improve drug development and delivery for a range of medical diseases and conditions. Advancements in the software technology and advent of artificial intelligence are likely to have a strong influence on the overall growth of the global biosimulation market during the assessment period.
At the back of these factors, the global biosimulation market is projected to reach a market value of US$ 7 Bn by the end of 2030. A number of market players are increasingly focusing on developing biosimulation platforms to gain a competitive edge in the current market landscape.
Increasing Demand for Biomedical Simulations to Drive Global Market
Recent advancements in the development of biomedical simulations have played an imperative role in boosting the overall growth of the global biosimulation market. Biosimulations are increasingly being used to assess diseases, engineer cells, and model cellular processes. Market players that are currently operating in the biosimulation market are focusing on enhancing the quality of biosimulations by introducing simulation models by leveraging tools and practicing utilization in software engineering. The model engineering trend has gained considerable momentum in the recent past due to which, the global biosimulation market is on the course to exhibit an impressive growth rate during the assessment period.
Progress in software engineering is expected to largely benefit the development of biosimulation models in terms of construction, design, testing, error checking, etc. Market players are anticipated to address the current underlying issues pertaining to biosimulation such as readability, reproducibility, and reuse. Advancements in model engineering techniques are likely to play an essential role in the overall development of the global biosimulation market during the assessment period.
Market Players Focus on Expanding Services, Launching New Biosimulation Platforms to Gain Advantage
Sensing the growing interest in biosimulation, a number of players involved in the current biosimulation market are focusing on expanding their operations and services to gain competitive edge. For instance, Switchback Medical, one of the top tier medical device contract design and manufacturing companies announced that the company is likely to expand its services by creating a new division– Switchback BioSim Innovations. With the expansion, the company aims to improve its market position by offering dynamic biosimualtion model development, physical training, and cell culture services.
In April 2020, OnScale and LEXMA entered a partnership– a move wherein both companies are expected to leverage AI and cloud simulation, and launch effective biosumualation solutions to improve patient outcome.
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Market Players Explore Potentials of Biosimulation to Combat COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to have a low impact on the global biosimulation market. Research and development activities are likely to continue in full swing amid the COVID-19 crisis, as researchers and medical experts explore the potentials of biosimulation to curb the transmission of the novel coronavirus. Thus, the demand for biosimulation solutions and platforms is anticipated to witness steady growth.
The global biosimulation market is expected to expand at an impressive CAGR of 13.3% during the forecast period. Advancements in technology, increasing focus on improving drug development & discovery, growing adoption of artificial intelligence, and rising emphasis on improving model engineering solutions are factors projected to drive the global market. In addition, research and development activities, along with increasing investments toward the same would play a key role in fueling the global biosimulation market growth during the assessment period.
Biosimulation Market: Overview
The global biosimulation market was valued at US$ 1.8 Bn in 2019 and is projected to expand at a high CAGR from 2020 to 2030
Biosimulation can be defined as computer-aided mathematical simulation of the biological processes, which forms an integral part of the human biology system. Biosimulation offers model-based prediction of the behavior and the dynamics of biological systems.
The global biosimulation market is driven by increase in adoption of biosimulation in drug discovery and development by regulatory bodies, rise in failure rates of drugs in the late clinical trial phases, surge in spending on research & development by pharmaceutical and biotechnology companies, and increase in awareness about the advantages of biosimulation
Additionally, usage of biosimulation technologies in testing the hypothesis of using drugs for a new indication or disease contributes to the growth of the market
Biosimulation Market: Segmentation
The global biosimulation market has been segmented based on offering type, application, end user, and region
In terms of offering type, the global biosimulation market has been categorized into software and services. The software segment has been split into PK/PD modeling & simulation, PBPK modeling & simulation, trial simulators, molecular modeling, and others.
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Based on application, the global biosimulation market has been classified into drug discovery, drug development, and others. The drug discovery segment has been segregated into target identification & validation and lead identification & optimization.
Rise in usage of biosimulation and modeling technologies in drug discovery can be attributed to increase in usage of molecular modelling for the identification of effective compounds that help enhance the efficiency and reduce drug toxicity. Furthermore, role of molecular dynamics simulation in drug discovery propels the segment. The drug development segment has been bifurcated into pre-clinical testing and clinical trial.
In terms of end user, the global biosimulation market has been divided into contract research organization, pharmaceutical & biotechnology companies, research institutes, regulatory institutes, and others
Biosimulation Market: Regional Segmentation
The global biosimulation market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global biosimulation market in 2019 and the trend is projected to continue during the forecast period
The biosimulation market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2030. Growth of the market in the region can be attributed to increase in the number of regulatory agencies adopting biosimulation and rise in momentum on life sciences research, owing to favorable government policies and partly due to significant demand for innovative drugs.
Biosimulation Market: Major Players
- The global biosimulation market is fragmented in terms of number of players. Key players operating in the global biosimulation market are
- Certara, Dassault Systèmes S.A.,
- Schrödinger, Inc.,
- Simulations Plus, Inc.,
- Rhenovia Pharma,
- Advanced Chemistry Development, Inc.,
- Insilico Biotechnology AG,
- Physiomics plc,
- Genedata AG,
- Rosa & Co. LLC., among others
In June 2020, Certara launched an updated version of its Phoenix biosimulation software, which is considered the industry gold standard in pharmacokinetic/pharmacodynamic (PK/PD) and toxicokinetic modeling and simulation software. The updated version includes features to enhance efficiency, quality, and time saving required for conducting trials. This is anticipated to contribute to the growth of the biosimulation market.
In August 2020, Certara announced the development of biosimulation platform for COVID-19 vaccines. The company has been developing a Quantitative Systems Pharmacology (QSP) platform for COVID-19 to test vaccine candidates across multiple patient populations.
Key Questions Answered in Biosimulation Market Report
- What will be the sales revenue generated by biosimulation across all regions during the forecast period?
- What are the key trends in the global biosimulation market?
- What are major drivers, restraints, and opportunities in the global biosimulation market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which application segment will generate the maximum revenue by 2030 and which product segment will expand at the fastest CAGR during the forecast period?
Biosimulation Market – Segmentation
- PK/PD Modeling & Simulation
- PBPK Modeling & Simulation
- Trial Simulators
- Molecular Modeling
- Drug Discovery
- Target Identification & Validation
- Identification & Optimization
- Drug Development
- Pre-clinical Testing
- Clinical Trial
- Contract Research Organization
- Pharmaceutical & Biotechnology Companies
- Research Institutes
- Regulatory Institutes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Biosimulation Market
4. Market Overview
4.2. Market Indicators
4.3. Market Dynamics
4.4. Global Biosimulation Market Value (US$ Mn) Forecast, 2018–2030
4.5. Global Biosimulation Market Outlook
5. Key Insights
5.1. COVID-19 Pandemics Impact on Industry (Value Chain and Short / Mid / Long Term Impact)
5.2. Technological Advancements
5.3. Healthcare Industry Overview
5.4. Key Industry Events
6. Global Biosimulation Market Analysis and Forecast, by Offering Type
6.2. Global Biosimulation Market Value Share Analysis, by Offering Type
6.3. Global Biosimulation Market Value Forecast, by Offering Type, 2018–2030
22.214.171.124. PK/PD Modeling & Simulation
126.96.36.199. PBPK Modeling & Simulation
188.8.131.52. Trial Simulators
184.108.40.206. Molecular Modeling
6.4. Global Biosimulation Market Attractiveness Analysis, by Offering Type
7. Global Biosimulation Market Analysis and Forecast, by Application
7.2. Global Biosimulation Market Value Share Analysis, by Application
7.3. Global Biosimulation Market Value Forecast, by Application, 2018–2030
7.3.1. Drug Discovery
220.127.116.11. Target Identification & Validation
18.104.22.168. Lead Identification & Optimization
7.3.2. Drug Development
22.214.171.124. Pre-clinical Testing
126.96.36.199. Clinical Trial
7.4. Global Biosimulation Market Attractiveness Analysis, by Application
8. Global Biosimulation Market Analysis and Forecast, by End-user
8.2. Global Biosimulation Market Value Share Analysis, by End-user
8.3. Global Biosimulation Market Value Forecast, by End-user, 2018–2030
8.3.1. Contract Research Organization
8.3.2. Pharmaceutical & Biotechnology Companies
8.3.3. Research Institutes
8.3.4. Regulatory Institutes
8.4. Global Biosimulation Market Attractiveness Analysis, by Application
9. Global Biosimulation Market Analysis and Forecast, by Region
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