Global Biosimulation Market Report and Forecast 2024-2032

Global Biosimulation Market Outlook

The global biosimulation market size was valued at USD 3.5 billion in 2023, driven by the technological innovations in the biosimulation software across the globe. The market is expected to grow at a CAGR of 16.90% during the forecast period of 2024-2032, with the values likely to rise from USD 4.1 billion in 2024 to USD 14.1 billion by 2032.

Key Takeaways

• Recent data predicts that cancer incidence is expected to rise, reaching 35 million new cases by 2050. Biosimulation stands as a promising strategy to accelerate oncology drug development to meet the growing clinical needs of cancer patients.

• In March 2023, Certara, Inc., launched Simcyp Simulator Version 22, a physiologically based pharmacokinetics (PBPK) platform with updated features and novel capabilities for drug development processes.

• Technological advancement and upgradation in biosimulation software including integration of machine learning and artificial intelligence (AI) are projected to augment market demand in the forecast period.

Biosimulation, a relatively new tool in healthcare and pharmaceutical drug development, allows researchers to simulate complex biological systems. It helps to predict drug behavior, reduces costs and time as compared to conventional experiments, and optimizes treatment strategies. These factors are likely to augment biosimulation market growth in coming years.

The rising adoption of biosimulation software by key market players can be attributed to its ability to predict clinical outcomes before the occurrence of human clinical trials. This approach not only expedites drug development timelines but also minimizes risks associated with failed trials. Such factors fuel the rising market demand. Moreover, the rise in healthcare expenditure and technological advancements in the field are also expected to fuel the market share.

Global Biosimulation Market Trends and Developments

Advancements in computational power, growing focus on chronic diseases, increasing demand for personalized medicine, and expansion in biosimulation applications comprise some of the key trends and developments in the market.

Factors Affecting Global Biosimulation Market Demand

As more and more pharmaceutical companies are recognising the significance of biosimulation software in expediting drug development processes, the market is witnessing major investments to integrate and improve simulation systems. The simulation models are increasingly employed to test drugs in a virtual environment before conducting expensive and time-consuming clinical trials, which is bolstering the biosimulation market value.

The market is also driven by the rising strategic partnerships between the leading market players, novel product launches, and the growing complexity of drug development fuelling the demand for biosimulation tools and services.

Global Biosimulation Market Segmentation

The market report offers a detailed analysis of the market based on the following segments:

By product and services, the market includes software such as molecular modeling and simulation software, PBPK modeling and simulation software, trial design software, toxicity prediction software, and other specialized biosimulation software. Additionally, services offered in the biosimulation market comprise in-house services and contract services, catering to various needs of pharmaceutical and biotechnology companies.

The market is further segmented by delivery model into subscription model and ownership model. This market segment comprises different approaches to accessing biosimulation tools and services.

Applications of biosimulation market share include drug discovery and drug development among others. Drug discovery is further divided into pre-clinical testing and clinical trials, while drug development comprises target identification and validation, lead identification and optimization, among others. Biosimulation holds predictive modeling capabilities which facilitates data-driven insights into complex biological phenomena.

End-users of biosimulation technologies and services include pharmaceutical and biotechnology companies, contract research organizations, and academic research institutes, among others, involved in drug discovery and development.

Based on region, the market report covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The market is witnessing growth driven by increasing demand for personalized medicine, advancements in technology, and rising healthcare expenditure. However, the level of market development and growth rates may vary from region to region.

Global Biosimulation Market: Competitive Landscape

The key market players are contributing to the biosimulation market growth through strategic mergers and acquisitions initiatives, novel product launches, and continuous R&D efforts aimed at technological advancement.

Other key players in the market include Advanced Chemistry Development Inc., Physiomics PLC, Genedata AG, Thermo Fisher Scientific, Immunetrics, BioSimulation Consulting Inc., Yokogawa Insillico Biotechnology GmbH, and Chemical Computing Group ULC, among others.

Global Biosimulation Market Analysis by Region

North America is the leading regional market, owing to the presence of key players and advanced healthcare system which is witnessing rapid digitization. The higher adoption rates of in-silico models in drug development and discovery processes is also driving market growth. Moreover, the rising prevalence of chronic diseases in the region is expected to fuel the biosimulation market size in the forecast period.

Asia Pacific is projected to experience exponential growth which can be attributed to the rising research and development activities in the region. Further, the increased impetus of the government to improve healthcare infrastructure and patient outcomes is likely to boost the market size.

Key Highlights of the Report