Biosimulation Market Share, Size, Trends, Industry Analysis Report, By Product (Software, Services), By Application (Drug Development, Drug Discovery, Others), By End-Use, By Region; Segment Forecast, 2022 - 2030

Biosimulation Market Share, Size, Trends, Industry Analysis Report, By Product (Software, Services), By Application (Drug Development, Drug Discovery, Others), By End-Use, By Region; Segment Forecast, 2022 - 2030

The global biosimulation market size is expected to reach USD 8.65 billion by 2030 according to a new study by Polaris Market Research. The report “Biosimulation Market Share, Size, Trends, Industry Analysis Report, By Product (Software, Services), By Application (Drug Development, Drug Discovery, Others), By End-Use, By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Biosimulation has gained significant traction in recent years due to an increase in the need for drug discovery and development. The adoption of biosimulation not only assists in predicting and detecting the probability of failure during the drug development process but also limits the costs associated with any other probable failures by shrinking the clinical experiment set. Hence, with growth in the pharmaceutical business coupled with the increase in the demand for biologics and biosimilars and the increase in the use of personalized medicines across the globe, the demand and adoption of this software have been on the rise. Thus, such growth in drug discovery and biologics is synonymous with the adoption of biosimulation software and services for pharmaceutical drug development.

Based on the product segment, services are expected to emerge as the segment with the highest CAGR in the forecast period. The prime reasons that contribute towards the fastest growth of the segment include increasingly multi-layered as well as complex drug development systems where biosimulation services account to be beneficial, research and development activities, and other factors.

In 2020, North America accounted for the largest market in terms of revenue share, and this is expected to continue throughout the forecast period. The presence of key industry players, increase in the digitization in healthcare, increase in the prevalence of chronic diseases, etc., are some of the major factors expected to contribute to the dominance of the region. As per the American Cancer Society, approximately 1.8 million new cases of cancer were diagnosed in 2020 across the United States, with nearly 606,520 cancer deaths. This calls for the adoption of biosimulation software and services for the discovery and development of anti-cancer drugs.