Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) — The “Global Biosimulation Market” report has been added to ResearchAndMarkets.com’s offering.
The advent of cutting-edge biosimulation technologies is reshaping the landscape of pharmaceutical research and drug development. The report provides an analysis of the global biosimulation market, forecasting a notable surge with a compound annual growth rate (CAGR) of 16.98% from the year 2024 to 2034.
Amidst this robust growth trajectory, the market size is projected to leap from USD 3.46 billion in 2023 to potentially USD 19.44 billion by the year 2034.
This significant expansion is attributed to a combination of factors including escalating research and development (R&D) expenditures in the pharmaceutical and biotechnology sectors and the adoption of biosimulation by regulatory bodies.
Emerging Trends Shaping Biosimulation Landscape
A broad array of trends, from technological innovations in biosimulation tools to the imperative demand for slashing drug development costs and timelines, are steering the market’s growth. These dynamics are playing out across various market segments, with software solutions witnessing a substantial revenue share due to their advanced capabilities.
Innovations such as Dassault Systèmes’ collaboration with Medtronic and Schrödinger’s partnership with Merck KGaA, both in 2023, underscore the importance of biosimulation in advancing medical device design and drug development.
Insightful Sector Analysis: From Drug Development to Subscription Models
By application, the drug development segment reigns as the primary revenue-generating sector, driven by the increasing complexities and costs of traditional drug development. The insights provided into the applications, delivery models, and end-user segments set substantial context for stakeholders.
- Services Segment: Showcasing the fastest growth rate owing to the added value service provisions which cater to the evolving needs of drug developers.
- Subscription Models: Highlighting a significant segment in delivery models, preferred for their flexible and cost-efficient attributes, such as Biovia’s recent launch of an enhanced biosimulation platform.
- End-User Analysis: Detailing the highest market share held by pharmaceutical and biotechnology companies, with Contract Research Organizations (CROs) anticipated to exhibit rapid growth.
Regional Perspectives: From North American Dominance to Asia Pacific’s Rapid Growth
The North American region is set to maintain its dominance in market share during the forecast period, steeped in robust pharmaceutical expertise and a stronghold of healthcare infrastructure. Yet, it’s the Asia Pacific region that might steal the spotlight, predicted to grow at the fastest CAGR as the region sees expansion in the pharmaceutical sector and increased healthcare investments, illustrated by Evidera’s recent expansion within Europe. Essential insights into the biosimulation market outlook for regional markets from North America, Europe, Asia Pacific, Latin America, to the Middle East and Africa, encapsulate the global scope and detailed country-level analysis.
This research publication, offering a global and regional market size overview with forecasts stretching from 2023 to 2034, provides a precise and strategic understanding of the biosimulation market’s trajectory.
|No. of Pages
|2023 – 2034
|Estimated Market Value (USD) in 2023
|Forecasted Market Value (USD) by 2034
|Compound Annual Growth Rate
Segmentation: Biosimulation Market Report 2023 – 2034
- In-house Services
- Contract Services
- Drug Development
- Drug Discovery
By Delivery Model
- Subscription Models
- Ownership Models
- Pharmaceutical and Biotechnology Companies
- Regulatory Authorities
- Academic Research Institutions
- Thermo Fisher Scientific
- Agilent Technologies
- Eurofins Scientific
- BGI Genomics
- Partek Incorporated
- CLC Bio
- Genomatix Software
- Biomax Informatics
For more information about this report visit https://www.researchandmarkets.com/r/jasub5
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- Global Biosimulation Market