Biosimulation market size was valued at $2.5 billion in 2022, and is estimated to reach $10.6 billion by 2032, growing at a CAGR of 15.8% from 2023 to 2032. Biosimulation is quantitative drug development that powers decision making. Modeling and simulation are proven effective and efficient alternatives to real-world clinical trials. The result is enabling clients to make better medicines available to patients sooner.
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Physiomics Plc, Genedata AG, Simulations Plus, Inc., VeriSIM Life, Schrodinger, Inc., SimBioSys, Cadence Design Systems, Inc., Certara, Inc., Dassault Systemes, INOSIM Software GmbH
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On the basis of product, the software segment generated maximum revenue in 2022, owing to the launch of upgraded versions of biosimulation software and advancement in computational power that have significantly enhanced the capabilities of biosimulation.
However, the services segment is expected to witness a significant CAGR during the forecast period, owing to increase in the number key market players providing biosimulation services and the increased awareness & acceptance of biosimulation tools among the researchers and cost savings by opting for biosimulation services.
On the basis of application, the biosimulation industry is segmented into drug discovery, drug development and otherts. The drug discovery segment dominated the market in 2022, owing to surge in demand for personalized medicine and cost and time efficiency provided by biosimulation software in drug discovery as it allows researchers to virtually test and analyze the effects of different drug candidates on biological systems, reducing the need for costly and time-consuming laboratory experiments.
The drug development segment is expected to witness the significantย CAGR during the forecast period, owing to an increase in the number of chronic disease and the various advantages offered by biosimulation in drug development such as reduction in failure and target identification and validation.
On the basis of delivery model, the ownership model segment generated maximum revenue in 2022, owing to benefits offered by ownership model such as ownership model is expected to provide better customization and control as owning the software gives organizations greater control over customization and tailoring the software to their specific needs.
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Asia-Pacific is expected to witness growth at the highest CAGR during the biosimulation market forecast period owing to growth in healthcare infrastructure, a surge in healthcare expenditure, and a rise in the prevalence of cancer and chronic disease, which increase the demand for intense R&D activities for the development of novel drug therapies, hence propelling the demand for biosimulation software that boosts the growth of the market.
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