The global biosimulation market is growing significantly due to technological advancements and increasing research and development investment in the pharmaceutical and biotechnology industries. Low success rate of drug approval and emerging software applications of biosimulation technology are creating ample opportunities for the biosimulation technology market to grow at a significant rate in the forecasted period.The advanced research and development facilities and new product developments by the companies are propelling the demand for cost effective biosimulation software.
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Biosimulation technology market can be categorized on the basis of applications, end-users, and product types. Based on applications, the biosimulation technology market can be categorized as drug development, drug discovery, and others. Drug development segment includes preclinical testing and clinical trials; whereas, drug discovery segment includes target identification and validation, and lead identification and optimization. Drug development segment leads the biosimulation technology market. Based on end-users, biosimulation technology market can be categorized as pharmaceutical and biotechnology companies, academic institutes and research laboratories, contract research organizations, and others. Pharmaceutical and biotechnology companies lead the biosimulation technology market.
On the basis of product types, biosimulation market can be categorized as software and services. Software segment includes pharmacodynamic/pharmacokinetic modeling and simulation software, molecular modeling and simulation software, physiologically-based pharmacokinetic modeling and simulation software, toxicity prediction software, trial design software, and other software. Services segment includes contract services and in-house services. Software segment leads the biosimulation market.
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Some of the major players operating in the global biosimulation technology market Dassault Systemes SA, Simulation Plus Inc., Certara USA, Inc., Advanced Chemistry Development, Inc., In Silico Biosciences, Inc., Chemical Computing Group, Inc., Physiomics PLC., Rhenovia Pharma Ltd., Genedata AG, Entelos Holding Corporation, Leadscope, Inc., and Schrodinger Inc. among others.
Source: P&S Intelligence