ReportsMonitor.com has published Global Biosimulation Market – Industry Size Analysis and Forecast, by Product & Application.
The global biosimulation market is expected to grow from USD 1,467.7 million in 2016 to USD 3,897.0 million by 2024. The high growth is anticipated in this market due to growing awareness about the benefits of using predictive technology platforms, rise in collaboration between scientific researchers and technology companies, growing economic burden of disease and rising R&D expenditures. The development of new data bases capturing data points which were earlier not available have significantly improved the quality of research and data accuracy. The current and future development of drugs and medical products is expected to be highly dependent on the simulation/predictive analytic systems and therefore the market participants are significantly establishing high end data processing and analytics teams across the globe.
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The global healthcare expenditure is witnessing rapid growth due to various factors such as rise in prevalence of chronic diseases, aging population, increasing cost of healthcare operations, high investment in R&D, and several other factors. In addition, the changing healthcare landscape with the introduction of advanced therapies, devices, and declining Medicare budgets is forcing the healthcare providers to utilize automation and improve the efficiency in providing healthcare.
The developed economies and the emerging economies have a wide disparity in the healthcare spending as a percentage of GDP and the out of pocket healthcare expenditure. The regions such as the U.S., UK, and other western economies have a robust healthcare system with proper reimbursement mechanism, streamlined drug approval process and continuous investment in research and development.
Therefore, it is imperative for the healthcare industry to utilize artificial intelligence for process automation, R&D simulation, product toxicology studies and several other applications. The use of biosimulation software’s is witnessing rapid growth in the developed regions such as U.S., UK, Germany and other countries with high R&D expenditure. The ability to predict or simulate a particular condition or several scenarios in real time, is significantly improving the research outcomes. The benefits of using high tech software’s in the R&D management and operations management have been adequately established by several researchers and scientists. Moreover, the pharmaceutical companies, which contribute to the bulk of the revenue, are highly appreciative of the improvement in access to databases with analytical features. The target market or end user base of pharmaceuticals, clinical research organizations (CRO’s) and others are witnessing an era of terabyte data sets for each clinical indication, and using these softwares, the various factors such as the risk to the patient, and therapeutic indications, can be easily identified in a short span of time. Moreover, the future of new drug development is largely going to be based on these simulation software’s with advanced learning and automation capabilities.
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The global biosimulation market has been segmented on the basis of product, application, end-use and by region. Based on product, the market is classified as software and services. The services category is further split as in-house services and contract services. The market segmenation by application includes drug development, drug discovery and others. The categorization based on end-use includes pharma &biotech industry, CRO’S, academic institutes and regulatory authorities.
The biosimulation market by geography includes separate analysis of five major regions with top revenue contributing nations. Based on geography, the market is split into North America, Europe, Asia Pacific, Latin America and Middle East.
Some Points from Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Biosimulation Market Overview
Chapter 4 Biosimulation Industry Outlook
Chapter 5 Global Biosimulation Market by Product
Chapter 6 Biosimulation Market by Application
Chapter 7 Biosimulation Market by End-Use
Chapter 8 Biosimulation Market Regional Outlook
Chapter 9 Competitive Landscape