(PharmaNewsWire.Com, May 20, 2020 ) Factors such as increase in R&D investments in the pharmaceutical and biotechnology industries, growing adoption of biosimulation software by regulatory bodies, technologically advanced QSP systems, need to curtail drug discovery and development costs, and growth in the biologics and biosimilars markets are driving the growth of the biosimulation market.
The global biosimulation market is projected to reach USD 2,881 billion by 2022 from USD 1,375 billion in 2017, at a CAGR of 15.9%.
The biosimulation software segment is expected to account for the largest market share in 2017. The high growth in this segment is attributed to the growing adoption of biosimulation software by pharmaceutical and research organizations and the increasing R&D investment for pharmaceutical research.
Pharmaceuticals and Biotechnology Companies to Dominate The Market:
Pharmaceutical and biotechnology companies are expected to form the largest share in 2017, and is projected to register the highest CAGR during the forecast period. Increased R&D budgets of pharmaceutical and biotechnology companies and increasing adoption of inorganic growth strategies by different biosimulation service providers are likely to boost the adoption of biosimulation solutions in the pharmaceuticals and biotechnology industry.
North America to account for the largest market size during the forecast period.
The biosimulation market is segmented into four major regions, namely, North America, Europe, Asia, and the Rest of the World (RoW). The dominance of the North American market is attributed to factors such as growth in the biotechnology and pharmaceutical industry, a large number of ongoing drug development processes, increased use of personalized medicine, and increasing R&D expenditure by pharmaceutical and biotechnology companies.
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