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Biosimulation Technology Market |
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 global biosimulation technology market to
grow at a significant rate in the forecasted period.
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According to Tufts Centre for the Study of Drug Development, an
academic, non-profit research group at Tufts University, in the U.S., out of
1,000 compounds tested only one makes it to human clinical trials, and out of
five such compounds only one gets approved. Biosimulation technology overcomes
these limitations by simulating biological systems through software models and
increasing predictability in early stages of drug development; hence, saving
time and money in drug development process.
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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. 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.
Some of the factors driving the growth of the global
biosimulation technology market are increasing research and development
expenditures, increasing investment in biosimulation training and education
programs, technological advancements, increasing focus on reducing drug
discovery and development cost, and increasing healthcare expenditure.
Geographically, North America will be leading the global
biosimulation technology market in the coming years due to technological
advancements, growth in biosimilars and biologics market, high healthcare
expenditure, and presence of a large number of pharmaceuticals and
biotechnology companies. In addition, the U.S. Food and Drug Administration
(FDA), strongly recommends simulation process in drug discovery and
development; hence, fueling the growth of biosimulation technology market in
North America. Europe is the fastest growing region in the global biosimulation
technology market. The major reasons for the fastest growth in the region are
high healthcare expenditure and increasing research and development activities.
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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.
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