BIOSIMULATION MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Biosimulation Market Analysis:

The Biosimulation Market is projected to experience a compound annual growth rate (CAGR) of 10% during the forecast period from 2022 to 2027. The process of developing a new drug requires extensive research and resources, with each stage, from clinical trials to approval, carrying a significant risk of failure. However, the implementation of biosimulation can greatly mitigate these risks.

The COVID-19 pandemic has had a profound impact on the biosimulation market, as the importance of this technology in drug development and its interaction with the human body became evident. Biosimulation played a crucial role in the development of vaccines for COVID-19. For example, when the pandemic was declared, Certara, a leading provider of biosimulation technology, offered its services to vaccine developers. Consequently, the utilization of biosimulation increased significantly during the pandemic, fueling market growth.

Biosimulation not only aids in predicting the likelihood of drug development failures but also reduces the costs associated with potential failures by minimizing the need for extensive clinical experiments. Major pharmaceutical companies such as Pfizer, Merck, and Novartis, as well as research firms like Johnson Pharmaceutical Research & Development, have been utilizing biosimulation software and services to shorten trial durations and mitigate the high costs associated with failures. The high cost of drug discovery and development is expected to drive the market’s growth at a substantial rate in the coming years.

Furthermore, the market for biosimulation is being accelerated by the implementation of new technologies by key companies. For instance, Certara introduced a novel technology in 2022 that offers valuable insights into the challenges of drug discovery and development involving complex biologics. Additionally, biosimulation is extensively employed in healthcare research and development, further propelling market growth.

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