Global Biosimulation Market – Industry Size Analysis and
Forecast, by Product & Application
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.
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analysis-and-forecast-by-product-application/
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