The biosimulation market has been forecast to increase at a compound annual growth rate (CAGR) of 18.5% over the next five years, increasing from a valuation of $432.0 million in 2011, to be worth a market value of $1.2 billion by 2017.
Biosimulation refers to computer aided simulation of biological processes and systems, an integral part of systems biology used in drug discovery and development. Biosimulation is used across the drug discovery and development program (such as target identification, target validation, lead discovery, lead optimisation, preclinical and clinical test).
The predominant factor driving growth within the biosimulation market is the cost and time spent on drug discovery and development programs and the failures that occur of drug candidates in the late development stages.
Since on average only 11% of all drug candidates are approved, it is anticipated that biosimulation may be the tool to predict whether a candidate drug will fail in the development process e.g. in clinical trials due to adverse side effects, bad pharmacokinetics or even toxicity
Pharmaceutical companies around the globe spent approximately $68 billion in 2011 in drug discovery and development programs, of which many failed in the late stages of the clinical trials, wasting all the years of efforts and money. There is a need for predictive technology which would outlay the outcome of a drug candidate in the discovery stages; biosimulation is one such technology which can bring down the cost on drug discovery and development programmes by focusing on promising lead drug candidates and experiments.
North America represents the larges region within the biosimulation market, followed by Europe. North America, which is the largest drug market in the world contributes one third towards the biosimulation market. Europe is the fastest growing market for biosimulation, with growth being attributed to the efforts of regulatory bodies in promoting new technologies in drug discovery and development.
For more information on the biosimulation market, see the latest research: Biosimulation Market
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