Biosimulation Market Size Projected to Rise Lucratively during 2020-2030

Healtcareresearch30 Dec, 2021Health

According to the report, the global biosimulation market was valued at US$ 1.8 Bn in 2019 and is projected to expand at a high CAGR from 2020 to 2030. Biosimulation can be defined as computer-aided mathematical simulation of biological processes, which form an integral part of the human biology system. Biosimulation is focused on offering model-based prediction of the behavior and the dynamics of biological systems. The growth of the global biosimulation market can be attributed to significant rise in spending on R&D by pharmaceutical and biotechnology companies. Additionally, high cost associated with re-conducting clinical trials, owing to the high failure rate in phase III clinical trials contributes to the adoption of biosimulation in drug discovery and drug development, which, in turn, boosts the growth of the market.