The biosimulation market is expected to reach USD 3.77 billion by 2024, according to a new study by Grand View Research, Inc. The unprecedented global shift in the adoption of unhealthy lifestyles is resulting in the high prevalence of chronic diseases, such as cancer and diabetes, is expected to drive the biosimulation market during the forecast period. In addition, the rising geriatric population base highly susceptible to acquire the aforementioned chronic diseases result in enhanced demand for highly efficacious pharmacological drugs. This high requirement of efficacious drugs can be effectively met at a faster rate through the incorporation of the in silico approach, thus creating a high potential for biosimulation market growth opportunities in the future. Furthermore, increasing drug resistance, high drug failure rate, and availability of limited drugs to treat several diseasessuch as AIDS, pneumonia, tuberculosis, and others indicate the indisputable requirement for the incorporation of biosimulation in the drug discovery and development process. The widespread application of the in silico approach to developing efficacious drugs would generate drugs of greater potency in the market within a shorter span.
The increasing demand can be attributed primarily to the significant cost reduction in the clinical trials and drug development & discovery process. This is due to the fact that the in silico software can predict adverse reactions, toxicity, and efficacy of the drugsin the early stages of the drug development, thereby reducing the probability of drug failure at the later stages and consequentially, control the overall expenditure. These above-mentioned factors serve as key reasons responsiblefor the heightened market demand.
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Further key findings from the study suggest:
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Grand View Research has segmented the biosimulation marketon the basis of product, application,enduse and region:
Global Biosimulation Product Outlook (Revenue, USD Million, 2013 - 2024)
Global Biosimulation Application Outlook (Revenue, USD Million, 2013 - 2024)
Global Biosimulation End-use Outlook (Revenue, USD Million, 2013 - 2024)
Biosimulation Regional Outlook (Revenue, USD Million, 2013 - 2024)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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