The global Bio-simulation market is anticipated to grow at a considerable CAGR of 16.0% during the forecast period (2021-2027). The market growth is mainly attributed to the increase in drug development across the globe. The importance of drug development has been increasing gradually over the years due to need of new modern technologies which will reduce clinical studies and offer better results. According to the studies, there is an increase in new drug developments in the US due to the COVID-19 pandemic. The high development costs of drugs can affect the market growth so new drugs with effective results and low costs is expected to play a vital role in the growth of the market so technologically advanced QSP systems are in demand. Moreover, the growth is also attributed to the spending on R&D by pharmaceutical and biotechnology companies. New drug developments will minimize the human errors and increase the efficiency of the product which will further increase the demand of the biosimulation market.
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Availability of medicines in developing and undeveloped countries is a challenge, particularly in a region like Africa. However, the government has shown interest to promote technology transfer by improving access to essential medicines. For instance, in 2019, the National Agency for Food and Drug Administration and Control in Nigeria introduced the Five Plus Five-Year Validity policy to support production of local medicines.
A Full Report of Global Bio-simulation Market is Available at: https://www.omrglobal.com/industry-reports/biosimulation-market-share
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Bio-simulation Market Report Segment
By Application
- Drug Development
- Drug Discovery
- Other Applications
By Product
- Software
- Services
- External/Contract Services
By End-User
- Biotechnology And Pharmaceutical Companies
- Drug Discovery And Drug Development Companies
- Education Centres And Research Institutes
- Regulatory Authorities
- Other
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
