Medical Device | Healthcare | Biotechnology | Pharmaceuticals

The global biosimulation market is projected to reach USD 2,881 billion by 2022 from USD 1,375 billion in 2017, at a CAGR of 15.9%. Factors such as increase in R&D investments in the pharmaceutical and biotechnology industries, growing adoption of biosimulation software by regulatory bodies, technologically advanced QSP systems, need to curtail drug discovery and development costs, and growth in the biologics and biosimilars markets are driving the growth of the market. Pharmaceutical and Biotechnology Companies Segment to Record the Highest CAGR: Pharmaceutical and biotechnology companies are expected to form the largest share in 2017, and is projected to register the highest CAGR during the forecast period. Increased R&D budgets of pharmaceutical and biotechnology companies and increasing adoption of inorganic growth strategies by different biosimulation service providers are likely to boost the adoption of biosimulation solutions in the pharmaceuticals and biotechnolog...