North America, followed by Europe, has the largest market for biosimulation due to developed healthcare infrastructure, technological advancement, rise in spending on healthcare, off patenting of many drugs and need for novel modeling and simulation tools in this region. In additional, Europe is expected to experience high growth rate in the biosimulation market in next few years due to government support, growing research and development activities, increasing demand for technological advancement in drug discovery and development and rise in healthcare expenditure in the region.
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Growing demand for reduction in drug discovery and development cost, increasing incidence of chronic diseases, rise in need for new techniques for drug discovery process, increasing healthcare expenditure and improved modeling and simulation tools are some of the major factors driving the global market for biosimulation. In addition, risk of failure in the late drug development stages, time consuming traditional drug discovery and development procedure, rise in the demand for better healthcare facilities, government initiatives for promoting new tools and techniques in drug discovery and development process and increasing number of research and development activities are driving the global market for biosimulation. However, lack of standardization, high R&D costs associated with development of biosimulation software and lack of skilled professionals are some of the major factors restraining the growth for global biosimulation market.
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Broader application of biosimulation in drug discovery and development, continuous rise in the demand for advanced software programs and improved simulation technology and emerging market are expected to offer new opportunities for global biosimlation market. Issues associated with accuracy in prediction and interoperability issues are some of the challenges faced by the global biosimulation market. Increasing collaborations and partnerships, patient medication, rise in mergers and acquisition, drug repositioning, modeling and simulations in paediatrics dug development and new product launches along with technological advancement are some of the latest trends that have been observed in global biosimulation market. Some of the major companies operating in the global biosimulation market are Accelrys, Simulation plus, Genedata, LeadScope, Rhenovia, Entelos and ACD/Labs. In addition some other companies having significant presence in the global biosimulation market are Schrodinger, Physiomics, Insilico biosciences and Archimedes.
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