Biosimulation market size to reach $3.77 bn by 2024

The biosimulation market is expected to reach $3.77 billion by 2024, according to a new study by market research firm, Grand View Research

biosimulation-the-next-step-in-pk-modelling-embraced-by-regulators

(Photo Courtesy: www.outsourcing-pharma.com)

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 diseases such as AIDS, pneumonia, tuberculosis, and others indicate the indisputable requirement for the incorporation of biosimulation in the drug discovery and development process.

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