Biosimulation Market Size Poised To Reach USD 10.0 Billion By 2030
San Francisco, 10 May 2024: The Report Biosimulation Market Size, Share & Trends Analysis Report By Product (Software, Services), By Application (Drug Development, Drug Discovery), By End Use, By Region, And Segment Forecasts, 2023 - 2030 The global biosimulation market size is expected to reach USD 10.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.9% from 2023 to 2030. The key factors fueling the market growth include the increasing incidence of chronic diseases, increase in healthcare digitization, and usage of biosimulation solutions in clinical trials and research. The need for drug discovery and development amidst the prevalence of acute and chronic diseases has increased the allocation of funds for R&D activities, which has propelled the adoption of biosimulation solutions. In addition, a high drug attrition rate leads to an increase in the cost of clinical trials, which is expected to drive