Computational biology is an interdisciplinary field that applies computational and mathematical approaches to problems in biology, including predictive modeling, data mining, and modeling gene expression and regulatory networks. It uses computational tools to understand biological systems, from molecular and cellular levels to organisms and populations. Computational biology employs artificial intelligence, machine learning, data mining, and simulation techniques to analyze data from experiments and predict disease signatures and outcomes. Some major uses of computational biology include sequence alignment, sequence assembly, genome rearrangement, nucleotide and protein structure prediction, modeling evolution, modeling molecular interactions, modeling biological systems, and more. The global computational biology market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising focus on personalized medicine is expected to propel the growth of the global computational biology market over the forecast period. Personalized medicine helps develop preventive and therapeutic strategies customized to an individual’s genetic makeup and environment. The adoption of computational biology tools in personalized medicine allows understanding disease mechanisms at a molecular level and identification of potential drug targets specific to an individual. This is driving the demand for advanced computational biology solutions from pharma and biotech companies. Also, continuous advancements in computational technologies such as artificial intelligence, machine learning, and cloud computing are enabling researchers to analyze huge datasets for better disease modeling and drug discovery. The increasing integration of these technologies in computational biology is further fueling market growth.
Segment Analysis
The computational biology market is dominated by the sequencing and data analytics sub segment. This sub segment holds around 45% of the total market share owing to increased adoption of advanced sequencing technologies for biomedical research applications. Sequencing generates huge amount of data which is further analyzed using computational techniques for biomarker discovery, drug discovery and development.
PEST Analysis
Political: Government funding for life sciences research has increased in past few years which is driving more adoption of computational techniques in academia and biopharma sector. Stringent regulations regarding drug approval and discovery processes is also augmenting the market growth.
Economic: High cost associated with R&D for drug discovery and development is pushing pharmaceutical companies to incorporate computational methods for reducing costs and timelines. Growing biotech industry is also contributing to the market revenues.
Social: Increased public-private partnerships and collaborations between research institutions and industry is positively impacting the market. Growing incidence of diseases especially cancer is creating need for advanced diagnostics and treatment options.
Technological: Integration of artificial intelligence, machine learning and cloud computing with life science research is expected to transform the market. Advances in high performance computing infrastructure is further fueling the market opportunities.
Key Takeaways
The Global Computational Biology Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global computational biology market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
The North American region currently dominates the market owing to presence of leading life science firms and research institutions. Growing biopharmaceutical industry in countries like US and Canada is driving the regional market growth. The Asia Pacific region is projected to observe fastest growth aided by increasing R&D expenditures by government and private players in countries like China and India. Establishment of new research centers and growing outsourcing of clinical trials to Asia is contributing to the growth of computational biology market in the region.
Key players
Key players operating in the computational biology market are Illumina, Certara, Simulation Plus, Dassault Systemes, Chemical Computing Group, Genedata AG, Compugen, Leadscope Inc, Nimbus Discovery, Rosa & Co, Schrodinger, Physiomics PLC.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
