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 17.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Computational biology involves the development and application of data-analytical and theoretical methods, mathematical modelling and computational simulation techniques to the study of biological, ecological, behavioral, and social systems. Key technologies used in computational biology include biological simulation platforms, DNA and protein sequencing, biological databases, and computational tools for data visualization and interpretation.
Market key trends:
One of the key trends in the computational biology market is the adoption of advanced technologies like machine learning and artificial intelligence. These technologies are empowering computational biology researchers to analyze huge datasets, design predictive models and simulations for understanding complex biological systems and diseases. Machine learning algorithms are being extensively used to analyze patterns in large genomic and proteomic datasets for applications like drug discovery and biomarker identification. Biotechnology companies are making significant investments in AI technologies to accelerate drug discovery through computational methods. This is expected to drive the demand for advanced computational biology platforms and solutions in the coming years.
SWOT Analysis
Strength: Computational biology leverages computational methods to analyze biological data. It helps analyze genomes and gene expressions more efficiently.
Weakness: Computational biology requires substantial computing power and data storage. High costs associated with procuring advanced computing infrastructure can be a challenge.
Opportunity: Growing field of bioinformatics and genomics is generating massive amounts of biological data. Computational biology tools help analyze this unstructured data and gain meaningful insights.
Threats: Stringent regulations around use of biological data can restrict commercial applications. Lack of skilled workforce with expertise in biology and computing poses challenges.
Key Takeaways
The Global Computational Biology Market Size is expected to witness high growth, exhibiting CAGR of 17.6% over the forecast period, due to increasing demand for data-driven drug discovery. Computational tools help analyze large genomic and proteomic datasets to identify drug targets more efficiently.
North America dominated the computational biology market in 2023, owing to presence of global pharmaceutical companies and growing biotechnology industry in the US and Canada. However, Asia Pacific is expected to grow at the fastest pace during the forecast period. This can be attributed to increasing R&D investments by governments and pharmaceutical companies in countries like China and India.
Key players operating in the computational biology market are Accelrys, Certara, L.P., Chemical Computing Group Inc., Compugen, Ltd., Entelos, Inc. (Rosa & Co. LLC), Genedata AG, Insilico Biotechnology AG, Leadscope, Inc., Nimbus Discovery LLC, Rhenovia Pharma SAS, Schrodinger, and Simulation Plus, Inc. The market is characterized by presence of few large players and numerous small & medium enterprises. Leading players are focusing on developing advanced AI-based tools to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
