by Computational biology refers to the development and application of data-analytical and theoretical methods, mathematical modeling and computational simulation techniques to the study of biological, behavioral, and social systems. These computational tools facilitate the integration of large-scale biological data with the goal of improving human health. The global Computational Biology Market is 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.
Market key trends:
Growing demand for genomic sequencing- Advances in next-generation sequencing technologies have accelerated genomic research activities. The continuous drop in the cost of genome sequencing has increased the adoption of sequencing technologies across various application areas including single-cell analysis, drug discovery, personalized medicine etc. Availability of massive amounts of genomic data has propelled the demand for computational biology tools and techniques to analyze, interpret and glean meaningful insights from complex genomic datasets. Development of more sophisticated computational algorithms and statistical methods for processing and mining genomic sequencing data is one of the key trends observed in the global computational biology market.
SWOT Analysis
Strengths:
– Computational biology allows researchers to analyse vast amounts of biological and medical data, gaining new biological insights.
– It helps accelerate drug discovery and development by reducing costs and time.
Weaknesses:
– Requires huge computation power and storage which is costly to build and maintain.
– Lack of skilled workforce with expertise in both biology and computational sciences.
Opportunities:
– Scope for discovery of new biological pathways and drug targets through analysis of multi-omics data.
– Opportunities in personalised and precision medicine with predictive models.
Threats:
– Concerns around privacy and security of sensitive biological and medical data.
– Rapid changes in computing technologies may render existing tools and algorithms obsolete quickly.
Key Takeaways
The Global Computational Biology Market Size is 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.
Regional analysis:
North America dominates the global computational biology market owing to heavy investments in R&D by biopharma companies and availability of funding for computational biology projects from government bodies. Asia Pacific is expected to witness the highest growth during the forecast period due to rising life science research in countries like China and India. Key players operating in the computational biology space are Schrodinger, Certara, Simulation Plus, Cheminformatics, Chemical Computing Group.
The global computational biology market is expected to witness high growth in the coming years driven by increasing applications in drug discovery and precision medicine. Integrating multi-disciplinary techniques from fields such as machine learning, artificial intelligence, cloud computing and high-performance computing has further accelerated biological insights from computational methods. Companies are investing in developing sophisticated algorithms and user-friendly software tools to process huge volumes of genomic, proteomic and other biomedical data. This has made computational biology an integral part of R&D at pharmaceutical and biotech companies. However, concerns around data privacy and security remain key challenges for wider adoption.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
