Computational biology involves 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. Protein structure and function prediction, modeling biological processes, genome analysis and mapping of phenotypes are some of the key applications of computational biology. Computational biology utilizes tools like machine learning, data mining, statistics, mathematics, and visualization to analyze complex biological data and systems. Advancements in genomics, biotechnology, artificial intelligence, and high-performance computing have fueled the growth of computational biology. Computational tools are being increasingly used in pharmaceutical and biotechnology companies for drug discovery and development.
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:
Growing demand for big data integration in healthcare is expected to be one of the key drivers for the growth of computational biology market over the forecast period. Healthcare organizations are generating vast amounts of complex data sets from genomic sequencing, electronic health records, medical imaging, and clinical trials. Computational biology provides solutions for managing and analyzing such large healthcare datasets in a cost-effective manner with its advanced analytics and modeling techniques. For example, integration of genomic data with clinical records is helping in better diagnoses and more personalized treatment of diseases like cancer. Computational biology is also playing a key role in analyzing complex biological networks and gaining insights into disease mechanisms to develop new drug targets. Further, advancements in cloud computing infrastructure and high-performance computing systems are enabling wider adoption of computational biology tools across academia and industry. This is supporting research in personalized medicine, systems biology, molecular modeling, and other areas. Government funding and initiatives to build national healthcare databases will further contribute to the growth of computational biology market in upcoming years.
Segment Analysis
Computational biology market is dominated by the software sub segment which holds around 65% of the total market share. The software sub segment is dominating as software tools are widely used for various applications like sequence alignment, prediction of protein structure, genome sequencing data analysis, modeling biological systems for drug discovery etc. The services sub segment holds around 25% share and the rest is captured by other segments like databases.
PEST Analysis
Political: Governments across various countries are supporting research and development in computational biology through funding as it helps in various disease modeling, drug discovery and precision medicine applications which is benefiting public health.
Economic: The growth in biotechnology and pharmaceutical industries along with increasing scope of applications of computational biology is driving the economic growth of this market. Lower cost of genome sequencing and high performance computing is also supporting the market growth.
Social: Increasing incidence of complex diseases, growth in precision medicine and focus on developing personalized treatment options is generating more demand for computational biology tools and services from research organizations and industries.
Technological: Advancements in areas of artificial intelligence, machine learning, cloud computing, high performance computing are improving computational capabilities for biological data analysis and modeling. Development of more sophisticated prediction algorithms is further enhancing applications of computational biology.
Key Takeaways
The Global Computational Biology Market Growth is expected to witness high at a CAGR of 4.8% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 6.6 Bn by 2024.
Regional analysis
North America currently dominates the computational biology market capturing around 40% share due to strong research infrastructure and presence of leading technologies companies and research organizations in the region. Asia Pacific region is witnessing fastest growth and is expected to grow at over 6% CAGR during the forecast period due to increasing government investments and expanding biotech industry in the region.
Key players
Key players operating in the computational biology market are GlaxoSmithKline (GSK), Bayer AG, Amway Corporation, Church & Dwight Co. Inc., Nestle SA, Hero Nutritionals® LLC., Aesthetic Nutrition Pvt. Ltd (Power Gummies), Unilever PLC, and Jagzee Enterprises (Nutrazee). GlaxoSmithKline (GSK) is one of the top players offering various computational biology platforms and services for drug discovery applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it