by 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 is an interdisciplinary field that applies computational techniques to study and solve biological problems. The field includes developments in computational genomics, computational proteomics, gene expression analysis, medical imaging and bioinformatics. Computational biology software tools are used to analyze biological data and understand disease mechanisms at the molecular level. These tools are helpful in drug discovery, gene sequencing and computational genomics research. With increasing applications of computational techniques in R&D and clinical trial simulations, the computational biology market is expected to grow significantly over the forecast period.
Market key trends:
One of the major trends in the computational biology market is the increasing adoption of artificial intelligence and machine learning techniques. AI and ML algorithms are being used to analyze large genomic and proteomic datasets and gain insights into disease mechanisms. This is speeding up drug discovery processes. Another key trend is the increased investments in computational biology by pharmaceutical and biotechnology companies. As R&D costs continue to rise, computational approaches are proving effective in reducing costs and time required for new drug development. Virtual clinical trials using computational models offer safer and faster validation of drug candidates as compared to physical clinical trials. This is also contributing to the growth of the computational biology market size. Lastly, increasing government funding on computational genomics and bioinformatics research will continue to support the market growth over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The computational biology market requires high capital investment and R&D expenditure to develop advanced software and platforms.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple solution providers offering a variety of computational biology software and platforms. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: Pharmaceutical and biotechnology companies that generate large volumes of complex biological and chemical data represent an important customer base for computational biology solution providers. However, the bargaining power of suppliers is low as solution providers have established relationships with multiple buyers.
Threat of new substitutes: Technological advancements in fields like artificial intelligence and machine learning are increasing the capabilities of computational approaches. This poses threats of substitution from alternative approaches.
Competitive rivalry: The market is consolidated with the presence of a few large players and many small players. Solution providers rely on innovations to develop unique biological analysis capabilities and gain competitive edge.
Key Takeaways
The Global Computational Biology Market Size is expected to witness high growth, exhibiting CAGR of 17.6% over the forecast period 2023 to 2030, due to increasing demand for advanced biological analysis from pharmaceutical and biotechnology companies. North America dominated the market in 2023 with largest market share owing to strong base of pharmaceutical companies and research institutions in the US.
The computational biology market size for 2023 is estimated at US$ 6.6 Bn. The market is driven by growing need to analyze large and complex biological datasets generated through various omics technologies like genomics, proteomics and metabolomics. Computational approaches help integrate multi-dimensional data, develop predictive mathematical models and reveal novel therapeutic opportunities.
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. Major players are investing in R&D to develop innovative machine learning and artificial intelligence algorithms, cloud-based solutions and translational bioinformatics capabilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
