The 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 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. Computational biology has become an important part of many fields in molecular biology including evolutionary biology, genomics, structural biology, and drug discovery. It helps in understanding complex molecular-level processes that cannot be understood by experiments alone.
Market key trends:
One of the major trends driving the growth of the computational biology market is increasing demand for precision medicine. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. It allows doctors and researchers to predict more accurately which treatment and prevention strategies for a particular disease may work for one person versus another. Computational biology tools help in deciphering individual genomes for advancing precision medicine applications. These tools can analyze huge volumes of clinical and genomic data to develop disease subtyping and models for correlating genomic variations to drug responses. This is propelling several pharmaceutical and biotechnology companies to invest in developing computational biology solutions to enhance precision medicine endeavors.
Porter’s Analysis
Threat of new entrants: The computational biology market requires high investments in R&D for developing innovative solutions. This poses barriers for new companies entering the market.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of several solution providers. However, switching costs are relatively high for buyers.
Bargaining power of suppliers: A few dominant players control the supply of specific software and tools, giving them higher bargaining power over buyers.
Threat of new substitutes: There exists a threat from alternate techniques like machine learning and big data analytics that can potentially substitute computational biology solutions.
Competitive rivalry: The market is highly competitive with leading players competing on the basis of product features, pricing, customization, and support.
SWOT Analysis
Strength: Computational biology tools help accelerate the drug development process and reduce costs. They enable evaluation of large amount of complex biological and chemical data.
Weakness: High reliance on skilled workforce limits the adoption of these solutions. Lack of integration and standardization among available tools is also an issue.
Opportunity: Growing focus on personalized medicine and precision therapies presents an opportunity. Increasing R&D investments in pharmaceutical and biotech sectors will drive demand.
Threats: Data privacy and security concerns pose challenges. Limited computational infrastructure in developing regions hinders market growth.
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 R&D investments made by pharmaceutical companies and growing focus on personalized medicine.
Regional analysis: North America accounted for the largest share of the computational biology market in 2023. However, Asia Pacific is expected to witness the highest growth during the forecast period owing to increasing government initiatives, rising healthcare spending, and growing biotech industry in the region.
Key players analysis: Key players operating in the computational biology market include 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. These players are focusing on new product launches, partnerships, and expansions to strengthen their market position.
For More Insights, Read: https://www.newswirestats.com/computational-biology-market-demand-growth-and-regional-outlook-by-2030/
