Computational biology utilizes algorithms, machine learning and artificial intelligence to gain biological and medical insights from large and complex biomedical data through simulation, mathematical modeling and systems analysis. It aids in predictive modeling of biomolecular structure and function, drug discovery and design, medical diagnostics and personalized medicine. Computational biology offers pharmaceutical companies significant advantages over conventional research methods by accelerating the drug discovery process, reducing costs and improving success rates. Computational techniques help analyze the complex relationships between biological molecules and pathological conditions in silico to identify new drug targets and potential drug candidates in a quicker, cheaper and more efficient way compared to traditional experimental approaches.
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 key trends:
The key trend driving growth in the computational biology market is increasing adoption of artificial intelligence and machine learning techniques. Pharmaceutical companies are extensively utilizing AI to study molecular interactions, predict toxicity, model disease pathways and facilitate personalized medicine approaches. AI algorithms can analyze massive biological and biomedical datasets to drive scientific discovery and develop new diagnostics, treatments and preventive strategies. Growing potential of deep learning is enabling the development of supercomputers and high-performance computing infrastructure capable of handling enormous datasets generated from genomic sequencing, facilitating precision medicine initiatives. Computational methods also aid in electronic health records analysis and imaging data interpretation which has applications in medical diagnosis and prognostic testing. Continuous technological advancements are expected to make computational platforms more accurate, cost-effective and accessible to new user groups in the coming years.
Threat of new entrants: The threat of new entrants in the computational biology market is moderate. The cost of research and development in the field is significantly high requiring substantial investments limiting new companies from entering the market easily.
Bargaining power of buyers: The bargaining power of buyers in the computational biology market is moderate. The availability of alternatives and buyers have choice to switch between providers giving them moderate bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the differentiated products and services. Suppliers have threat to forward integration.
Threat of new substitutes: The threat of substitutes is low as there are limited alternative techniques available that can provide simulated biological solutions at scale.
Competitive rivalry: The competitive rivalry in the market is high owing increasing partnerships and mergers and acquisitions between key companies to enhance their capabilities and service offerings.
The Global Computational Biology Market Demand is expected to witness high growth over the forecast period. 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.
North America is expected to hold largest share in the global computational biology market during the forecast period. This is attributed to presence of major pharmaceutical companies in countries like US undertaking R&D activities, increasing collaborations between pharmaceutical and academic research institutes, and high adoption of computational biology tools and services. Asia Pacific expected to grow at fastest pace owing to growing biotechnology industry, increasing investments in life science R&D by governments and private organizations, and rising disease incidence.
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 global leaders providing end-to-end drug discovery solutions using computational biology approaches.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it