by Computational biology incorporates computational techniques to analyze biological data. It enables scientists to process vast amount of genomic, proteomic and other molecular level information. With the increasing applications in personalized medicine, drug discovery and precision medicine, the demand for computational biology tools and services is rising.
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 increasing demand for personalized medicine is one of the key factors fueling the growth of the computational biology market. Personalized medicine involves tailoring medical treatment to an individual’s characteristics, taking into account factors unique to their genetic makeup, lifestyle, and environmental exposures. Computational approaches allow scientists to analyze massive amounts of medical data to understand the underlying biology and provide insights to develop treatment plans customized for individual patients. This trend is expected to continue during the forecast period as personalized therapies hold promise to dramatically improve the treatment and prevention of diseases.
SWOT Analysis
Strength: Computational biology helps to analyze huge amounts of biological data generated through various techniques like next generation sequencing. It also allows faster drug discovery and development process through in silico modeling and simulations.
Weakness: Lack of proper integration of various biological data types and limitations of current computation power and algorithms. High initial investment requirement for computational infrastructure also acts as a weakness.
Opportunity: Growing field of systems biology and multi-omics approaches allows for new opportunities in disease modeling and personalized medicine. Emerging technologies like AI and cloud computing can further enhance computational biology applications.
Threats: Strict regulations for drug development and approval poses challenges. Ethical issues related to genomic and medical data privacy are also threats.
Key Takeaways
The Global Computational Biology Market Size is expected to witness high growth. 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.
The North America region currently dominates the computational biology market share due to presence of prominent players and higher adoption of emerging technologies. Asia Pacific region is expected to grow at fastest pace during the forecast period due to increasing R&D investments and growing disease burden.
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). Competitive strategies adopted by major players include new product launches, collaborations and partnerships. For instance, GSK collaborated with genome analysis company NuMedii to advance computational biology approaches for drug discovery.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
