Computational Biology Market to Reach USD 34.87 Billion by 2030; Rising Clinical Studies in Pharmacogenomics and Pharmacokinetics to Propel Growth, says The Brainy Insights
NEWARK, N.J., March 22, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global computational biology market is expected to grow from USD 2.96 billion in 2020 to USD 34.87 billion by 2030, at a CAGR of 22.7% during the forecast period 2021-2030.
Computational biology is different in comparison to biological computing. Biological computing is a sub-category of computer engineering and computer science that utilizes biology and bioengineering to build computers similar to bioinformatics.
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Computational biology comprises many aspects of bioinformatics and is the science that utilizes biological data to develop data algorithms and analytical models to understand relationships and biological systems. Biologists didn't have access to this kind of data and information back in the previous two decades. But in the present scenario, researchers and biologists have this kind of data, particularly in genomics and molecular biology. Researchers can develop statistical and analytical models to interpret biological information in recent times.
The rise in the number of bioinformatics researches is the primary factor for the market growth and development in the present scenario. Bioinformatics is the subfield of bio-engineering that formulates the analytical methods and software tools for understanding biological data. Bioinformatics combines computer science, biology, information engineering, statistics, and mathematics to analyze and interpret biological data. The emergence and advancements related to the bioinformatics research field are related to software developments. This includes computerized programming needed for handling and functional & structural analysis of large volumes of molecular sequences of RNA, DNA, metabolites, and proteins. Pharmacogenomics holds the potential of utilizing genetic fingerprints to foresee an individual's responses to pharmaceutical drugs in terms of efficacy, reliability, and pharmacokinetics. Early-phase clinical trial pharmacogenomics applications can recognize human genome variations that are meaningful and valuable to study participant's selection and design models for clinical research studies. Thus, this factor may drive the growth and development of the market in the current scenario.
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Key players operating in the global computational biology market include Accelrys, Certara, Chemical Computing Group Inc, Compugen Ltd, Entelos, Genedata Ag, Insilico Biotechnology Ag, Leadscope Inc., Nimbus Discovery Llc, RhenoviaPharma Sa, Schrodinger, and Simulation Plus Inc., among others. To enhance their market position in the global computational biology market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In August 2018, the European Union and India's Department of Biotechnology (DBT) announced the fund of USD 17.2 million towards research and innovation to develop next-generation influenza virus to protect individuals globally.
- In February 2019, StemoniX Inc., the U.S.-based provider of products and services for drug discovery and development, received USD 14.40 million from a group of investors. Brightstone Venture Capital was the major financer and was later joined by Crescent Ridge Partners, Alumni Ventures Group, and Mayo Clinic. Similarly, in the same month, U.S.-based Buffalo Niagara Medical Campus received funding of USD 5.0 million to speed up the discovery of new drugs.
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The contract segment dominated the market share of around 53% in 2020.
The service segment is divided into contract and in-house. The contract segment dominated the market share of around 53% in 2020. The segmental growth is attributed to contract services being less expensive than in-house services. These contract-based services increase the computational capabilities by eradicating considerable waste in the research enterprises. With recent advancements in cloud computing and other IT technologies, contract services are projected to have the highest growth.
The cellular and biological simulation segment dominated the market with around 35% share in 2020.
The application segment includes cellular & biology simulation, drug discovery and disease modeling, pre-clinical drug development, clinical trials, human body simulation software. The cellular and biological simulation segment dominated the market with around 35% share in 2020. The segment growth is attributed because computational cell modeling and biological simulation aid in decrypting cells' physiological and biological functions. The rise in unmet medical needs and the growing demand for personalized medicine are expected to fuel the segmental growth.
The academics segment is expected to have the highest growth during the forecast period.
The market is segmented into academics, industry, and commercial by end-user. The academics segment will have the highest growth during the forecast period. The segment growth is mainly attributed to the increase in drug designing, bioinformatics research, and usage in personalized medicine in academics and research institutions.
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Regional Segment Analysis of the Computational biology Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region emerged as the largest market for the computational biology market with around 59% share of the market revenue in 2020. The regional growth is attributed to the strong government initiatives and funding activities for genetic-based studies coupled with the rise in public-private partnerships in and across the region. Additionally, the industry-academia collaborations are predicted to indulge the regional growth during the forecast period. The market in the Asia Pacific is expected to grow at the highest CAGR over the forecast period owing to the foreign investments and government-funded population-based studies.
About the report:
The global computational biology market is analysed based on value (USD Billion). All the segments have been analysed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key market insight. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to improve its business acumen. They have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short time. They provide both customized (clients' specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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