Computational Biology Market Key Opportunities and Forecast up to 2024
A number of drug candidates failing in late-stage clinical trials has brought to the fore the importance of computational biology; this will help the global computational biology market reach a valuation of US$2.9 bn by 2018, rising rapidly from its 2011 valuation of US$0.7 bn, says Transparency Market Research. In its report, titled ‘Computational Biology Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018’, the market intelligence firm also states that the computational biology market will expand at a 21.30% CAGR worldwide. The high CAGR of the market can be attributed to the fact that several big pharma players such as Sanofi, Roche, Novartis, and Pfizer have made investments in computational biology systems for improved clinical outcomes and many other companies are expected to follow suit.
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Computational biology is also referred to as bioinformatics; it makes use of algorithms based on biological data to establish relations between different biological systems. By creating sophisticated modeling and simulation models for pharmacodynamics and pharmacokinetics, several recent drug discovery and development projects have made use of computational biology with successful results. This has consequently impelled the adoption of this technique among several companies in the pharmaceuticals industry worldwide. The greatest advantage of computational biology is that it helps reduce the number of human candidates required to test drugs in the development stage. It has therefore proven especially useful in formulating drugs for the pediatric population and pregnant women.
However, in the absence of widespread standardization in processes and techniques, the growth of the computational biology market could be impacted, says TMR. Likewise, the presence of non-predictive models could fail to emerge with the desired results, causing consumers to lose confidence in computational biology.
In this study, the global computational biology market is segmented on the basis of applications, tools, and geography. Basis application, the market is segmented into disease modelling and simulation applications/computer aided drug design and cellular modeling and simulation. The disease modelling and simulation applications/computer aided drug design segment is further segmented into drug discovery and drug development. The cellular modeling and simulation segment is sub-segmented into computational proteomics, computational genomics, pharmacogenomics, and others.
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The findings of the report indicate that the growth of the drug discovery segment will be the fastest in the computational biology market by application, with a CAGR of over 25.0% through the report’s forecast period. On the basis of tools, the computational biology market has been divided into analysis software and services, database, and IT infrastructure (hardware).
From the geographical standpoint, the global computational biology market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. According to the TMR report, North America has conventionally been the largest market for computational biology in the world. While the region will maintain its lead in the near future, aggressively growing countries such as India and China in the Asia Pacific region will create a massive opportunity for growth for companies in this market.
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The study also comprises a comprehensive study of the competitive landscape in the computational biology market. Companies studied in the report include: Certara, Accelrys, Chemical Computing Group Inc., Entelos, Compugen, Ltd, Insilico Biotechnology AG, Genedata AG, and others.
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