Global Computational Biology Market - Segmented by Application, Tools, Services, End-User and Geography - Growth, Trends and Forecasts (2018 - 2023)
Computational biology is defined as the application of mathematical models, theoretical methods and computer aided simulation for the study of behavioral, social and biological systems. It is an interdisciplinary field, which includes the principles of applied mathematics, computer science, statistics, genomics, genetics, animation, visualization and a lot more. It makes use of biological data to construct relationship models and algorithms between different biological systems to analyze the differences and similarities among them. The various segments of the industry include computational genomics, computational neuroscience, computational bio-modeling, computational pharmacology, evolutionary biology and cancer research. The global computational biology market is expected to register a CAGR of 19.5% during the forecast period (2018 – 2023).
Increase in Bioinformatics Research
Bioinformatics is the use of IT in biotechnology for the data storage, data warehousing and analyzing the DNA sequences. There are many applications of bioinformatics and its usage has been seen in Microbial genome applications, Molecular medicine, Personalized medicine, Preventative medicine, Gene therapy, Drug development, Antibiotic resistance, Evolutionary studies, Waste cleanup, Biotechnology and many other places. This has led to an increasing research in this field, which further requires the use of computational methods.
Also, increasing number of clinical studies in pharmacogenomics and pharmacokinetics for novel drug development and growth of drug designing, disease modeling and personalized medicine are some other drivers of the market.
Lack of Trained Professionals
Computational biology involves development and application of software, analytical and theoretical methods, mathematical modelling and other computational techniques used for study of biological, behavioral and social systems. This development and application requires use of trained professionals so as to make correct analysis. However, due to the lack of properly trained professionals hampers the market growth.
North America to Dominate the Market
The global computational biology market is segmented by drug type, therapeutic indication and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa and South America.
North America dominates the market due to growing initiatives and investments for R&D of drug discovery, novel drugs, disease modeling, and technological advancements in biological computations.
Key Developments in the Market