Computational biology focuses on the development and application of data-analytical and theoretical methods, mathematical modeling and computational simulation techniques in life sciencesThe global computational biology market is estimated to account for US$ 12,601.1 Mn in terms of value by the end of 2027.High cost of drug development is expected to propel growth of the global computational biology market over the forecast period. For instance, according to an analysis published in JAMA in March 2020, U.S. biopharmaceutical companies spent around US$ 1 billion to bring each of their new drugs to market between 2009 and 2018.
Moreover, several benefits of computational biology are also expected to aid in growth of the market. Predictive modeling tools in computational biology can provide invaluable information to better streamline drug development process. Predictive modelling helps to reduce the total number of recruited patients and to shorten the duration of clinical trials.North America held dominant position in the global computational biology market in 2019, accounting for 44.2% share in terms of value, followed by Europe and Asia Pacific, respectively
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Enormous data with lack of standardization has limited the growth of computational biology market. There is rise in need for combination of the available software to build a composite application for current single task tools. The tools should be compatible with each other and should be able to use the same data effectively. User friendly databases are needed to reduce the time and effort currently being spent on the analysis of petabytes of data available with institutions and governments across the world.
Moreover, issues with data storage and organization are also limiting growth of the market. Rapid data accumulation poses challenges in organizing the data as it is diverse and may belong to populations, disease associations, symptoms, therapeutic drugs, and others.Developing computer networks for surveillance of disease and mapping the pathways and biological networks associated with the initiation is expected to offer lucrative growth opportunities for players in the global computational biology market.
Moreover, increasing prevalence of chronic disorders is also expected to aid in growth of the market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.The global computational biology market was valued at US$ 3,453.2 Mn in 2019 and is forecast to reach a value of US$ 12,601.1 Mn by 2027 at a CAGR of 17.6% between 2020 and 2027.Increasing focus on reducing cost of drug development has led to manufacturers to adopt 3D modeling systems to analyze samples. Use of 3D modeling systems aids in recording rare cell events, accurate cell counts, improved sensitivity of detection, thereby accelerating the drug discovery process.
Major players in the market are focused on launching products and services that aid in treatment and management of Covid-19. For instance, in April 2020, Certara L.P. launched the COVID-19 Pharmacology Resource Center to help advance therapeutics for COVID-19.
Major players operating in the global computational biology market include, Accelrys, Certara, L.P., Chemical Computing Group Inc., Compugen, Ltd., Entelos, Inc. (Rosa & Co. LLC), Genedata AG, Insilico Biotechnology AG, Leadscope, Inc., Nimbus Discovery LLC, Rhenovia Pharma SAS, Schrodinger, and Simulation Plus, Inc.
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in May 2020, Genedata, AG launched Genedata Imagence 2.0, the latest version of its enterprise software for high-content screening (HCS) image analysis.
Major players in the market are also focused on adopting collaboration strategies to enhance their market share. For instance, in March 2019, Rosa & Co. LLC collaborated with Chugai Pharmaceutical Co., Ltd. Under the collaboration Rosa & Co. LLC will provide its PhysioPD research services for R&D in multiple therapeutic areas.
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