Computational biology can be described as the utilization of theoretical procedures, mathematical modeling and computer-assisted simulation for the analysis of social, behavioral and biological systems. It is a multi-disciplinary field which encompasses the principles of various sciences. Computational biology is deemed very helpful and important in the medical industry. This is specifically with regard to experts in pediatric clinical research. Computational biology makes use of sequencing, databases and supercomputers to test biological theory.
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The worldwide computational biology marketwas estimated at about USD 760 million in 2011. It is projected to expand at about 21.3 percent CAGR during 2012 to 2018. The market is anticipated to achieve around USD 2, 937 million by the end of 2018. The last ten years have witnessed many changes in the sector of cell biology.The computational biology market is likely to witness significant growth over the forecast phase. This is due to biotechnological and pharmaceutical firms reducing research and development expenses and number of drug failures.
Computational biology also faces high demand due to its capacity to decrease widespread usage of humans in trials on orphans, pediatric trials or tests on pregnant women. It has also been found useful in the illnesses of orphans. Further expansion of the computational biology market also owes to growing research and development operations in bioinformatics. These operations are intended atcomprehending biological systems.
The computational biology market includes various application sectors in cellular modeling; disease modeling; drug development; and molecular simulation. With augmented investments in clinical trial failures and novel drug advancements, the sector of drug development dominated the computational biology marketin 2013 with respect to income. This sector is also likely to rise stably during the forecast phase. Boosting demand for computational biology across these sectors is also expected to increase the market further.
The computational biology market also comprises various tools. These include hardware processor units in computation study; databases containing proteomic data; and services/software for computational biology. These tools are complimentary to computational biology applications and experience similar demand.
The various consumer sectors of the computational biology market encompass industries, academics and commercial. Amplified demand for computational biology across these sectors is also predicted to drive the demand for the market. Academics emerged as the biggest consumer sector of the market.
The different services under the computational biology market include on-contract and in-house. These services are provided by organizations having resources to hold researches.
The various geographical regions which are analyzed under the computational biology market are Europe, rest of the world, North America and Asia Pacific. North America dominated the market in 2013. It is also estimated to maintain similar position through the forecast phase. Europe occupied the second biggest share.
This was due to groundbreaking advancements in the region. The Asian Pacific computational biology market is expected to witness stable expansion in the future. This is on account of rising expenses in the research and development operations of pharmacokinetics and pharmacogenomics.
Information Source: Grand View Research