PUBLISHER: Grand View Research | PRODUCT CODE: 1363118
PUBLISHER: Grand View Research | PRODUCT CODE: 1363118
The global computational biology market size is expected to reach a value of USD 13.25 billion by 2030, according to a new report by Grand View Research, Inc.., exhibiting a CAGR of 13.17%. The growing investments in research & development within the fields of cancer research, increasing demand for personalized medicines, and rising drug discovery & development are anticipated to contribute to the growth of the market. Moreover, the increasing advancements in the biotechnology industry and the adoption of artificial intelligence technology will further drive the market growth over the forecast period.
The growing adoption of advanced technology in gene analysis is propelling the growth of the market for computational biology. For instance, in January 2023, Qiagen Digital Insights (QDI) introduced an enhanced product designed for ultra-rapid next-generation sequencing (NGS) analysis. This innovative solution enables the processing of the entire genome within just 25 minutes, for USD 1 in cloud computing expenses. This is anticipated to empower researchers to efficiently analyze and interpret data from various sequencing approaches, including whole genome sequencing (WGS), whole exome sequencing (WES), and large panel sequencing. Hence, it is anticipated to impel market growth over the forecast period.
Furthermore, according to the article published by Cryptopolitan in September 2023, in a major advance development, scientists at Pohang University of Science and Technology (POSTECH) have shared their discoveries in the EBioMedicine journal, that they have used machine learning to estimate the chances of a new drug getting approved even before the clinical trials. This is expected to help in understanding the rate of drug failure at the time of clinical trials. Thus, the rising advancements in technology are anticipated to fuel the growth of the market over the forecast period.
However, the complexity of the biological systems and the lack of skilled professionals in the field are anticipated to hinder the growth of the market. Biological systems are incredibly complex, and accurately modeling their behavior can be challenging and requires the presence of skilled and trained professionals. Many biological processes involve complicated networks and interactions, which further add to the complexity of analysis and make computational predictions less reliable in some cases.