Albany, NY -- (SBWIRE) -- 09/26/2014 -- In its latest market research report published recently, Transparency Market Research, a U.S.-based market intelligence firm states that the global computational biology market is estimated to be worth US$2937.3 million by 2018. The report, titled “Computational Biology (Pharmacodynamics, Cellular Modeling, Computational Genomics, Proteomics, Pharmacogenomics, Pharmacokinetics, Human Simulation Software, Drug Discovery & Development) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018,” is available for sale on the company’s website.
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The report states that the global computational biology market that was valued at $ 760.2 million in the year 2011 will show a compounded annual growth rate (CAGR) of 21.3% to expand into a $2937.3 million market by 2018.
According to this report, the market for computational biology is driven by its extensive use in biotechnology and Pharma companies to decrease the frequency of the late stage drug failures in order to minimize the expenditure incurred on R&D.
Computational biology refers to using the combination of biology and computers for drug breakthroughs and their subsequent development. This entails creating simulation and modeling models for Pharmacodynamics and pharmacokinetics. Earlier, many biotech pharmaceutical firms had suffered immense financial losses owing to extreme drug failure and lack of innovative drugs. This is what led to the adoption of computational biology by many pharmaceutical companies over a period of time.
This report studies two aspects pertaining to the global computational biology market, which are disease modeling and cellular modeling. And by the use of simulation these two areas have been further examined on the basis of drug discovery and development. This market has also been categorized on the basis of parameters like software, information technology infrastructure and databases.
The report has also discussed the trends prevailing in contract and in-house computational biology. In the market for computational biology, the largest market is the market for drug discovery. The drug discovery market is very crucial because the incorporation of computational biology at this stage reduces the possibility of drug failure in the next stage which is the development phase.
Even though multinational Pharma companies are establishing their respective centers for computational biology to rev up the processes of drug discovery and development, there exists a huge market for computational biology service providers working on contract basis. The governments of many countries are investing in infrastructure development and are also introducing many academic courses to enhance the number of computational biologists in the market.
The TMR report has segmented the computational biology market on the basis of services, geography, end users and also the types. Developing countries like China and India are experiencing rapid growth in the computational biology market and will perhaps be the dominant markets in the years to come. However, currently, the largest market is North America. Prominent pharmaceutical companies like Novartis, Sanofi, Roche and Pfizer are carrying out research activities in the computational biology market, in order to generate better results of clinical trials.
This research report has given a detailed overview of the prominent pharmaceutical companies that are making use of computational biology which are Simulation Plus, Inc., Leadscope, Inc, Rhenovia Pharma SAS, Accelrys, Chemical Computing Group Inc., Entelos, Insilico Biotechnology AG, Nimbus Discovery LLC, Schrodinger, Certara, Compugen, Ltd and Genedata AG.