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Computational Biology Market Insights: Growth Drivers and Opportunities | 2024 To 2033 Key Players Accelrys Inc., Certara L. P, Chemical Computing Group Inc., Compugen Ltd.
Computational Biology Market Share
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According to The Business Research Company's, The computational biology market size has grown rapidly in recent years. It will grow from $6.96 billion in 2023 to $8.27 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to multi-omics integration, personalized medicine and precision healthcare, genomic sequencing revolution, handling biological big data..
The computational biology market size is expected to see exponential growth in the next few years. It will grow to $17.86 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%. The growth in the forecast period can be attributed to cloud computing and high-performance computing (hpc), quantitative and predictive biology adoption, collaborative interdisciplinary research, advancements in bioinformatics and computational tools. . Major trends in the forecast period include advancements in data science and bioinformatics, genomic sequencing technologies, machine learning and ai in bioinformatics, drug discovery and development, personalized medicine and precision healthcare..
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Market Drivers and Trends:
Government funding has been the major driver in the computational biology market. Governments across the globe are funding infrastructure and academic courses to improve the capabilities of computational biologics in R&D, educational institutions, and other sectors. The rapid growth in government funding is expected to boost the demand for computational biological solutions, as they are widely used in R&D, clinical research, and other development activities. For instance, in April 2023, according to National Cancer Institute (NCI), a US-based government agency, in the fiscal year 2021, the NCI had a total budget of $6.4 billion, which included $195 million in funding from the CURES Act. This represented a 1.6 percent increase, equivalent to $99.3 million, compared to the preceding fiscal year. Therefore, government funding is driving the computational biology market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Accelrys Inc., Certara L. P, Chemical Computing Group Inc., Compugen Ltd., Entelos Inc., Genedata AG, Insilico Biotechnology AG, Dassault Systèmes SE, Instem PLC, Rosa & Co. LLC, Simulation Plus Inc., Nimbus Discovery LLC, Rhenovia Pharma SAS, Leadscope Inc., DNAnexus, Altaris Capital Partner, Genialis Inc., Inari Agriculture Inc., BC Platforms, Ventus Therapeutics, Monte Rosa Therapeutics, Schrodinger Inc., Strand Life Sciences, Entos Pharmaceuticals, Numerate Inc., Insitro, Recursion Pharmaceuticals, Atomwise, Relay Therapeutics, Exscientia
Computational Biology Market 2024 Key Insights:
• The computational biology market size is expected to see exponential growth in the next few years. It will grow to $17.86 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%.
• Rising Government Funding For Research And Development To Drive Market Growth
• Advancements In Mass Spectrometry-Based Proteomics Transforming Computational Biology Market
• North America was the largest region in the computational biology market in 2023
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