Healthcare IT is one of the most promising fields in the healthcare sector today. One of its core disciplines, computational biology, comprises the application and development of several aspects of healthcare IT, including simulation techniques in computation, mathematical modelling, and the application and development of theoretical methods and data analytical methods. Also known as bioinformatics, computational biology is the scientific pursuit of applying mathematical relations and algorithms between several biological systems. It is the current solution to an age-old problem that biological scientists have been restrained by: Processing data that was previously too large to be processed manually.
The global computational biology market is projected to expand vigorously at a CAGR of 21.3% within the forecast period of 2012 to 2018. This market had reached US$0.7 bn in 2011. By the end of 2018, it is expected to reach US$2.9 bn.
The answers to the three questions mentioned below shall put the global computational biology market in the proper perspective for anyone seeking opportunities in this market to capitalize.
Will Computational Biology Serve a Purpose in Modern Drug Development?
Without a doubt, it will hold an important position in the science of drug development in today’s medical world. The global computational biology market has already shown its benefits in the realms of pregnancy tests and pediatric examinations, where its use can cut down human labor by significant amounts.
Similar effects can be achieved in the field of drug discovery, where the use of modern devices and massive amounts of data generation have created the need for the use of sophisticated and efficient software and hardware that can get the job done in as little time as possible. The need for computational biology in drug discovery is high. In fact, while there is a large developing market for contract-based computational biology service providers, most of the top players in healthcare are resolving to build their own computation centers. This will allow them to maintain high rates of drug development and drug discovery while also maintaining high data privacy levels.
A recent instance of computational biology working in the favor of advancing therapeutics comes from the big data solutions offered along with it. Researchers such as Keith Perry, Sr. VC and chief information officer in the Memphis-based St. Jude Children’s Research Hospital, are beginning to find solid pathways and leads that could help provide tangible options against cancer.
Is There Appreciable Incoming Investment Support for the Global Computational Biology Market?
As mentioned earlier, the global computational biology market is progressing at a highly optimistic CAGR of 21.3% from 2012 to 2018. As such, the market presents massive opportunities for investors of all sizes to pitch in and gain market share in the highly promising global computational biology market. Currently, a large chunk of financial support is being provided by government bodies. They are encouraging medical organizations in both education and healthcare to enhance their capabilities in computational biology. A major aspect that forms the basis of these investments are again for the use of computational biology in drug development.
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What do the Key Healthcare Players Have to Gain from the Global Computational Biology Market?
Quite a lot, judging from the recent movements by top pharma companies alone. Sanofi, Novartis, Roche, Pfizer, and a few other key pharmaceutical companies are showing interest in the global computational biology market. One good reason for this would be the greater need for these companies to provide efficient late-stage drug testing capabilities in the drug development process. There is always a higher chance of most drugs failing in the late testing stage. These failed drug tests are being processed using computational biology in order to cut down the failure rates by as much as they can. This market can also help the pharma companies understand the application safety and success chances of any development phase drugs in the treatment of diseases other those primarily intended.