by Cheminformatics is the use of computer algorithms and software tools to analyze and interpret large chemical data and optimize drug discovery. It helps in database arrangement, compound classifications, similarity searching, and predictive modeling to find potential drug candidates.
The global Cheminformatics Market is estimated to be valued at US$ 7.68 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Artificial intelligence (AI) is finding increasing adoption in cheminformatics applications. AI techniques such as machine learning and deep learning are being used to address long-standing challenges in drug discovery by analyzing huge chemical and biological data. Machine learning models can identify patterns in large datasets that may indicate potential drug candidates. Deep learning is being applied to generate novel molecules with properties optimized for drug development. The integration of AI is projected to dramatically accelerate drug discovery processes and lower development costs in the cheminformatics market over the coming years
SWOT Analysis
Strength: Cheminformatics technologies help streamline drug discovery processes and cut costs by eliminating failed experiments. Cheminformatics software can analyze huge amounts of chemical and biological data.
Weakness: Setup and configuration of cheminformatics software is complex and requires technical expertise which increases costs. Integration of various tools from different vendors is also challenging.
Opportunity: Growing scope of applications in precision medicine and molecular diagnostics present new growth avenues. Increasing R&D investments of pharma companies on AI and cloud computing also boost the market.
Threats: High dependency on skilled workforce can be a threat. Lack of standardization across platforms also limits interconnected data exchange between tools. Stringent regulations governing clinical trials also delay market approvals.
Key Takeaways
The Global Cheminformatics Market Size is expected to witness high growth. It is estimated to reach a value of US$ 7.68 Billion by 2024 from US$ 4.98 Billion in 2019, expanding at a compound annual growth rate (CAGR) of 9.6% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the cheminformatics market currently owing to concentration of key players and availability of latest cheminformatics software in the region. Asia Pacific is expected to witness the fastest growth during the forecast period due to increasing government funding for bioinformatics and drug discovery research in China, Japan, and India. Availability of skilled workforce and lower operational costs are also attracting outsourcing by global pharmaceutical companies to the APAC region.
Key players operating in the cheminformatics market are Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd. These players are focusing on strategic collaborations and new product launches to enhance their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
