The cheminformatics market is estimated to be valued at US$ 7.68 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cheminformatics plays an important role in accelerating the drug discovery and design process. It involves applying computers and/or software tools at various stages of drug design, such as compound libraries design, target identification, hit discovery and lead optimization. Some key applications of cheminformatics include molecular modeling, quantitative structure-activity relationship studies (QSAR), chemical database querying and inventory management. Drug discovery applications hold the largest share in the cheminformatics market.
Market Dynamics:
Rising demand for new drugs is one of the major factors driving the growth of the Global Cheminformatics Market Size. According to the World Health Organization (WHO), chronic diseases such as diabetes, cardiovascular diseases and cancer are responsible for over 70% of all deaths globally. This is increasing the demand for new drugs to treat such diseases. Rapid growth in the biotechnology and pharmaceutical industries is also fueling the adoption of cheminformatics solutions in drug discovery programs. In addition, increasing R&D expenditure from both government and private sectors is creating new opportunities for cheminformatics market players. However, shortage of qualified professionals and lack of data quality and standardization are some of the challenges restraining the market growth.
SWOT Analysis
Strength: Cheminformatics has strong capabilities in analyzing chemical structures and properties. It helps in drug discovery in reducing costs and time. It has wide applications in pharmaceutical,biotechnology and chemical industries.
Weakness: Lack of standardized data formats and integration issues between various cheminformatics tools. Skill gap as domain knowledge is required to operate different tools effectively.
Opportunity: Growing focus on designing new molecules and optimization of existing drug libraries. Increasing R&D investments in life sciences will drive demand. Adoption in materials science and agrochemical sectors presents new opportunities.
Threats: stringent regulations around data privacy and security. Open source tools threaten commercial tools by providing similar capabilities at lower costs.
Key Takeaways
The global cheminformatics market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing R&D investments in pharmaceutical and biotechnology industries for drug discovery.
Regional analysis:
North America dominates the cheminformatics market currently due to presence of major players and pharmaceutical companies in the region. Asia Pacific is expected to grow at fastest pace due to increasing government support for life sciences research and growing generics market in the region.
Key players: Key players operating in the cheminformatics market are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, Dassault Systèmes. These players are focusing on developing integrated and specialized tools to gain competitive edge in the market.
For More Insights, Read- https://www.trendingwebwire.com/cheminformatics-market-analysis-growth-forecast-outlook-2023-2030/
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