May 25, 2024
Cheminformatics Market

Cheminformatics Market is expected to be Flourished by Increasing Adoption in Drug Discovery

Cheminformatics refers to the use of computer systems to enhance and accelerate the discovery of new drugs. It plays a key role in various aspects of drug discovery processes including chemical compound design, property prediction, toxicity evaluation, and molecular modeling. Cheminformatics tools help in creating a chemical library of virtually synthesized molecular structures for screening against biological targets to identify lead compounds. It also aids in building predictive models based on structure and property relationships to facilitate hit identification. The global cheminformatics market is gaining significant traction owing to rising adoption of these tools across pharmaceutical and biotechnology companies to enhance productivity and efficiency of drug discovery programs.

The global cheminformatics Market is estimated to be valued at US$ 8.85 Bn in 2024 and is expected to exhibit a CAGR of 15.50% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Cheminformatics finds widespread application in structure-based drug design, chemical database searching, ligand- and structure-based virtual screening, chemical registration and inventory management, and chemical characterization and validation. It is increasingly being utilized in preclinical drug discovery for target identification, hit discovery, lead optimization, and other key processes.

Market Dynamics:

The increasing adoption in drug discovery remains one of the primary drivers of the cheminformatics market growth. Cheminformatics tools help boost hit rates in high-throughput screening campaigns and molecular design by providing insights into SAR and property predictions. This substantially enhances productivity and efficiency of early stage drug discovery projects. Additionally, continuous technological advancements are bringing more sophisticated machine learning and artificial intelligence capabilities to cheminformatics platforms. AI/ML-powered solutions can assimilate huge chemical and biological datasets to generate predictive models with high accuracy. This is further augmenting the drug discovery applications of cheminformatics and fueling demand over the forecast period.

Segment Analysis

Cheminformatics market is dominated by the drug discovery segment which holds around 45% share of the overall market. This is because cheminformatics tools help in optimizing hit selection, lead optimization and compound profiling which helps in reducing attrition rates and cost of new drug development. Other major segments include chemical analysis, chemical database development and chemical management.

PEST Analysis

Political: Government initiatives and funding for research in life sciences and pharmaceutical sector is driving adoption of cheminformatics solutions by research organizations and companies. Various regulations regarding drug safety and quality mandated chemical analysis and management.

Economic: Rising R&D expenditure on drug discovery and life sciences research globally is fueling demand for cheminformatics solutions which help accelerate research processes. Patent cliffs of major drugs also prompts companies to invest more on internal research and discovery.

Social: Growing disease burden of chronic diseases and need for precision medicine is creating demands for new drugs and therapeutics. This is positively impacting the cheminformatics market.

Technological: Advanced machine learning and cloud computing technologies are enabling development of more accurate and automated cheminformatics tools for drug discovery, chemical analysis and database management. Integration of these tools with laboratory equipment is augmenting their usage.

Key Takeaways

The Global Cheminformatics Market Growth is expected to witness high at a CAGR of 15.50% during the forecast period of 2024 to 2031.

Regional analysis indicates North America as the largest and fastest growing market owing to presence of prominent pharmaceutical companies and research institutions.

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. Key players are focusing on developing integrated solutions and exploring applications of artificial intelligence and machine learning in cheminformatics tools to gain competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it