Cheminformatics is the use of computer applications and algorithms to optimize chemical compound design and discovery. Cheminformatics tools aid in representing chemical structures in digital forms, help analyze the structural features and properties of compounds, and enhance predicting biological activities. They enable efficient storage, processing, and sharing of chemical data as well as support structure-based design of new molecular entities with desired characteristics. The global cheminformatics market exhibits high growth potential for applications across various industries such as pharmaceutical, agriculture, food, material sciences and others. With increasing R&D investments focused on developing novel therapeutics, cheminformatics has become an integral part of the drug discovery process to identify new lead compounds from large databases in a fast and cost-effective manner.
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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Integration of artificial intelligence and machine learning capabilities is one of the major trends witnessed in the cheminformatics market. AI and ML techniques help analyze enormous chemical and biological datasets to extract meaningful insights, power predictive models for compound design and property prediction. They enable automation of routine tasks as well as generation of novel molecular structures. With rapid advancements in computing power and availability of large training datasets, cheminformatics solutions integrated with AI/ML are transforming drug discovery by making the process increasingly data-driven, efficient and cost-effective. Their adoption is expected to significantly increase over the forecast period.
Threat of new entrants: The high initial capital requirement for R&D and regulatory compliances acts as a barrier for new entrants.
Bargaining power of buyers: The buyers have moderate bargaining power due to the presence of many established players offering similar solutions.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers providing raw materials required for cheminformatics solutions.
Threat of new substitutes: Substitutes still in development stages with limitations restrict their adoption over established cheminformatics solutions.
Competitive rivalry: Intense competition among existing large and mid-sized players to gain market share with focus on innovation.
The global cheminformatics market Demand is expected to witness high growth.
Regional Analysis: The Asia Pacific region is likely to grow at the fastest pace during the forecast period. Increasing prevalence of diseases, rising healthcare expenditure, growing generics market, and improving research infrastructure are supporting the market growth in emerging countries of Asia Pacific.
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. The companies are focusing on new product launches, collaborations, and expansions to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it