Cheminformatics is an interdisciplinary field that uses concepts from chemical information, computer science, mathematics, and statistics to solve chemical problems. It helps in managing and analyzing data related to chemicals and their properties and reactions. Cheminformatics tools are widely used in pharmaceutical and materials industries for virtual screening, compound design and optimization, toxicity prediction, characterization, and rational drug design. These tools efficiently identify new lead compounds as potential drug candidates by screening huge chemical libraries against biomolecular targets. They also predict absorption, distribution, metabolism, and excretion (ADME) properties to evaluate promising drug-like compounds early in the discovery process.
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.
Growth of the pharmaceutical industry is expected to drive the cheminformatics market during the forecast period. Pharmaceutical companies are increasingly focusing on reducing costs and timelines associated with drug discovery and development. Cheminformatics tools help accelerate various steps in the drug discovery process including virtual screening, lead optimization, property predictions, ADME profiling, and target identification. They aid in analyzing vast chemical libraries and selecting the most promising compounds for further evaluation. This significantly reduces development costs and time by eliminating unsuitable candidates earlier. Additionally, an aging population and increasing disease burden have necessitated new drug development, thus fueling demand for cheminformatics solutions in the pharmaceutical industry.
Further, growing incidence of cancer and other chronic diseases has increased focus on precision medicine, which relies on tailored therapeutic strategies based on individual patient genotype or phenotype characteristics. Cheminformatics plays a vital role in precision medicine by enabling target identification, biomarkers discovery, and drug repurposing based on molecular profiles. Development of innovative patient-specific therapies presents an opportunity in the cheminformatics market during the forecast period.
The global cheminformatics market is dominated by the pharmaceutical and biotechnology segment which holds around 60% of the total market share. This is due to the usage of cheminformatics tools in drug discovery, drug design, and predictive toxicology assessments by pharmaceutical and biotechnology companies. Within this segment, drug discovery dominated the market and is expected to continue its dominance during the forecast period owing to the increasing R&D investments made by pharma giants for new drug entity development.
Political: Governments across regions are supporting life science research through funding. For instance, major initiatives like the Precision Medicine Initiative by the US government promote cheminformatics applications.
Economic: Rising healthcare expenditure and growing generic drugs market are fueling cheminformatics adoption. The average cost for developing a new drug is over USD 2.6 billion providing opportunities for cheminformatics tools to optimize R&D productivity and costs.
Social: Increasing disease prevalence such as cancer is driving research into advanced treatment options. This is increasing the demand for cheminformatics solutions from academia and research institutes for target identification and validation studies.
Technological: Adoption of AI and cloud computing is allowing larger cheminformatics datasets to be analysed. This is supporting development of more powerful predictive models for lead optimization and biomarker discovery. Blockchain integration can also enhance data sharing between global research networks.
The Global Cheminformatics Market Growth is expected to witness high at a CAGR of 9.6% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates currently due to presence of majority pharmaceutical players and startups. However, Asia Pacific is emerging as the fastest growing regional market led by China and India due to increasing biologics development and generics market.
Key players operating in the cheminformatics 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 new product launches, partnerships, and acquisitions for leadership positions and to leverage new technologies such as cloud and artificial intelligence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it