The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cheminformatics is the use of computer and informational techniques applied to a range of problems in chemistry. It includes the processing of chemical information represented as textual data, 2D and 3D structures, formulas, numeric properties, and more. Cheminformatics has applications in research, chemical analysis, drug discovery, and other areas.
Market key trends:
One of the key trends in the Global Cheminformatics Market Size is the increasing adoption of cloud based solutions. Cloud based cheminformatics software as a service (SaaS) solutions do not require maintenance of hardware and ongoing IT expenses. They provide easy accessibility to cheminformatics software and databases from anywhere through internet. This has driven several small and medium pharmaceutical companies and research organizations to adopt cloud based cheminformatics solutions. The growth in healthcare IT sector and increasing drug discovery activities are also supporting the adoption of cloud based cheminformatics solutions.
SWOT Analysis
Strength: Cheminformatics software and solutions help in efficient drug discovery and development process by reducing cost and time. It provides analytic tools for data-driven insights.
Weakness: High initial investment and maintenance cost of cheminformatics software can be prohibitive for small and medium organizations. Lack of skilled workforce to operate such complex software.
Opportunity: Increasing R&D spending in pharmaceutical and biotechnology industries and growing focus on precision medicine create demand for cheminformatics tools. Emerging areas like artificial intelligence and cloud computing provide new growth opportunities.
Threats: Stiff competition among existing players may lead to pricing pressure. Data security issues raise compliance and regulatory challenges.
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 spending in pharmaceutical and biotechnology industries. Rapid advancements in fields of drug discovery and development relying on computational techniques and high-throughput screening technologies aided market growth.
Regional analysis – North America dominated the global cheminformatics market in 2023, owing to presence of leading pharmaceutical companies and availability of latest technologies. However, Asia Pacific is expected to exhibit highest CAGR during forecast period supported by increasing government funding for research and growing pharmaceutical industry in emerging countries like China and India.
Key players operating in the cheminformatics are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrdinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, OpenEye Scientific Software, Dassault Systà ̈mes. These companies provide innovative software solutions, services, databases and platforms for structure-based drug design, chemical registration & evaluation, and data analytics. Strategic collaborations remain key focus areas of players to enhance their product portfolio and geographical footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it