PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454134
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454134
Chemoinformatics Market size was valued at USD 3,100.31 Million in 2023, expanding at a CAGR of 16.34% from 2024 to 2032.
Chemoinformatics is an emerging concept in the field of chemistry that involves analyzing data related to chemical and molecular structures using computational methods. The application of Chemoinformatics can greatly improve the drug discovery and development process. Various techniques, including the utilization of software for structure calculation and visualization, play a vital role in this process. Chemoinformatics can also be utilized for high-throughput screening to enhance the efficiency of identifying ligand-receptor interactions. The stronger these interactions, the higher the potential for the sample to be developed into a drug.
Chemoinformatics Market- Market Dynamics
Increasing demand for new drugs and the rising need for efficient drug discovery and development are the major factors driving the growth of the Chemoinformatics market.
Chemoinformatics plays a crucial role in the realm of drug discovery by employing computational techniques to analyze chemical information, predict compound characteristics, and improve drug candidates. This significantly speeds up the drug development process, which is known to be lengthy, costly, and risky, often taking 10-15 years and costing over USD1-2 billion for each newly approved drug. By utilizing computational methods, chemoinformatics helps prioritize lead compounds, optimize their structures for better efficacy and safety, and reduce the time and resources required for preclinical and clinical investigations. The market for chemoinformatics is expected to grow due to rapid technological advancements and the rising demand for personalized therapeutic solutions. However, strict regulatory compliance may pose challenges to the expansion of the market.
Chemoinformatics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 16.34% over the forecast period (2024-2032)
Based on product type segmentation, Software was predicted to show maximum market share in the year 2023
Based on application segmentation, Chemical Analysis was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Chemoinformatics Market is segmented on the basis of Product Type, Application, End-User, and Region.
The market is segmented into three categories according to product type: Software, Services, and Others. Software holds the largest market share. The chemoinformatics software market consists of a diverse array of tools and platforms that aim to streamline chemical analysis, molecular modeling, and data visualization. These software solutions are employed in a variety of sectors such as pharmaceuticals, biotechnology, material science, and environmental research.
The market is divided into four categories based on application: Chemical Analysis, Drug Discovery, Molecular Modeling, Regulatory Compliance and Others. Chemical Analysis dominates the market. It plays a crucial role in drug discovery, material science, environmental analysis, and various other fields where understanding chemical information is essential.
The market is divided into two categories based on End-User: Pharmaceutical Companies, Biotechnology Companies, Contract Research Organizations and Academic & Research Institutes. Each of these end-user segments has specific needs and requirements when it comes to chemical analysis, molecular modeling, and data management.
Chemoinformatics Market- Geographical Insights
Geographically, this market covers North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented based on the countries engaged in business activities. The market's growth is projected to be led by North America, mainly due to the rising investments in research and development by pharmaceutical and biotechnology companies in the region. North America boasts a robust infrastructure for research and development, particularly in the pharmaceutical and biotechnology fields. In 2019, the United States alone saw an R&D expenditure of USD 667 billion, which is estimated to have increased to USD 708 billion in 2020. These numbers indicate growth across all sectors, with the business sector taking the lead, as per the National Science Foundation's report. Europe comes in as the second-largest region for market expansion, fueled by the diversification of applications beyond the pharmaceutical sector and an increasing emphasis on personalized medicine.
In the chemoinformatics market's competitive landscape, numerous prominent players compete for market dominance and advancement in innovation. These entities provide a variety of software solutions and services customized for pharmaceutical companies, biotechnology firms, contract research organizations (CROs), academic institutions, and research organizations. With the increasing demand for chemoinformatics solutions in diverse sectors, the rivalry among software providers is projected to escalate, fostering additional innovation and distinctiveness in product offerings.
On April 12, 2020, Optibrium and OpenEye Scientific (OpenEye), renowned suppliers of software and services for drug discovery, made a joint announcement. They revealed that StarDrop, Optibrium's software used for small molecule design, optimization, and data analysis, has now been enhanced with the incorporation of OpenEye Scientific's cheminformatics toolkits.
GLOBAL CHEMOINFORMATICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ChemAxon
OpenEye Scientific Software
BIOVIA (Dassault Systemes)
Schrodinger
PerkinElmer
CDD (Collaborative Drug Discovery)
ACD/Labs
BioSolveIT
Jubilant Biosys
Genedata
ChemComp
Molecular Networks
Cheminformatics Inc.
ChemBridge Corporation
ChemZoo Inc.
Others