The global Chemoinformatics Market size is expected to value at USD 21.18 billion by 2024. The market is subject to witness a substantial growth due to the growing prevalence of chronic diseases and increasing investment by private bodies in development of novel drugs. In addition, rising importance towards development of various drug validation techniques, and integration of potential drug candidates that are developed by combinatorial chemical methods, are expected to stimulate the growth of chemoinformatics industry over the forecast period.
Shifting focus towards the effective management of data, gathered during molecular and atomic reactions is anticipated to boost market demand for chemoinformatics over the next seven years. Globally, the chemoinformatics market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
The recent technological advances in computer technology for healthcare sector is estimated to favor the growth of chemoinformatics industry in the upcoming years. Some of the key contributing factors responsible for sustained market growth of chemoinformatics include surging prevalence of chronic diseases and the corresponding need to invent novel drugs. The rising awareness levels among general population in regards to the importance of personalized medicine is expected to drive the demand for effective medication, thus impelling market growth as well. Moreover, the rising number of incidences related to chronic diseases acts as a contributing factor for new drug development, which is directly impacting the market growth of the chemoinformatics.
The chemoinformatics market is broadly categorized into three major segments based on the application type such as chemical analysis, drug discovery, and drug validation. The drug discovery is considered as one of the fastest growing segment in the chemoinformatics industry with substantial revenue generation in the last few years. Growing popularity of the drug discovery segment is attributed to the rise in the number of research & development activities, particularly in the North America region. The drug validation segment has also witnessed substantial growth owing to the higher approval rate by international & local authorities.
The chemoinformatics market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in medicine & pharmaceutical sector, increase in the number of research & development activities, and existence of well-established healthcare infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the chemoinformatics with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing prevalence of chronic disorders, growing geriatric population, rising healthcare expenditure, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the chemoinformatics industry are BIOVIA (formerly Accelrys) Co., ACD/Labs, Inc., Agilent Technologies, Inc., Cambridgesoft Co., ChemAxon, Inc., Bio-Rad Laboratories, Inc., Schrödinger, LLC, and Molecular Discovery Ltd.
Global Chemoinformatics Market, by Application (USD Billion, 2013 - 2024)
• Chemical Analysis
• Drug Discovery
• Drug Validation
Chemoinformatics Market Regional Outlook, by Revenue (USD Billion, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• South Africa
Research Support Specialist, USA