The global chemoinformatics market is
expected to reach over USD 21.18 billion by 2024 according to a new report
published by Grand View Research, Inc. Some major determinants influencing the
market growth include the constantly improving modern drug development
processes, increasing use of in-silico techniques in research, and the
advantages associated with employing the chemoinformatics approach, such as the
reduction in the overall R&D expenditure during the drug development
process.
The ever
increasing growth of the drug development market will boost the demand for
chemoinformatics owing to its numerous applications in drug designing at
various stages. Right from target identification to its development as a
potential drug candidate, chemoinformatics tools play a crucial part.
The
significant contributions of the varying in silico
tools in the generation of hits through the High Throughput Screening(HTS)
process, target compound selection, virtual structure generation,
Pharmacokinetic property and toxicity prediction of chemical compounds, and the
quantitative-structure relationship determination have been a major driving
force for the growth of the chemoinformatics market.
The heavy
costs incurred along with the long time span invested in the drug discovery
process has made the integration of the chemoinformatics techniques essential
in the research activities. It aids the scientists and chemical researchers in
making better decisions pertaining to drug discovery and other related research
studies. Furthermore, the increasing demand for efficient and effective
medicines, rising investments in R&D, growing geriatric population, and the
burgeoning number of individuals with lifestyle related diseases are expected
to positively reinforce the market growth. The key applications of the
chemoinformatics tools and softwares in drug designing and discovery has been
its largest application and is expected to grow further with further advances
in the drug discovery process.
Chemoinformatics
has made marked contributions to the areas of chemical drug development and research.
The growth of this field is driven by the continually generated raw data in
screening operations and research studies. Chemoinformatics in silico tools aid in effective
data management, which facilitate data retrieval and analysis thus providing large
databases of accessible information to scientists involved in both, the drug
development process and other research related studies.
The
development of three dimensional chemical structure databases has been a
significant achievement in the field of chemoinformatics as it has
significantly aided the research process. Applications of chemoinformatics
platforms in computer-assisted synthesis designing, computer-assisted structure
elucidation, and chemometrics have further contributed to the market growth.
The
advancements in computational technology have been a high impact rendering
driver for the market growth. In this direction, the development of super
computers and silicon graphics computer for calculations, 3D structure
generation, molecular graphics, and complex data display have been pivotal in
propelling the growth of the chemoinformatics market. With the advent of
advanced WEB technologies and their incorporation in the in-silico
computational techniques have totally revolutionized this field.
The
increasing needs for advanced and efficient technologies to yield better
results has made the chemoinformatics area an indispensable part of the
pharmaceutical industry. The surging need for therapeutically-effective
medicines coupled with the increasing investments in the R&D area and the
advancements in computer technologies provide lucrative opportunities to the
market for it to grow and flourish in the near future.
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Further key findings from the study suggest:
- In 2015, North America dominated the chemoinformatics market with a revenue share of over 36% on account of the following factors: the high investments pertaining to the R&D initiatives, technological advancements, the presence of major players in the drug manufacturing industry, and the increasing prevalence of lifestyle-related diseases. With respect to the global R&D spending, North America holds the largest share. Also, it holds a major share in the ADME-toxicology market that further spurs the growth of the chemoinformatics market.
- Asia Pacific is identified as one of the fastest growing regional markets, growing at a lucrative CAGR of 18.3% during the forecast period. The growth of this market can be attributed to the growing research activities being conducted in economies, such as India, China, and Singapore. The key advantages associated with undertaking research activities in these countries include the low manufacturing and labor costs and the less stringent regulations, which attract many multinational players to the Asia Pacific region. Additionally, the government initiatives and funds that are deployed to improve the R&D infrastructure will further drive the market growth.
- Key players operating in the market include Agilent Technologies, Inc., BIOVIA (Accelrys), Bio-Rad Laboratories, Inc., CambridgeSoft Corp., ChemAxon, Inc., ACD/Labs, Inc., Schrödinger, LLC, and Chemical Computing Group, Inc. Additionally, the rising demand for in-silico techniques in the research sector is expected to provide new market entrants with profitable opportunities thereby driving the market growth.
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Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
sales@grandviewresearch.com
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