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Molecular Modeling Market Growth And Forecast To 2024-2033
Molecular Modeling Market Growth
According to The Business Research Company's, The molecular modeling market size has grown rapidly in recent years. It will grow from $7.15 billion in 2023 to $8.25 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to computational chemistry and molecular dynamics, early environmental and sustainability applications, enhanced visualization tools, increased use in enzyme and protein engineering, development of biomolecular modeling techniques.
The molecular modeling market size is expected to see rapid growth in the next few years. It will grow to $14.65 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to integration of ai and machine learning algorithms, rise in drug discovery and development needs, expanding applications in material science, precision medicine and personalized treatment approaches, increasing utilization in virtual screening. Major trends in the forecast period include advancements in computational power, ai and machine learning integration, growth in drug discovery and development, expansion in material science applications, focus on predictive medicine.
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Market Drivers and Trends:
The expansion of large-scale energy storage technologies is expected to propel the growth of the vanadium market going forward. Energy storage technologies are systems that store energy for later use to smooth out fluctuations in energy supply and demand, to provide backup power during outages and to store energy for transportation or other applications. Vanadium is used in energy storage technologies like vanadium redox flow batteries (VRFBs) and enables storing and releasing large amounts of energy over long periods. For instance, in July 2023, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, total installed grid-scale battery storage capacity stood at close to 28 GW at the end of 2022 and installations increased by more than 75% over 2021, with roughly 11 GW of storage capacity installed. Furthermore, the installed grid-scale battery capacity for storage is predicted to expand 35-fold, almost 970 GW, between 2022 and 2030. Therefore, developing large-scale energy storage technologies will drive the vanadium market.
Major companies operating in the molecular modeling market are innovating new technologies, such as molecular modeling platforms, to meet the needs of existing consumers better. A molecular modeling platform is a software suite that provides tools for the visualization, simulation, and analysis of molecules. For instance, in August 2023, Cresset Group, a UK-based provider of drug discovery solutions, launched Flare V7, a cutting-edge drug design platform. Flare V7 seamlessly integrates the power of ligand and structure-based approaches to promote more effective small-molecule discovery. This represents a substantial advancement in molecular modeling. It is equipped with ensemble docking, reinforcement of Quantum Mechanics (QM) and Quantitative Structure-Activity Relationship (QSAR) methodologies, and a variety of tools to make Flare FEP experiment troubleshooting, examination of dynamics trajectories, and preparation of ligand structures for in-depth studies easier.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., BioNTech SE, Dassault Systemes SE, Bruker Corporation, Qiagen N.V., Physiomics plc, SilcsBio LLC, Compugen Ltd., Certara Inc., Schrödinger Inc., Jubilant Biosys Ltd., Simulations Plus Inc. , Genedata AG , Labvantage-Biomax GmbH, Acellera Ltd., Advanced Chemistry Development Inc., Molsoft L.L.C., Nimbus Therapeutics Inc., Crown Bioscience Inc., OTAVA Ltd., Chemical Computing Group, Molport SIA, Optibrium Ltd., BioSolveIT GmbH, Cyclica Inc., Cresset Group, Cyrus Biotechnology Inc., 3D Molecular Designs LLC, Inhibrx Inc., Leadscope Inc.
Molecular Modeling Market 2024 Key Insights:
• The molecular modeling market is expected to grow to $14.65 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
• Rising Drug Development Activities Fuel Growth In The Molecular Modeling Market
• Advancements In Molecular Modeling Platforms
• North America was the largest region in the molecular modeling market in 2023.
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