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Chemoinformatics Market Report 2024-2033 - Size, Growth, Trends & Outlook
Chemoinformatics Market Report
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According to The Business Research Company's, The chemoinformatics market size has grown steadily in recent years. It will grow from $4.28 billion in 2023 to $4.4 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to high throughput screening (hts), data availability, drug discovery efficiency, personalized medicine, artificial intelligence (ai) and machine learning.
The chemoinformatics market size is expected to see steady growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to biological data integration, structural biology, data management and security, regulatory compliance, drug discovery efficiency. Major trends in the forecast period include high-throughput screening, structural biology integration, biological data mining, virtual chemical libraries, personalized medicine.
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Market Drivers and Trends:
The surging prevalence of chronic diseases is expected to propel the growth of the chemoinformatic market going forward. Chronic diseases refer to illnesses that last a year or longer and require ongoing medical attention. The rising number of chronic diseases such as neglected tropical diseases demands the need for new drug discoveries and the search for novel chemicals for their treatment, for which chemoinformatic is used. For instance, according to the World Health Organization, a Switzerland-based organization for international public health, between 2020 and 2030, 500 million people are expected to develop chronic diseases such as obesity, diabetes, heart diseases, or other noncommunicable diseases (NCDs) due to physical inactivity, if governments globally do no take immediate action to promote exercises. Therefore, the surging prevalence of chronic diseases is driving the demand for the chemoinformatic market.
Technological advances are a key trend gaining popularity in the chemoinformatic market. Major companies operating in the market are developing software and platforms with advanced technologies to sustain their position in the market. For instance, in January 2021, Optibrium, a UK-based developer of software for drug discovery launched the latest version of StarDropTM, a comprehensive software platform for small molecule creation, optimization, and data analysis. The latest update, StarDrop 7.0, gives drug discovery scientists access to unique artificial intelligence (AI) technology capabilities while also extending the software's compound design techniques, delivering improved workflows, and integrating with Optibrium's CerellaTM platform. Intuitive processes that speed up discovery cycles and cut expenses while focusing on high-quality compounds are provided by StarDrop 7.0's seamless integration with Cerella, Optibrium's recently launched AI technology software platform.
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Major Key Players of the Market:
ChemAxon Ltd., Jubilant Biosys Inc., BIOVIA, OpenEye Scientific Software Inc., Schrödinger Inc., Advanced Chemistry Development Inc, Scilligence Corporation, Dassault Systemes SE, Chemical Computing Group Inc, Collaborative Drug Discovery Inc., UVJ Technologies, Golden Helix Inc., KNIME.COM Aktiengesellschaft, Simulations Plus Inc., Agilent Technologies Inc., Cambridgesoft Corp., Bio-Rad Laboratories Inc., Molecular Discovery Ltd., Optibrium Ltd., Cresset Group Ltd., Dotmatics Ltd., Genedata AG, Inte:Ligand GmbH, MolPort Inc., PerkinElmer Inc., Cheminformatics LLC, Chemspace, InfoChem GmbH, Molecular Networks GmbH, VLife Sciences Technologies Pvt. Ltd., Xemistry GmbH, Cheminnovation Software Inc.
Chemoinformatics Market 2024 Key Insights:
• The chemoinformatics market size is expected to see steady growth in the next few years. It will grow to $4.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%.
• The Surging Prevalence Of Chronic Diseases Is Expected To Drive Chemoinformatic Market Growth
• Technological Advances In The Chemoinformatic Market
• North America was the largest region in the chemoinformatics market in 2023
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