Cheminformatics is the use of computer software and expertise in chemistry, biochemistry, pharmacology, and toxicology to translate chemicals into data, using principles of cheminformatics and then applying that data and knowledge to problems of biological interest. Cheminformatics plays an important role in new drug discovery processes by helping identify potential lead candidate compounds through properties prediction and virtual screening of chemical libraries.
The global cheminformatics market is estimated to be valued at US$ 7.68 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Accelerating drug discovery through cheminformatics tools presents a major market opportunity. Cheminformatics tools enable faster and automated analysis of large chemical data that is often difficult to analyze manually. This helps accelerate the drug discovery process by identifying potential lead candidate compounds more quickly through properties prediction and screening of chemical libraries. As the drug development process becomes more data-driven with genomics and other digitally-generated biological data, integrating these tools with cheminformatics promises to further improve drug target identification and lead optimization processes. The ability of cheminformatics to analyze huge amounts of chemical and biological data rapidly and identify hidden patterns is driving its increasing adoption in pharmaceutical R&D to accelerate productivity in drug discovery and development.
Porter's Analysis
Threat of new entrants: Low as this market requires high R&D investments and established distribution channels. Bargaining power of buyers: Moderate as buyers have options to select from various vendors. Bargaining power of suppliers: Moderate as key raw materials and technologies required are available with multiple suppliers. Threat of new substitutes: Low as cheminformatics tools are highly specialized with limited substitutes. Competitive rivalry: High as the market sees intense competition among existing vendors to gain higher market share.
SWOT Analysis
Strength: Proven technology capabilities and strong R&D focus. Large customer base and global presence. Weakness: High dependency on few therapeutic areas and customer segments. Vulnerable to pricing pressures. Opportunity: Untapped growth potential in emerging markets. Scope for new product/service innovations. Threats: Stringent regulatory policies. Threat from open-source alternatives. Litigation risks.
Key Takeaways
The Global Cheminformatics Market Growth is expected to witness high during the forecast period.
Regional Analysis: North America dominates the market currently due to presence of major players and higher adoption rate. Europe also captures sizable share led by favorable initiatives for research. Asia Pacific is expected to show fastest growth led by China and India.
Key players operating in the Cheminformatics market are Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd. Regional analysis related content comprises North America dominates due to presence of major players and higher adoption rate. Europe also captures sizable share led by favorable initiatives for research. Asia Pacific is expected to show fastest growth led by China and India.
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