Cheminformatics software is used for data management, chemical structures storage, inventory control, and customer relationship management in the pharmaceutical industry. These software provide solutions to manage chemical structures and related data during drug discovery processes.
Market key trends:
The surging adoption of cheminformatics software is one of the major trends in the cheminformatics market. The increasing R&D expenditure of pharmaceutical and biotech companies is driving the demand for software that can help manage vast amounts of chemical and clinical trial data efficiently. Cheminformatics software offers advantages like easy integration of chemical structure data with other data types, data standardization and validation, automated report generation, and collaboration tools that improve decision making in drug development. This has resulted in its rising adoption across pharmaceutical and associated industries over the recent past. Additionally, the rising volume of chemical and clinical data on the cloud is also augmenting the demand for more advanced cheminformatics platforms and solutions.
Segment Analysis
The global cheminformatics market is dominated by the software segment. The cheminformatics software helps in molecule design, drug discovery processes, databases generation, and management. It plays a vital role in collecting, storing, retrieving, and analyzing data for chemicals. The increasing applications of cheminformatics tools for drug designing & development is a key factor contributing to the large share of this segment.
Key Takeaways
The Global Cheminformatics Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to increase from US$ 8.85 Bn in 2024 to US$ 15.73 Bn by 2031, growing at a CAGR of 9.6%.
Regional analysis: North America currently dominates the global cheminformatics market and is expected to continue its dominance over the forecast period. This can be attributed to the presence of major players along with advanced research infrastructure and increasing investment in drug discovery and development processes in the region. Asia Pacific is anticipated to witness the highest growth rate over the coming years owing to increasing government funding for life science research, expanding biotech industry, and growing R&D activities in countries such as 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.
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