The Drug Discovery Informatics Market is projected to grow from USD XX billion in 2021 to USD XX billion in 2028 at a CAGR of XX% during the forecast period. Factors such as increasing investment in R&D for new drug development, growing funding for research, especially in the field of rare diseases, and the increasing use of informatics in drug discovery are driving the market growth. Although many industries faced the impact of COVID-19, the drug discovery informatics market is expected to grow substantially.
Drug discovery informatics technologies and resources are used to analyze and interpret a wide pool of clinical data to assist researchers in identifying possible drug candidates for the creation of a new drug.
COVID-19 Impact
Data Mining for New Drug Development to Fuel the Growth of the Market
The evolving nature of the COVID-19 virus has led to the application of artificial intelligence (AI) for data mining, which will accelerate the vaccines for newly discovered disease variants. Leveraging drug discovery informatics with the help of emerging technologies like AI and machine learning will accelerate the future development of vaccines. Drug discovery informatics will also offer solutions to many different diseases or viruses, thereby driving market growth amid pandemic.
Latest Trends
The Adoption of Drug Development Software
The use of drug discovery software for gaining market insights has increased significantly among researchers in recent years. Drug discovery software offers rapid drug design and synthesis, monitoring of disease and reliable information, which is driving the market growth. Companies are getting investments and funding to develop their drug development platforms, which is also accelerating the market growth. For instance, here is an example of new platform launched by a company. The IBM visual molecular explorer platform investigated a subset of the developed molecules targeting the coronavirus in June 2020. (SARS-CoV-2). The explorer's open-source sharing of AI-generated artefacts aided in the early stages of optimal medicine design.
Driving Factors
Use of Data Gathering and Analysis for Developing New Drugs
Various partnerships among drug discovery informatics providers have been seen in recent years, indicating a significant market opportunity. In the coming years, there will be demand for data handling and data analysis in medicine. This will help in speeding up drug development, which is expected to drive the market growth during the forecast period.
Restraining Factors
High Cost Associated with Informatics Software
The lack of qualified professionals and the high cost of informatics software is expected to impede the market growth. Other factors like technical errors, accidents due to careless handling of data and machines, and various technical complications can restrain the market growth.
Market Segmentation
By Product
Discovery Informatics Segment to Experience Dynamic Growth
Based on product, the market is divided into discovery informatics and development informatics.
The discovery informatics segment dominated the market in 2020 and is expected to continue its dominance over the estimated period. The segment growth can be attributed to increasing focus on the development of precision medicines. There is high demand for precision medicine as it is developed for specific medical care based on the patients’ molecular and genetic profiling.
By Mode
Outsourced Informatics Segment to Achieve Sizable Market Share
Based on mode segment, the market is divided into in-house informatics and outsourced informatics. In the year 2020, the outsourced informatics segment dominated the industry and is expected to demonstrate continued growth over the forecast period. The segment growth is due to a growing number of collaborations between pharmaceutical companies and contract production and manufacturing organizations that outsource data gathering to companies. These companies have expertise in drug discovery informatics.
By Function
Sequencing and Target Data Analysis Segment to Gain Significant Traction
Based on function segment, the market is divided into sequencing and target data analysis, docking, lead generation informatics, identification, and validation informatics, and molecular modeling.
The sequencing and target data analysis segment emerged as a dominant segment in 2020. The segment is expected to hold the leading position exhibiting the fastest CAGR over the forecast period. The segment growth can be owing to the increasing use of bioinformatics solutions for sequence analysis. With the application of informatics software, mining and warehousing of genome sequencing is done for identifying genes and targeted proteins, which will help in the development of potential drugs.
By End-Use
Pharmaceutical and Biotechnology Companies Segment to Observe Substantial Growth
Based on end-use, the market is divided into pharmaceutical and biotechnology companies, contract research organizations.
In 2020, the pharmaceutical and biotechnology companies segment held the largest market share and is expected to grow further during the forecast period. Pharmaceutical companies are leveraging informatics software for pre-clinical research and development. The software assists in target tracking, compound observing, and lead finding, which contributes to segment growth.
By Region
North America Held the Largest Share of the Drug Discovery Informatics Market
North America held the largest global drug discovery informatics market share in 2020. The increasing investment by pharmaceutical companies, to gather data for drug development, contributes to regional growth.
During the forecast period, the Asia-Pacific is expected to grow at the fastest CAGR. The region has favorable regulations for drug development processes in many countries. Well-established CROs, government, and private entities promoting R&D for information gathering to develop drugs are driving the Asia-Pacific market growth.
Key Industry Players
Companies are Keen to Increase their Investment in R&D
Major biotechnology companies have increased their investment in research and development of newer drugs, resulting in a tremendous opportunity for market growth. To promote rapid drug growth, key players are increasingly collaborating with other businesses, research institutes, and clinical research organizations.
List of Key Companies Profiled
- Thermo Fisher Scientific
- PerkinElmer Inc.
- Biogen Inc.
- Boehringer Ingelheim GmbH
- Insilico Medicine, Inc.
- International Business Machines Corporation
- Schrödinger, LLC
- Albany Molecular Research Inc.
Key Industry Developments
- In March 2020, Charles River Laboratories International, Inc. collaborated with Deciphex. This move is aimed at enhancing drug discovery and development with digital pathology.
- In July 2020, Ardigen launched neoantigen prediction tool, dubbed "ArdImmune Vax." It uses cutting-edge bioinformatics and AI to find the best range of neoantigens to use as targets for cancer vaccines or adoptive cell therapies. This technology is also ideal for developing vaccines against infectious diseases.
FAQs Answered in the Report
- What are the most important regional market?
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- What is the drug discovery informatics market segmentation dependent on end-user?
- What are the different phases of the value chain?
- What are the major drivers and threats in the market?
- Who are the main players in the drug discovery informatics industry and what is their structure?
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Customization:
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