by The global Cheminformatics Market is estimated to be valued at US$ 7.68 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cheminformatics refers to the application of computational techniques to solve chemical problems. It helps in analyzing chemical structures and properties of molecular compounds. Cheminformatics tools are widely used in various fields such as drug discovery, chemical Engineering, material science and predictive toxicology. They help in screening chemical libraries, developing structure-activity relationship and molecule simulations. Cheminformatics maximizes the output of research by making processes more efficient and cost-effective.
Market key trends:
The rising demand for drugs discovery and development is a major factor driving the growth of Cheminformatics market. Cheminformatics helps in discovering new drugs by virtually testing millions of molecules in a short span of time. This increases the success rate and reduces development costs and times. Additionally, increasing investments by pharmaceutical and biotechnology companies in R&D is also boosting the adoption of Cheminformatics. Growing synthetic biology and material science industries are further augmenting the market growth. Furthermore, technological advancements in computational chemistry and high performance computing are expected to offer lucrative growth opportunities for Cheminformatics market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements for software development and emergence of open source tools reduce barriers to entry.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives and price sensitivity of commercial tools.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiation of products and services and switching costs for buyers.
Threat of new substitutes: Alternatives like bioinformatics and data science pose threat of substitution.
Competitive rivalry: Intense competition exists among existing players to gain market share through product innovation, collaboration and acquisitions.
Key Takeaways
The Global Cheminformatics Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing drug discovery activities. North America dominated the market in 2023, owing to presence of major players and growing biotechnology and pharmaceutical industries in the region.
The cheminformatics market size for 2023 is US$ 7.68 Bn. The market is estimated to grow owing to increasing adoption of cheminformatics solutions in industries such as healthcare, agriculture, forensic science and chemical. These solutions help streamline drug discovery processes, reduce costs and bring products to market faster.
Key players operating in the cheminformatics market are BIOVIA, Chemical Computing Group, Agilent Technologies, Schrödinger, PerkinElmer, CambridgeSoft, ChemAxon, Molecular Discovery, and OpenEye Scientific Software. Players are focusing on new product launches, partnerships and acquisitions to enhance their market share. For instance, in 2022, Dassault Systèmes acquired CambridgeSoft to expand its scientific informatics offering.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
