Global Drug Discovery Informatics Market Is Expected to Reach USD 4.13 Billion by 2027 : Fior Markets
Drug Discovery Informatics Market by Solution (Services, Software), Function (Docking, Library & Database Preparation, Molecular Modeling, Sequencing & Target Data Analysis, Others), Application (Drug Discovery, Drug Development), End-User (Biotechnology Companies, Pharmaceutical Companies, Contract Research Organizations, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Sept. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the *global drug discovery informatics market* is expected to grow from USD 2 billion in 2019 to USD 4.13 billion by 2027, at a CAGR of 9.5% during the forecast period 2020-2027.
Drug discovery informatics is used to study vast databases of clinical information in order to help researchers in identifying potential drug options for the development of new drugs by using drug discovery informatics services. Some of the key factors that are driving the market growth are increasing R&D expenditure, rising support for research, specifically in the field of rare diseases, the growing use of informatics in drug discovery, expanding growing biotech industry, advancements in software versions for data visualization, data processing, data analysis, & data aggregation, and increasing use of cloud-based services. One of the main developments driving the market growth is the emergence of in silico tools that enable computation with varying workflows that are in line with the pace of modern medicinal chemistry.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets. However, covid-19 has come as a boon for the drug discovery informatics market as pharmaceuticals, research institutes, and others are racing to find a cure for the virus. The lack of skilled professionals and the costs involved in the setup of informatics software is expected to hinder the global drug discovery informatics market growth.
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Key players operating in the global drug discovery informatics market include Jubilant Life Sciences Limited, Eurofins Scientific, Charles River Laboratories International, Thermo Fisher Scientific, IBM, Schrödinger, Inc., Clarivate Analytics, Evotec AG, Dassault Systèmes, Accenture, Cognizant, Albany Molecular Research, and GVK Biosciences among others. To gain a significant market share in the global drug discovery informatics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Charles River Laboratories and Clarivate Analytics are some of the biggest manufacturers and suppliers of drug discovery informatics in the global market.
· For instance, Jubilant Life Sciences partnered with Orion Corporation in 2017 to provide drug discovery services. These partnerships help the organization achieve commercial success and promote its expertise in the field of drug discovery informatics.
· Evotec teamed up with Takeda Pharmaceutical Company Limited in September 2019 to create five drug discovery programmes with Evotec clinical candidates for further clinical development by Takeda over multiple therapy areas.
*Software dominated the market and held the largest market share of 62.5% in the year 2019*
On the basis of solution, the market has been divided into services and software. Software dominated the market and held the largest market share of 62.5% in the year 2019. The large share of this segment can be attributed to the efficient & quick management of data generated in the drug discovery process by utilizing discovery informatics software solutions.
*Sequencing & target data analysis dominated the market and valued at USD 520 million in the year 2019*
Based on function, the market has been segmented into docking, library & database preparation, molecular modeling, sequencing & target data analysis, and others. Sequencing & target data analysis dominated the market and valued at USD 520 million in the year 2019. The large share of this segment is attributed to the increased use for sequencing analysis techniques for new drugs and improved processing of information from multiple sources & domains.
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*Drug development dominated the market and held the largest market share of 65.1% in the year 2019*
The application segment comprises of drug discovery and drug development. Drug development dominated the market and held the largest market share of 65.1% in the year 2019. The large share of this segment can be mainly attributed to rising investments in R&D for new drug molecules and the increasing need for time & cost optimization for drug development.
*Pharmaceutical companies dominated the market and valued at USD 680.7 million in the year 2019*Based on end-user, the global market has been segmented into biotechnology companies, pharmaceutical companies, contract research organizations, and others. Pharmaceutical companies dominated the market and valued at USD 680.7 million in the year 2019. The growth of this segment is due to pharmaceutical companies currently using drug discovery informatics software intensively for compound screening, pre-clinical R&D, lead identification, & target identification, and are also streamlining their drug discovery processes.
*Regional Segment Analysis of the Drug Discovery Informatics Market*· North America (U.S., Canada, Mexico)
· Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan India, Rest of APAC)
· South America (Brazil and Rest of South America)
· Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global drug discovery informatics market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 52.8% in the year 2019 (followed by Europe) and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the existence of well-established CROs and increasing R&D expenditure by biopharmaceutical & pharmaceutical companies. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like the rapid growth in the biopharmaceutical & pharmaceutical industries and the increasing number of CROs.
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*About the report: *
The global drug discovery informatics market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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