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The Cheminformatics Market Size is projected to grow upto USD 20.11 billion by 2032, exhibiting a CAGR of 15.5% during the forecast period (2023 - 2032).
Market Overview:
Major market drivers include advancements in medication development and rising demand for personalized medicine. One of the most important factors propelling the industry forward is the continuous stream of breakthroughs in the pharmaceutical R&D sector. Key market drivers propelling the growth of the Cheminformatics Market include rising demand for efficient drug discovery and development processes, rising adoption of AI and machine learning technologies, and growing applications of cheminformatics in personalized medicine and precision agriculture.
The market discovery of new medications is further boosted by the growing prevalence of several chronic illnesses requiring treatment. The major market participants in chemoinformatics are integrating cutting-edge information storage and retrieval technologies to cope with the large amounts of data created during the synthesis of novel medications. Physical qualities, 3D molecule and crystal structures, spectroscopic fingerprints, chemical reaction pathways, molecular functional groups, and docking sites are just some of the parameters that can be conveniently stored to aid research. It is expected that these advancements would fuel the expansion of the market.
The advent of the COVID-19 pandemic has also fueled this by spurring action in the pharmaceutical industry, which has sped up the development of therapeutic and preventative medications. Multiple clinical trials are currently in progress in response to the rise in coronavirus prevalence worldwide.
Cheminformatics Market Insights and Analysis By Application (Chemical Analysis, Drug Discovery, Drug Validation, Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032
Competitive Analysis
The Cheminformatics Market Players areAgilent Technologies Inc, OpenEye Scientific Software, Bio-Rad Laboratories Inc, Eurofins CEREP SA (Eurofins Panlabs Inc), Molecular Discovery Ltd, Schrödinger Inc, Jubilant Biosys Inc, BioSolveIT GmbH, BIOVIA (Dassault Systèmes), and ChemAxon Ltd are just some of the major players in the cheminformatics market actively investing in R&D operations to introduce innovative solutions.
Segment Analysis
Based on application, the Cheminformatics Market segmentation consists of chemical analysis, drug discovery, and validation. The chemical analysis industry generated $2.04 billion in revenue in 2015, or 37% of the global market. The drug discovery application market is also anticipated to have the fastest CAGR within the cheminformatics sector over the next few years.
Regional Analysis
The high R&D intensity and incorporation of highly innovative technologies, the rising prevalence of chronic disorders, and the presence of some of the leading players in the drug manufacturing industry all bode well for the North American cheminformatics market, which was valued at USD 2.51 billion in 2022 and is expected to grow at a significant CAGR during the study period.
The European region holds the second highest proportion of the global cheminformatics market. Many of the world's best pharmaceutical and biotech companies, most prestigious research institutes, and most innovative academic centers dedicated to studying and developing new medicines may be found in Europe.
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