Dublin, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The "Drug Discovery Informatics Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The drug discovery informatics market size has grown rapidly in recent years. It will grow from $3.36 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth observed during the historic period can be attributed to advancements in genomics and proteomics, the escalating complexity of drug targets, progress in structural biology, a rise in outsourcing practices, the integration of pharmacogenomics, and the implementation of drug repurposing strategies.
The drug discovery informatics market size is expected to see rapid growth in the next few years. It will grow to $6.06 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The anticipated growth in the forecast period can be attributed to the expansion of precision medicine, advancements in drug-drug interaction prediction, analysis of patient-derived data, development of biosimilars, and the increasing number of drug candidates. Major trends expected in the forecast period encompass the integration of AI and machine learning, the use of digital twins in drug development, the adoption of collaboration platforms, the application of blockchain for data security, advancements in imaging technologies, and the utilization of cloud-based informatics platforms.
The increasing prevalence of chronic diseases is anticipated to drive the expansion of the drug discovery informatics market. For instance, a report by the World Health Organization in 2022 highlighted that non-communicable diseases (NCDs) are projected to cause 41 million deaths, accounting for 74% of global fatalities. These diseases claim 17 million lives annually before the age of 70, with low- and middle-income countries contributing to 86% of premature deaths. Cardiovascular diseases rank highest in annual fatalities (17.9 million), followed by cancer (9.3 million), chronic respiratory disorders (4.1 million), and diabetes (2.0 million, including diabetes-induced kidney disease). Hence, the growing prevalence of chronic diseases drives the growth of the drug discovery informatics market.
The increasing investment in research and development (R&D) activities is poised to fuel the expansion of the drug discovery informatics market. For instance, according to the NCSES in January 2023, the US witnessed a total R&D investment of $791.9 billion in 2021, indicating a notable increase compared to the previous year. Thus, the surge in R&D investments drives the growth of the drug discovery informatics market.
Technological advancements stand out as a prominent trend driving the drug discovery informatics market. Leading companies in this sector prioritize the development of cutting-edge solutions to fortify their market positions. For instance, in January 2021, Certara Inc., a US-based biosimulation company, unveiled version 20 of its Simcyp Physiologically-based Pharmacokinetic (PBPK) Simulator platform. This updated version introduces improved maternal health models, specifically addressing medicine performance during pregnancy and lactation. The Simcyp PBPK Simulator enhances clinical trial efficiency by modeling and simulating pharmacokinetics (PK) and pharmacodynamics (PD) using virtual patient populations, particularly for biological drug development and predictive small molecule pharmacokinetics.
Leading companies within the drug discovery informatics market are directing their efforts toward innovative offerings, such as AI-powered solutions in life sciences, to drive market revenues. AI-driven solutions in life sciences are instrumental in advancing precision medicine and drug discovery, potentially revolutionizing the creation of new therapies and personalized treatment plans. These advancements aim to enhance the speed, accuracy, and efficiency of research and development processes within the life sciences industry. For instance, in May 2023, Google Cloud Platform, a US-based technology company, introduced AI-powered life sciences solutions such as the Target and Lead Identification Suite and the Multiomics Suite. These solutions aim to transform life sciences enterprises by expediting drug research and hastening the introduction of novel treatments. Utilizing high-performance computing, generative AI, and sophisticated computational tools, these methods predict protein structures, delineate the function of amino acids, and analyze genetic data. The Multiomics Suite contributes to precision medicine tools, while the Target and Lead Identification Suite aids in more effective in silico drug design.
In November 2022, Norstella, a US-based provider of pharmaceutical consultancy services and solutions, merged with Citeline. This strategic merger positions Norstella to prioritize rapid innovation, guiding life sciences companies throughout the entire drug development process, thereby accelerating the availability of medications for patients. Citeline, based in the US, specializes in providing pharmaceutical intelligence for research and development, offering insights into various drug trials. This merger signifies a significant step in facilitating swift and efficient drug development, ultimately benefiting patients by expediting the availability of essential medications.
North America was the largest region in the drug discover informatics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the drug discovery informatics market during the forecast period. The regions covered in the drug discovery informatics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the drug discovery informatics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Service: In-House; Outsourced
2) By Modality: Cloud-Based Systems; In-Campus
3) By Application: Data Sequencing; Molecular Docking; Identification and Validation; Target Data Analysis
4) By End-User: Pharmaceutical Companies; Contract Research Organizations; Bio-Technology Companies
Key Companies: Accenture Plc.; Certara Inc.; Charles River Laboratories Inc.; Infosys Ltd.; Collaborative Drug Discovery Inc.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Accenture Plc.
- Certara Inc.
- Charles River Laboratories Inc.
- Infosys Ltd.
- Collaborative Drug Discovery Inc.
- Eurofins DiscoverX Products Inc.
- Jubilant Biosys Ltd.
- Selvita S.A.
- PerkinElmer Inc.
- International Business Machines Corporation
- Boehringer Ingelheim International GmbH
- Oracle Corporation
- Thermo Fisher Scientific Inc.
- Albany Molecular Research Inc.
- ChemAxon Ltd.
- Amazon Web Services Inc.
- Schrodinger LLC.
- Core Informatics LLC
- Informatics Matters Ltd.
- Tata Consultancy Services Limited
- Novo Informatics Pvt. Ltd.
- IO Informatics Inc.
- GVK Biosciences Private Limited
- Dassault Systemes SE
- Recursion Pharmaceuticals Inc.
- Cyclica Inc.
- Valence Discovery Inc.
- Valo Health Inc.
- Cognizant Technology Solutions Corporation
- Wipro Limited
- Mindtree Limited
- Persistent Systems Limited
- Laurson&Turbo Infotech Private Limited
- Mphasis Limited
For more information about this report visit https://www.researchandmarkets.com/r/y5bcyi
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