Drug Discovery Informatics Market Analysis
Drug Discovery Informatics Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Drug discovery informatics and development is an extremely complex process that involves generation of large volumes of data. At present the market for drug discovery informatics is largely unmet. The existing approaches to gather information from various sources have been dealt with in some cases where the data types are very least well-defined or largely homogeneous. Nonetheless, the world on the verge of a new age of drug discovery informatics, the methods and approaches in which are dealing with gathering information from data and knowledge from information are experiencing a paradigm shift. The demands of this industry are well defined: huge amounts of data are produced using various innovative technologies and the restraint is searching, integrating, and accessing this data. Additionally, the inclination is to make important development decisions in the early life cycle of the discovery process. It has become crucial to take care of these issues with the vast amount of data available from ongoing projects and also from early efforts of drug development. The future of drug discovery informatics will be the assimilation of distributed and heterogeneous data. Domain specific data mining and data integration such as genomic and chemical data will continue to offer significant opportunities for drug discovery informatics. Procurement and management of graphical, textual and undefined data are some of the challenges in this field. However, these will become a vital part of data searching as well as building knowledge and information-bases. These factors will eventually lead to the growth of the data discovery informatics market during the forecast period.
Increasing chronic illnesses such as cancer, cardiovascular diseases (CVD), and diabetes mellitus is the chief concern for healthcare professionals and government organizations around the globe. The U.S. government in association with President’s Council of Advisors on Science and Technology (PCAST) has taken initiatives intended to improve financial stimulus to induce modernization in the pharmaceutical industry, which will drive the overall market for drug discovery informatics. Furthermore, collaborations amongst pharmaceutical companies have given rise to infusion of money and sharing of technologies amongst them, which has enabled these companies to develop local as well as global products.
Drug Discovery Informatics market Taxonomy
On the basis of mode, the global drug discovery informatics market is classified into:
On the basis of service segment, the global market is classified into:
On the basis of product segment, the global market is classified into:
Advent of technology and the increasing number of clinical trials will drive the overall drug discovery informatics market
With the advent of technology, innovative cloud-based and analytics technologies, storage and analysis of large amount of data is now possible at a lower cost. For example, Infosys popularized a cloud-based application to accelerate the management of data services for clinical trials. This in turn is likely to drive the whole drug design procedure. Infosys has been working in partnership with various clinical trial organizations and pharmaceutical companies to master the application and to provide easy access and management of data.
The facilities that are offered can be outsourced to other organizations or can be used in-house via licensed solutions. In-house informatics segment holds a significant market share in the present scenario owing to the presence of information technology platforms in most of the companies. However, outsourced informatics segment is likely to grow at a considerable pace during the forecast period as the key industry players are opting for collaborations with the IT providers to increase their access to the tools and databases for clinical drug discovery.
Europe accounted for the major market share in the drug discovery informatics market. Some of the major factors for the same are rise in the clinical discovery ventures as well as various activities carried out by research institutes, universities, and companies. Nonetheless, Asia Pacific is predicted to grow at a significant pace during the forecast period owing to high prospect of drug nanotechnology sector in this region as well as advancements in research software.
Some of the key players operating in the global drug discovery informatics market are Albany Molecular Research, GVK Biosciences, Infosys, Certara, ChemAxon, Jubilant Biosys, DiscoverX, Novo Informatics, Charles River Laboratories, Boehringer Ingelheim GmbH, and Selvita.
Product innovations and continuous research in the field of drug discovery and scientific informatics is expected to facilitate growth of the market. For instance, in August 2019, Certara announced the launch of the 19.6 version of the company’s scientific informatics platform for drug discovery and development, D360. The platform is designed in such a way that it allows a scientific researcher to access, share, and understand data quickly.
Increasing adoption of drug discovery platforms by biotech companies to better manage projects is likely to drive growth of the drug discovery informatics market. In August 2019, Voronoi, a drug discovery and development biotech company based in South Korea announced that they had selected CDD Vault, a hosted platform for managing chemistry and biology data, to manage the company’s collaborative projects and drug discovery data.
Market players are also engaged in technological innovations in order to refine their services and product portfolio. For instance, in August 2019, Exscientia, a U.K.-based start-up, developed a drug-discovery system that uses AI algorithms to find new candidate molecules for medicines.
Furthermore, strategic collaborations and partnerships between market players to expand their product portfolio are expected to drive the market growth. In August 2019, Sophia Genetics and ADC Therapeutics partnered to identify genomic markers associated with clinical response to an experimental lymphoma treatment. Under the agreement, Sophia's informatics platform will match genomic markers with clinical response to the treatment.