Market Size of Chemoinformatics Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.10 Billion |
| Market Size (2029) | USD 10.90 Billion |
| CAGR (2024 - 2029) | 15.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cheminformatics Market Analysis
The Chemoinformatics Market size is estimated at USD 6.10 billion in 2024, and is expected to reach USD 10.90 billion by 2029, growing at a CAGR of 15.5% during the forecast period (2024-2029).
The pandemic positively impacted the cheminformatics market. The outbreak of the COVID-19 pandemic pushed the pharmaceutical industry into action, with a race to develop both therapeutic and preventive drugs. Cheminformatics approaches are one set of tools in the computational toolbox that can be applied to therapeutic discovery. Therefore, cheminformatics played an important role in drug discovery during the pandemic. For instance, according to the report published by the Journal of Cheminformatics in March 2021, the computational chemistry and cheminformatics community was actively involved in COVID-19 research and the rapid onset of computational research on COVID-19. Therefore, such instances indicated considerable growth in the market during the pandemic. Since COVID-19 research studies are still being conducted, there will likely be a continued demand for cheminformatics in the coming years.
The innovations and advancements in the drug development process and increased demand for personalized medicine are the major drivers for the market. Innovations and advancements in the drug development process are prominent market drivers. For instance, according to the Frontiers in Chemistry journal published in June 2021, cheminformatics became an integral part of drug discovery. It accelerated the search for new chemicals with desired physicochemical, pharmacological, toxicological, and pharmacokinetic properties. These are anticipated to propel the market growth over the forecast period.
Furthermore, the new collaborations among the market players increase the widespread applications in cheminformatics. For instance, in March 2021, Elsevier entered a new collaboration with LexisNexis Legal & Professional. It was to strengthen the existing patent coverage in Reaxys, its information solution for chemistry R&D. The content expansion in Reaxys further cements its position as a comprehensive cheminformatics solution by ensuring companies and researchers do not miss key competitive intelligence insights. These are expected to significantly impact the market over the forecast period.
However, a lack of skilled laborers is expected to hinder the market growth over the forecast period.
