With the growth of pharmaceutical industry, the demand and research for new drug discovery has skyrocketed in the last few years. Staying ahead in the competition is the major challenge for pharmaceutical companies and is one of the major factors attributing to the high demand for new drug discovery which in turn is escalating the need for drug discovery informatics. With the current COVID-19 pandemic conditions, pharmaceutical players are targeting advanced methods that reduce the research period required to develop a new drug. One of the major factors that is supporting the growth of drug discovery informatics is high efficiency for clinical data interpretation and analysis which further helps to reduce overall research time.
The functions of drug discovery informatics involve target identification and validation, lead generation, molecular modeling, and libraries and database preparation, among others. The shift in focus on rare disease areas is augmenting the demand for molecular modeling. Furthermore, the solutions offered by drug discovery informatics include software and services. Thus, the growing applications in drug discoveries and drug developments, the demand for drug discovery informatics software is also increasing at a significant rate. The penetration of drug discovery informatics is observed a bit more in clinical research organizations (CROs) compared to biotech and pharma research segment, as CROs primarily focused on drug discovery and drug development.
Leading companies operating in the drug discovery informatics have been focusing on delivering advanced solutions for drug discovery and drug development, since sophisticated systems and clinical data backup are required to achieve the required level of precision for developing new drugs. To meet these requirements, companies are focusing on mergers and acquisitions. Additionally, new entrants in the market are also contributing to a healthy share in the global market. Prevalence of chronic diseases has increased the need for new drug discoveries with which the demand for drug discovery informatics can increase at significant rate over the forecast period. Some of the key players in the market include Certara, L.P., Infosys Limited, IBM Corporation, PerkinElmer, Inc., Schrodinger, Inc., Collaborative Drug Discovery, Inc., Jubilant Life Sciences Ltd., Thermo Fisher Scientific, Inc., Charles River Systems, Inc., Novo Informatics Pvt. Ltd. among others.
Trends and Future Outlook:
- Major players in the market are focusing on mergers and acquisitions to expand the reach of business
- Emergence of artificial intelligence (AI) in the field of drug discovery will drive growth of the market.
- Significant rise in outsourcing of new drug discoveries form major pharma and biotech players.