IndustryARC has recently published a new report on computational medicine and drug discovery software market that deems the rise of bioinformatics as the major growth driver for this market. Bioinformatics has emerged as a promising field in the healthcare industry, and has helped in efficient drug discovery with reliable data provided by organizations such as the Food and Drug Administration and the European Union. Another growth driver that has supported market growth is the invention of three-dimensional drug discovery methodology involving computational chemistry for discovering biologically active molecules. Through this, pharmaceutical companies have streamlined the process of drug discovery and reduced financial investment on it which according to the report amounts to $300min a period of fifteen years. Computational medicine has also contributed to the reduction of late-stage failure risk of drug discovery in Phase II which involves patients’ response to induced drugs. These factors are collectively responsible for market growth which will amount to an evaluated revenue of $7.87 billion by the end of 2023.
The report is titled ‘Computational Medicine and Drug Discovery Software Market: By Tools (Software, Databases, and Others); By Application (Drug Discovery and Development, Disease Modelling, Medical Imaging, and Others) & By Geography - Forecast (2018-2023).’ During the forecast period of 2018-2023, the market has been evaluated to grow with a CAGR of 5.1%. This report extensively covers the pros and cons of drug discovery methodologies and how computational medicine has been pivotal in streamlining the process of drug development.
Computational Medicine and Drug Discovery Software Market: Regional Analysis
According to the report, the global consumer expenditure on healthcare industry amounted to approximately $9.3 trillion in 2018. Resultantly, healthcare stakeholders are embracing digital innovations to reduce the global burden of diseases and induce better consumer service and clinical decision making. The implementation of digital innovations such as computational medicine has surged in the Americas, thereby significantly increasing drug delivery software development in the region. In 2018, the two continents of North America and South America collectively earned $2.9 billion market revenue. Drug patent systems in the U.S. has encouraged drug discoverers to market their products for an extended period of time, thus boosting sales. Another contributing factor is increase of funds provision to drug discoverers by the National Science Foundation and the Federal Government of the U.S.
Computational Medicine and Drug Discovery Software Market: Trends And Opportunities
- The current focus of drug discoverers has shifted towards reducing the amount of time invested on drug discovery which can range between 5-10 years. Resultantly, key market players have created opportunities for the market by incorporating cloud computing which allows remote access to larger volumes of data and can be used by multiple users simultaneously.
- Since the process of drug discovery involves various stakeholders, key market players are developing enterprise level computational medicine software that provides cross-functional activity maintaining a value chain across all platforms.
Key companies that have played a pivotal role in the technological advancement of drug discovery and subsequently the growth of the market are Entelos, Inc., Genedata AG, Crown Bioscience Inc., Biognos AB, Chemical Computing Group Inc., Leadscope Inc., Nimbus Therapeutics Inc., Rhenovia Pharma Limited, Schrodinger LLC, Compugen Ltd., and Dassault Systems.
- Genedata AG has released a new version of Genedata Profiler (V 9.1) in November, 2015 that has open, interoperable enterprise software which facilitates efficient omics-based patient and compound profiling processes.
- Chemical Computing Group Inc. recently released the Molecular Operating Environment (MOE) 2015.10 version in December 2015 which contains an enhanced user interface for protein modelling and new scientific applications for computer-aided molecular design.
A. Injectable Drug Delivery Market
B. Drug Delivery Market
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