Growing Demand in Data Collection Process and in Providing Valuable Insights of Experimental Findings is Expected to Drive the Market Growth During the Forecast Period 2021-2026. Computational Medicine and Drug Discovery Software Market size is estimated at $700.4 million in 2020, projected to grow at a CAGR of 3.5% during the forecast period 2021-2026.
Computational Medicine and Drug Discovery Software is a new field dedicated to learning more about the processes, diagnosis, and treatment of human disease. With ever-increasing data from large-scale biological research, clinical trials, and medical records from participants in data gathering programs, big-data-driven drug discovery tools and approaches have been growing. The addition of biological and clinical context-specific large-scale data has made computational inference more relevant to real-world biomedical research, especially in terms of identifying therapeutic targets and medicines for specific diseases and clinical circumstances. As a result, the demand for computational medicine and drug discovery tools is expanding. In the pharmaceutical industry, computational medicine and drug discovery software are becoming increasingly popular. Many pharmaceutical companies are now using gene-expression analysis, cellular screening systems, and computational healthcare informatics software to identify chemical compounds with desirable properties for oncology treatment advancements. Pharmaceutical companies have employed a high-performance combination screening approach with cell-based phenotypic assays to combine known drugs to tackle numerous faulty pathways in disorders such as inflammation, respiratory, metabolic, and infectious disorders.
The drug development process leads to the discovery of new drugs. Chemical libraries, such as tiny compounds, natural products, or plant extracts, are investigated using traditional pharmacology. Since, the sequencing of human DNA, reverse pharmacology has used testing to find cures for existing ailments. Drug development is aided by disease processes, molecular compound assays, existing medicines with unexpected side effects, and new technologies. Screening hits, medicinal chemistry, and optimization of hits to lessen potential drug side effects by boosting affinity and selectivity are all part of drug discovery and development. Drug development is not only a time-consuming and labor-intensive procedure, but it is also fraught with danger. The identification of small molecule targets aids in the evaluation of medication safety and the discovery of new therapeutic uses driving the Computational Medicine and Drug Discovery Software Industry. To achieve complete translation to the clinic, advances in technology and instrumentation are supported by improvements in appropriate acquisition and image-processing techniques, as well as increased data analysis. Over the last few decades, the pace of acceptance of non-invasive medical imaging has steadily increased. According to a retrospective cohort study of MI patterns undertaken by the US healthcare system between 2000 and 2016, 16 million to 21 million people were registered annually for MI between 2000 and 2016. For instance, the FDA Adverse Event Reporting System (FAERS) database contains data on adverse event and drug error reports that have been submitted to the agency. The database is intended to aid the FDA's post-market medication and therapeutic biologic product safety surveillance program which is fueling the market's growth.
North America holds the major share in 2020 owing to the increased demand brought on by advancements in the pharmaceutical industry. The computational medicine and drug discovery software market in this area is expected to grow due to rising demand for personalized medications, their utility in drug development, and increased expenditure in research and development. Increasing number of diseases in the U.S. has driven the demand for research in drug discovery. Fields of bioinformatics and personalized medicine development have grown rapidly owing to this increase in research. This in turn is also driving the market. In the U.S., the number of pharmaceutical companies is more and also their investments in various technologies are also more. There were 2,946 biotech businesses in the U.S. as of 2019, as per estimate by Seedscientific. This is contributing to the major share of this region in computational medicine and drug discovery market across the region. Asia Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing towards economic growth in the region. The region is currently supporting many conceptualized project proposals for carrying out research in the field of Computational and Bioinformatics Medicine. Considering the importance, many projects particular in the areas of cancer, tuberculosis and pulmonary diseases, diabetic & cardiovascular diseases, neurological disorders and drug development are being supported, drives Computational Medicine and Drug Discovery Software Industry.
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Computational Medicine and Drug Discovery Software Market Growth Drivers:
Growing Prospectus Information Technology Along with The Advent of Fast and Accurate Computational Platform:
Information technology has assisted pharmaceutical companies in reducing the high failure rate in the drug discovery process, as well as the high cost of various phases of clinical trials, which act as limiting factors for several drugs that can be developed by pharmaceutical companies. As a result, information technology assists in selecting the compounds with the best chances for approval. Computational medicine and drug discovery software, as well as preclinical testing, benefit from advances in information technology, which open up new research avenues and enable more competitive R&D methods.
Growing Advancements in Bioinformatics:
The market for computational medicine and drug discovery software is growing due to the growing trend of consuming personalized medication and the progress of information technology, as well as the introduction of quick and accurate computational platforms. Bioinformatics is the use of computational and analytical tools to acquire and understand biological data. It is critical for data management in modern biology and medicine, resulting in a higher demand for bioinformatics. Software can help people understand the advantages of bioinformatics, which can help with gene expression and drug development by establishing an objective and rational drug attractiveness index. The evolution of Bioinformatics has been a global endeavor, resulting in the creation of computer networks that have permitted easy access to biological data and the development of software applications for simple analysis. However, there are an increasing number of databases available that offer useful information for clinicians and researchers driving the Computational Medicine and Drug Discovery Software Industry.
In 2020, Collaborative Drug Discovery (CDD), provider of the CDD Vault web-based research informatics platform expanded by joining Microsoft Cloud Storage Program.
The Major Players in this Market Include
The major companies in the Computational Medicine and Drug Discovery Software Market include Chemical Computing Group, Instem PLC, Crown Biosciences Inc., Roche, Dassault Systemes, Scrodinger LLC, Genedata LLC, Entelos Inc., Nimbus Therapeutics Inc. and Certara LP. In April 2020, Crown Bioscience announced the strategic expansion of their PDX collection through new agreements with CoMotion at the university of Washington and Dana-Faber Cancer Institute.
The growing demand for computer-aided medicine and personalized treatment within the healthcare sector provides a prediction on quantities which are hardly accessible for direct measure but are important to support medical decisions and is set to drive the Computational Medicine and Drug Discovery Software market in the upcoming years. Besides this, growing number of acquisitions by key players for product development is also set to drive market growth. For instance, Instem Plc acquired Leadscope, Inc provides scientific leadership in computational toxicology enabled through several Research Collaboration Agreements with the FDA and through the management of consortia to develop protocols.
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