Chemoinformatics Market: By Application (Drug Discovery, Chemical Analysis, and QSAR), By Tool (Chemical Databases, Molecular Modeling Software, and QSAR Software), By End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes, and Others), and Geography

Chemoinformatics Market size was valued at USD 5,921.3 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2024 to 2030. Chemoinformatics represents a multidisciplinary field that combines chemistry, biology, and computer science to streamline drug discovery and chemical analysis processes. This market encompasses various tools and technologies essential for storing, processing, and analyzing chemical and biological data, including chemical databases, molecular modeling software, and quantitative structure-activity relationship (QSAR) tools.

The chemoinformatics market serves a diverse range of applications, from early-stage drug discovery to materials science and environmental research. The growth of the chemoinformatics market is driven by factors such as the increasing demand for efficient drug discovery processes, advancements in artificial intelligence and machine learning, and the rising adoption of in silico methods in research. For instance, according to a report by the Tufts Center for the Study of Drug Development, the use of AI in drug discovery can potentially reduce early drug discovery timelines by 3-5 years and cut costs by 30-50%. Moreover, the COVID-19 pandemic has accelerated the adoption of computational methods in drug research, further boosting market expansion. However, challenges such as data standardization issues, the need for skilled professionals, and concerns about data security may impact market growth to some extent.

Chemoinformatics Market Key Developments:

• In February 2022, Agilent Technologies Inc. acquired powerful artificial intelligence (AI) technology developed by Virtual Control. This AI and machine learning software provider creates unique analytical solutions in lab testing. Agilent will incorporate the ACIES software into its industry-leading gas chromatography and mass spectrometry (GS/MS) equipment to improve productivity, efficiency, and accuracy.
• In October 2023, Cadence Molecular Sciences (OpenEye) made an agreement with Pfizer Inc. to extend and expand access to Cadence products and programming toolkits for advanced molecular design. Cadence Molecular Sciences’ physics-and AI-based modelling and cheminformatics computational software is an enabler of early-stage drug discovery innovation.