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. The process of discovering novel medicines is known as drug discovery. Computational medicine also aids in the detection of genetic flaws and as a result, aids in the prediction of disease causation. Protein-protein interactions, as well as protein-ligand interactions, are realized using computational medicine and drug discovery software, making it easier to catch the drug target. Increasing government and private sector R&D investments, rising trends in personalized medication consumption, and advancements in information technology, as well as the advent of fast and dependable computing technologies is set to drive its Computational Medicine and Drug Discovery Software industry.
Computational Medicine and Drug Discovery Software Market Segment Analysis – By Tools:
Based on Tools, Software Segment accounted for the largest revenue market share in 2020 and is also anticipated to grow with the fastest CAGR as it makes use of cutting-edge technologies to speed up drug development testing and market launch. It helps and promises to increase image quality and assist doctors in predicting ailments, which would otherwise take a long time to complete. Database segment is anticipated to grow with the second fastest CAGR of 0.8% in the forecast period 2021-2026. Database helps in storing structured information electronically. By building new products that run on cloud and mobile platforms, database suppliers have a huge opportunity to penetrate these high-potential sectors. The usage of cloud data access has grown in popularity, owing to the involvement of a variety of stakeholders, as well as multiple functional departments within enterprises, in the research process, where each can access and use the data as needed. 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 fuelling the market’s growth.
Computational Medicine and Drug Discovery Software Market Segment Analysis – By Application:
Based on Application, Drug Discovery & Development accounted for the largest revenue market share in 2020 and is also anticipated to grow with the fastest CAGR for the period 2021-2026. 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. The sequencing of human DNA has paved way for reverse pharmacology that can be used in 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 driving the segment growth. Predictive Analysis of Drug Targets is projected to witness the second fastest CAGR of 4.0% during the forecast period 2021-2026. Prediction of drug-target interaction becomes an important method in the drug repurposing market. The availability of heterogeneous biological data on established drug-target interactions allowed many researchers to develop different computational methods for deciphering unknown interactions between drug targets driving the segment growth.
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Computational Medicine and Drug Discovery Software Market Segment Analysis – By Geography:
Based on Geography, North America Computational Medicine and Drug Discovery Software Market accounted for the 38% revenue share in 2020 owing to personalised medicine demand and their utility in drug development, and increased expenditure in research and development. Increasing number of diseases in the U.S. led to 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. The region is currently supporting many conceptualized project proposals for carrying out research in the field of Bioinformatics and Computational Medicine. Considering the importance, many projects particular in the areas of cancer, tuberculosis and pulmonary diseases, diabetic & cardiovascular diseases, neurological disorders and methods/ drug development are being supported, drives Computational Medicine and Drug Discovery Software Industry.
Computational Medicine and Drug Discovery Software Market – Drivers
The 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 endeavour, resulting in the creation of computer networks that have permitted easy access to biological data and the development of software applications for simple analysis driving the industry growth.
Computational Medicine and Drug Discovery Software Market – Challenges
Shortage of Skilled Professional:
There is a significant knowledge gap among specialists on how to use various software tools for drug discovery. Many academic stages lack software tool usage because researchers are not trained in software tools and techniques. Manual interventions and lengthy installation timeframes are undesirable to a wide range of users, particularly those with limited computational abilities. Many researchers in the life sciences and medicine lack proper computational knowledge and may be unable to make manual treatments hampers Computational Medicine and Drug Discovery Software Market’s growth.
Computational Medicine and Drug Discovery Software Market – Landscape:
The Computational Medicine and Drug Discovery Software Market’s main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Computational Medicine and Drug Discovery Software Market top 10 companies are Chemical Computing Group, Instem PLC, Crown Biosciences Inc., Roche, Dassault Systemes, Scrodinger LLC, Genedata LLC, Entelos Inc., Nimbus Therapeutics Inc. and Certara LP.
Acquisitions/Product Launches:
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 which will provide providing high needed prostate cancer and lymphoma models respectively.
Key Takeaways
Computational Medicine and Drug Discovery Software market growth is being driven by technological advances, increasing research activities on drug designing and development government and many different private companies that are increasing investment in Research and Development.
Geographically, North America Computational Medicine and Drug Discovery Software Market held the largest revenue share of 38% in 2020 owing to the rising funding by the government and private players in R&D and emergence of startups relating to this field and increasing partnerships with pharmaceutical companies. The scope of the market for various regions will be provided in the final report.
The Computational Medicine and Drug Discovery Software Industry is expanding owing to rising perception of the product’s benefits in various applications and consumer preferences are expected to shift as quality levels increase.
The developing healthcare facilities and the greater means of people to spend on better quality software also have contributed to approval of Computational Medicine and Drug Discovery Software in the medicine.
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