The growing technological advancement such as microarray-based expression profiling in genomics, proteomics and drug discovery domains, create a large amount of biological data that further encourages the demand of drug discovery informatics solutions. The drug discovery informatics solutions provide clinical decision systems that support R&D programs and other research studies to discover and develop safe and effective drugs for various chronic diseases including cancer, diabetes, and neurological diseases, among others. R&D budget has been increased around the globe owing to increasing funding, grants and other government support in R&D for drug discovery. The increase in R&D expenditure is also driven by increasing pharmaceutical sales coupled with technological advancement.
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A significant increase in government funding for R&D programs has boosted the drug discovery market and other associated markets such as drug discovery informatics market. In 2018, it was stated by the NIH (National Institutes of Health), one of the foremost medical research centers, globally, that it invests around $39 billion for medical research in the US annually. Over 80% of the organization’s funding is granted through around 50,000 competitive grants to over 300,000 researchers at research institutions, medical schools, and universities across the US and other economies. Numerous investments in the industry have inspired significant financial resources into drug discovery space, enabling healthcare companies and organizations the opportunity of investing in R&D programs for various drug discovery and treatments coupled with adopting digital technologies such as informatics tools.
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Growth in emerging economies will spur the drug discovery informatics market
The emerging ASEAN economies such as Singapore, Philippines, and Indonesia among others are full of opportunities and are getting an overwhelming response to drug discovery informatics services. Technological advancement and innovation in drug discovery informatics services and solutions are attracting the Lifescience companies, pharma companies, and other healthcare providers to adopt these products extensively. Growing ASEAN economies are the key destinations for informatics solutions and services providers to grow significantly due to the presence of a huge targeted customer base and improving the healthcare system. Additionally, with the effect of favorable regulations and government support various healthcare and cloud market players are entering the ASEAN region for business expansion or funding the regional players to explore the market opportunities.
In recent years, the trend for CROs is increasing in large and small biopharmaceutical companies for research services, across the breadth of manufacturing and R&D operations. CROs provide support to the biotechnology, pharmaceutical, and medical device industries through outsourced R&D services that span preclinical research, drug discovery, clinical research, commercialization, clinical trial management, and pharmacovigilance. Whilst the pharmaceutical industry is evolving, the biotechnology and pharmaceutical companies are noticeably dedicating their resources to particular areas of the healthcare industry’s value chain and have significantly developed vendor relationships for non-core functions. This trend has significantly benefitted the CROs by capturing a growing share of the core and non-core functions that optimally large pharmaceutical companies seek to outsource.
Global drug discovery informatics Market Segmentation
By Function
- Docking
- Molecular Modeling
- Libraries and Database Preparation
- Sequencing and Target Data Analysis
- Others
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