The global drug discovery informatics market is expected to reach a market size of USD 4.09 Billion by 2027 and register a high CAGR during the forecast period, according to latest analysis by Reports and Data.
Growth of the drug discovery informatics market is driven by rising need to analyze large volumes of data, increasing use of Information Technology in data mining and data analysis with regard to drug development, data visualization, progressions in software versions for data aggregation, and increased usage of cloud-based services.
Emergence of cloud-based technologies and innovative analytics are among other factors driving growth of the drug discovery informatics market. Cloud enables storage, processing, and analyzing large volume of dataset at low cost. Adoption of new computer and infrastructure technologies results in faster and better scientific research. Cloud has the potential to increase the speed of basic research projects.
The increasing shift from conventional to data-driven technologies by pharmaceutical companies is another key factor expected to propel growth of the drug discovery informatics market. However, high cost of drug discovery informatics can limit its adoption in various sectors.
The COVID-19 impact: The COVID-19 pandemic has spurred growth of drug discovery informatics market. Biopharmaceutical companies are investing significantly in research for development of SARS-COV-2 vaccine. Researchers are identifying drugs for treatment of the disease by examining both new and existing drugs, which is driving growth of the drug discovery informatics market.
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Further key findings in the report
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For the purpose of this report, Reports and Data has segmented the global drug discovery informatics market on the basis of function, solution, application, end-use, and region:
Function Outlook (Revenue, USD Billion; 2017-2027)
Solution Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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