Drug discovery informatics market predicted to grow 12.6% by 2028
The drug discovery informatics market is predicted to grow from $3.77 billion in 2024 to $6.06 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%, according to analysts ResearchAndMarkets.com.
The recent growth in the market is attributed to advancements in genomics and proteomics, the escalating complexity of drug targets, progress in structural biology, a rise in outsourcing practices, the integration of pharmacogenomics, and the implementation of drug repurposing strategies.
The new report says the anticipated growth to 2028 will be fuelled by the expansion of precision medicine, advancements in drug-drug interaction prediction, analysis of patient-derived data, development of biosimilars, and the increasing number of drug candidates.
Drug discovery informatics trends
The increasing prevalence of chronic diseases is anticipated to play a large part in driving the expansion of the informatics market. A report by the World Health Organization in 2022 highlighted that non-communicable diseases (NCDs) are projected to cause 41 million deaths, accounting for 74% of global fatalities. Cardiovascular diseases rank highest in annual fatalities (17.9 million), followed by cancer (9.3 million), chronic respiratory disorders (4.1 million), and diabetes (2.0 million, including diabetes-induced kidney disease).
An increase in research and development (R&D) activity will also have an impact. For instance, according to the NCSES in January 2023, the US witnessed a total R&D investment of $791.9 billion in 2021, indicating a notable increase compared to the previous year.
Leading companies within the drug discovery informatics market are directing their efforts toward innovative offerings, such as AI-powered solutions, to drive market revenues. AI-driven solutions aim to enhance the speed, accuracy and efficiency of research and development processes within the life sciences industry.
In one example, in May 2023, Google Cloud Platform introduced AI-powered life sciences solutions such as the Target and Lead Identification Suite and the Multiomics Suite, designed to predict protein structures, delineate the function of amino acids, and analyse genetic data.