The drug modeling software market was valued at US$ 6,205.22 million in 2019 and is projected to reach US$ 11,299.85 million by 2027; it is expected to grow at a CAGR of 8.1% during 2020-2027
Drug Modeling Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Product Type and Application
NEW YORK, Sept. 15, 2020 /PRNewswire/ --
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The drug modeling software market was valued at US$ 6,205.22 million in 2019 and is projected to reach US$ 11,299.85 million by 2027; it is expected to grow at a CAGR of 8.1% during 2020-2027. The growth of the drug modeling software market is mainly attributed to the factors such as increasing adoption of in-silico modeling tools in drug discovery, and rising economic burden of drug discovery. However, the market is likely to get negatively impacted by the less adoption of drug modeling in emerging countries, during the forecast period.
Drug modeling has become an essential tool in the drug design process.Software based drug discovery and development methods are playing key a role in the development of novel drugs.
Software based methods such as molecular modeling, structure-based drug design, structure-based virtual screening, ligand interaction and molecular dynamics are considered to be powerful tool for the investigation of pharmacokinetic and pharmacodynamic properties of drugs.These methods are fast, accurate, and provide valuable insights of experimental findings and mechanisms of action.
Additionally, appropriate implementation of these techniques may help in reducing drug designing and development cost.
Traditional drug discovery and development method includes various challenges such as capital-intensive, high failure rates, and time-consuming.It involves experimental screening of existing libraries of molecules followed by many rounds of chemical synthesis.
The process of drug development, from the discovery of a lead compound to its commercial launch, is estimated to take around 10-15 years along with the investment of a huge amount of money. As per the Pharmaceutical Research and Manufacturers of America, the average cost to research and develop a successful drug is estimated to be US$ 2.6 billion. Moreover, only a small proportion of leads that are selected for further investigation during the initial stages of research are translated into clinical research studies. Over a period, the complexities of drug discovery have increased owing to the increasing size of biologics. As a result, there has been a direct rise in R&D expenditure in the pharmaceutical sector. As per the Pharmaceutical Research and Manufacturers of America, in 2017, biopharmaceutical companies sponsored more than 4,500 clinical trials in the US. These trials accounted for approximately US$ 43 billion; moreover, in 2017, biopharmaceutical companies in the US invested around US$ 97 billion in R&D. At present, the pharmaceutical industry is under tremendous pressure to cope with rising capital requirements in drug discovery research and avoid losses due to drug failure.
Based on product type, the market is segmented into database, software, and others. The software segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Based on application, the global drug modeling software market is segmented into drug discovery and development, medical imaging, computational physiological medicine, predictive analysis of drug targets, disease modeling, simulation software, cellular simulation, and others. The drug discovery and development segment held the largest share of the market in 2019; whereas, the predictive analysis of drug targets segment is estimated to register the highest CAGR in the market during the forecast period.
The World Health Organization (WHO), Food and Drug Administration (FDA), European Federation of Pharmaceutical Industry Associations, Pharmaceutical Research, Manufacturers of America, and Organization for Economic Cooperation and Development are among the major primary and secondary sources referred for preparing this report.
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