|Growth Insights—Global Pharmaceutical Drug Discovery IT Solutions Market, Forecast to 2020|
|Digitalization in Drug Discovery Presents Significant Growth Opportunities for Healthcare IT Companies|
The growing focus of pharmaceutical companies on reducing their drug discovery spending has resulted in companies looking to adopt information technology and informatics solutions to achieve efficiency in their R&D operations. While adoption of IT solutions in clinical research and trial activities is relatively high, drug discovery digital solutions have just started to grow, with companies primarily looking at data analytics and AI-based solutions to the improve efficiency of their research operations.
As adoption of IT solutions grows and vendors develop clarity about customer requirements, the market is expected to witness a transformation in existing product landscape and available opportunities. At present, most market developments and innovations are led by small market participants and start-ups, which are also gaining strong traction from Big Pharma companies. In the near to mid-term, expected expansion plans of large healthcare IT companies are likely to drive market growth and change the overall industry landscape. Despite this, evolution of innovative small companies will continue. This translates into interesting innovations and technology-driven market dynamics.
The global pharmaceutical drug discovery IT solutions market is expected to reach $5.3 billion by 2020 at a compound annual growth rate (CAGR) of 8.9%. Medicinal chemistry solutions are likely to be the dominant IT spending category during the forecast period. The market is highly fragmented with a handful of global participants and many application-focused solution providers.