Drug Discovery Market Definition
Industry Perspective:
The global drug discovery market was worth USD 76.96 billion in 2022 and is estimated to grow to USD 143.46 billion by 2030, with a compound annual growth rate (CAGR) of approximately 8.10% over the forecast period. The report analyses the drug discovery market’s drivers, restraints, and challenges and the effect they have on demand during the projection period. In addition, the report explores emerging opportunities in the drug discovery market.
Drug Discovery Market: Overview
In the domains of pharmacology, biotechnology, and medicine, the process of investigating novel potential medications is referred to as drug discovery. Drugs were previously found by chance, like penicillin, or by figuring out the active ingredient in traditional therapies. A method known as classical pharmacology was used to uncover compounds with desired therapeutic effects by screening chemical libraries of manufactured small molecules, natural products, or extracts in entire cells or organisms.
In addition, research and development efforts have increased dramatically in the pharmaceutical and biopharmaceutical industries. In order to develop novel medications and technologies, the pharmaceutical, biopharmaceutical, and medical device sectors heavily invest in phase III and preclinical phases. Because several preclinical and clinical services are required during the drug discovery and development process, one of the major reasons driving the growth in R&D spending is the global drug discovery market.
nForming Drug Discovery Market Smart Book
The nForming Drug Discovery Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the drug discovery market. The drug discovery market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.
Drug Discovery Market: Recent Developments
The drug discovery industry is seeing a variety of developments. Among the major development areas are:
Recent Developments
- In July 2022, According to ViiV Healthcare, a global HIV company that GSK primarily owns, new results from the unblinded phase of the HPTN 084 study in women in sub-Saharan Africa demonstrated that injectable cabotegravir long-acting for PrEP was more effective than daily oral TDF/FTC pills.
- In June 2022, Agilent used NVIDIA and AWS technology to accelerate the analysis of genomic bioinformatics pipelines.
Read more opportunities in the drug discovery market in the Smart Book.
Drug Discovery Market Drivers
Numerous chronic diseases predominate and drive market growth.
The market for drug discovery is expanding significantly due to the fact that numerous chronic diseases predominate. Rising rates of chronic illness, rising healthcare expenses, and the approaching patent expiration of popular drugs are the main factors driving the expansion of the drug discovery sector in the coming years. Major chronic illnesses such as type 2 diabetes, cancer, chronic obstructive pulmonary disease, and cardiovascular diseases (CVD) are predicted by the World Health Organization for 2020 to account for 73% of all deaths and 60% of the global disease burden. Because of this, there is a great need for safer, more effective molecules, and as a result of patients’ awareness of the need for individualized therapy and the growth of disease, new medications are discovered.
Drug Discovery Market: Restraints
Financial limitations hinder market growth.
The cost of developing a drug is influenced by a wide range of variables, placing a significant financial burden on the companies involved in drug discovery and development. One of the main reasons for high costs is the cost of unsuccessful medicine candidates during trial phases. Since the return on investment (ROI) is significantly declining, the pharmaceutical sector is under pressure to enhance its success rate with limited resources in order to reduce the cost of failure. Large corporations experience long-term losses. Nonetheless, small and medium-sized enterprises are severely impacted by losses. As a result, the high capital costs associated with medication development and the narrow profit margins provide a major barrier for the drug discovery sector.
Read all the major drivers and trends of the drug discovery market in the Smart Book.
Drug Discovery Market: Regional Landscape
North America dominated the Drug Discovery market in 2022
The existence of the United States is the fundamental reason for this vast expansion. The United States leads the world in terms of pharmaceutical R&D spending. Furthermore, it is the largest market for finished-dose formulations and bulk pharmaceuticals. The US market operates on the principles of a free economy, which aim to adopt open trade rules and prevent anti-competitive activity. For more than 30 years, the US pharmaceutical industry has been at the forefront of medication development, and PhRMA member companies remain at the forefront.
Read more competitive developments in the Drug Discovery Market Smart Book.
Drug Discovery Market Key Companies
Pfizer Inc.
GlaxoSmithKline PLC
Merck & Co. Inc.
Agilent Technologies Inc.
Eli Lilly and Company
F. Hoffmann-La Roche Ltd
Bayer AG,
Abbott Laboratories Inc.
AstraZeneca PLC
Shimadzu Corp.
Drug Discovery Market Segmentation:
The global drug discovery market has been segmented into service, end-user, and mode of transit.
Based on drug type, small molecules and large molecules are segments of the global drug discovery market. The small-molecule segment dominated the market in 2022. Compared to other compounds, the FDA is more likely to categorize small-molecule drugs as breakthrough or first-in-class treatments. Small-molecule drugs have thus been shown to be essential for the fight against diseases. It’s predicted that the market for small-molecule drug discovery will expand significantly due to the growing number of approved small-molecule drugs, the increasing demand for R&D from contract organizations, and the growing use of small molecules in the treatment of chronic diseases.
Based on end-users, the market is classified into pharmaceutical companies, CROs, and others. In 2022, the pharmaceutical company category dominated the global market. This is a result of the leading biotechnology and pharmaceutical corporations increasing their spending on the creation of novel medications. The aging population and increased incidence of chronic illnesses are driving up demand for novel medications. The market for drug discovery has been driven by the rise in drug demand worldwide. Furthermore, the biopharmaceutical industry’s explosive expansion has made a substantial contribution to the market’s expansion.
Based on technology, the market is classified into high-throughput screening, pharmacogenomics, combinatorial chemistry, nanotechnology, and other technologies. In 2022, the high-throughput screening category dominated the global market. Since it enables the quick screening of numerous compounds for potential target action, high-throughput screening (HTS) has been a fundamental tool in the drug development process. It has significantly accelerated the early stages of drug development and led to chemical discovery.
Segmentation:
Drug Discovery Market, By Drug Type |
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Drug Discovery Market, by End-User |
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Drug Discovery Market, by technology |
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Drug Discovery Market, By Geography |
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Frequently Asked Questions (FAQs):
- Which key factors will influence drug discovery market growth over 2023-2030?
The main reasons anticipated to propel the drug discovery market during the forecast period are the growing amount of money spent on R&D in the biotechnology and pharmaceutical sectors.
- What will be the value of the drug discovery market during 2022-2030?
According to the report, the global drug discovery market size was worth USD 76.96 billion in 2022 and is estimated to grow to USD 143.46 billion by 2030, with a compound annual growth rate (CAGR) of approximately 8.10% over the forecast period.
- Which region will contribute notably towards the drug discovery market value?
North America is anticipated to continue leading the drug discovery market throughout the projected period.
- Which are the major players leveraging the drug discovery market growth?
Some of the main competitors dominating the global drug discovery market include – Pfizer Inc., GlaxoSmithKline PLC, Merck & Co. Inc., Agilent Technologies Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Bayer AG, Abbott Laboratories Inc., AstraZeneca PLC, Shimadzu Corp.
