Drug Discovery Market

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.

PUNE, MAHARASHTRA, INDIA, December 6, 2023 /EINPresswire.com/ -- Drug Discovery Market 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 analyzes 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 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 genomics bioinformatics pipelines.

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Drug Discovery Market’s Top Driver

Numerous chronic diseases predominate to drive market growth.

The market for drug discovery is expanding significantly due to 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 type 2 diabetes, cancer, chronic obstructive pulmonary disease, and cardiovascular diseases (CVD) are predicted by the World Health Organization 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 in disease, new medications are discovered.

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 aims 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.

Drug Discovery Market Top Players: 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 drug type, end-user, and technology.

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 companies category dominated the global market. This is a result of the leading biotechnology and pharmaceutical corporations increasing their spending in 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.

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