Drug Discovery Market Outlook
The global drug discovery market size was valued at USD 55.46 Billion in 2022 and is likely reach to USD 122.46 Billion by 2031, expanding at a CAGR of 9.2% during the forecast period, 2023–2031.
The growth of the market is attributed to the rapid expansion of drugs discovery experiments along with the emerging technology that can help proceeding to become more specific and little time consuming drug manufacturing process.
Drug discovery is the type of process of drug manufacturing, which involves applying new capable therapeutic operation using a combination of investigational, mathematical, and scientific methods. Designing drugs is an innovative method of discovering brand new medications based on the knowledge of biological target.
Current drug discovery incudes the medicinal chemistry, recognition of screening hits, and development of those hits to increase the selectivity, adequacy, metabolic strength, and oral bioavailability.
Due to COVID-19 pandemic, several health organizations across countries are promptly investing in research and development programs to develop targeted drugs that can effectively fight the virus. As the number of the COVID-19 cases increased rapidly, there was surge in demand for drugs that can curb the spread of the virus. This led to the significant development of the market.
Market Trends, Drivers, Restraints, and Opportunities
- Investments in research and development, presence of skilled professional in drugs development, and great management helps are key factors driving the growth of the market.
- Drive towards personalized medicine and hunt of novel treatment mechanism have created a diverse pipeline with successful launch and promising outcomes of the first allowed product. These factors are expected to boost the market expansion in the coming years.
- Existing corporate problems, networking failure, solid capability of development failure, and corporate harshness in the drug discovery innovation system are key challenges that can restrict the market growth.
- Designing a drug substance with a single or narrow therapeutic purpose and complex clinical trials of companies coming after the same drug target are projected to limit the market growth.
- Use of big data to leverage existing information into knowledge useable for drug discovery present good opportunities for the market expansion.
Scope of Drug Discovery Market Report
The report on the global drug discovery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Drug Discovery Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technology (Nanotechnology, Combinatorial Chemistry, High Throughput Screening, Pharmacogenomics, and Others), Drug Types (Biologic Drugs and Small Molecule Drugs), and End-users (Contract Research Organizations, Pharmaceutical Companies, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Merck & Co. Inc.; GlaxoSmithKline PLC; Pfizer Inc.; Eli Lilly and Company; and Agilent Technologies Inc.
Drug Discovery Market Segment Insights
High throughput screening segment is expected to grow at a rapid pace
Based on technology, the global drug discovery market is divided into nanotechnology, combinatorial chemistry, high throughput screening, pharmacogenomics, and others.
The high throughput screening segment is anticipated to grow at a rapid pace during forecast period owing to the wide popularity of screening test process of possible compound from different sources such as the ZINC database, US FDA approved drugs, CHEMBL database, and molecule under clinical test.
Biologic drugs segment is projected to expand at a considerable CAGR
On the basis of drug types, the market is bifurcated into biologic drugs and small molecule drugs. The biological drugs segment is projected to expand at a considerable CAGR during the forecast period.
Biological and drugs offer benefits such as fewer side effects, high effectiveness and potential action, and ability to actually recover from the disease as compared to other drug types. The advantages of simple treatment of the symptoms, which increase the trade for these products.
Pharmaceutical companies segment is anticipated to constitute a key market share
In terms of end-users, the global drug discovery market is classified as contract research organizations (CROS), pharmaceutical companies, and others.
The pharmaceutical companies are expected to constitute a key share of the market during the projected period owing to wide investment, high adoption, and leading technological development by pharmaceutical companies in the development of drug discovery.
Due to their positive results in the treatment of a few of rare and chronic diseases, the market segment is expected to exhibit a robust growth rate.
Drug Discovery Market Regional Outlook
North America is expected to dominate the market
Based on regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market in the coming years. The growth of the regional market is attributed to availability of a huge market for finished dosage formulations and large amount of drugs.
Moreover, wide expansion in term of research and development investment for the development of pharmaceutical products acts as a major driver of the market growth in the region.
- Combinatorial Chemistry
- High Throughput Screening
- Biologic Drugs
- Small Molecule Drugs
- Contract Research Organizations
- Pharmaceutical Companies
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The market is very competitive in nature owing to the presence of many major players. Some of the major players competing in the global drug discovery market are Merck & Co. Inc.; GlaxoSmithKline PLC; Pfizer Inc.; Eli Lilly and Company; and Agilent Technologies Inc.