Dublin, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The "Drug Discovery Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global drug discovery market is projected to grow from $85.42 billion in 2022 to $98.48 billion in 2023, with a compound annual growth rate (CAGR) of 15.3%. The market is expected to reach $158.67 billion in 2027, growing at a CAGR of 12.7%.
Market Overview:
Drug discovery is a critical process of identifying biologically active compounds with the potential to become therapeutic agents for treating new, existing, and previously incurable diseases. The market covers various drug types, including small molecules and large molecules, along with technologies like high throughput screening, spectroscopy, biochips, pharmacogenomics, bioinformatics, nanotechnology, and others. Drug discovery finds application in therapeutic areas such as oncology, neurology, infectious and immune system diseases, cardiovascular diseases, and more. Pharmaceutical companies, CROs, and other end-users are key participants in the drug discovery market.
Key Drivers:
The drug discovery market is driven by technological advancements that reduce the time required for drug discovery. Companies are adopting innovative technologies like AI and imaging technology to enhance drug discovery processes. Imaging technology enables non-invasive visualization, characterization, and quantification of biological activities in response to medications, crucial for understanding diseases and finding new treatments. These advancements expedite the screening of potential therapies for diseases.
Market Segmentation:
The drug discovery market report provides comprehensive data on drug types, processes, technologies, therapeutic areas, and end-users. It covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Rising Healthcare Expenditure:
The market is expected to be propelled by rising healthcare expenditure worldwide. Countries are allocating a significant portion of their GDP to healthcare expenses, including drug discovery for new diseases and therapies. The increasing need for new drugs to treat emerging diseases and prolong life contributes to the demand for drug discovery services.
Report Scope:
The report covers market characteristics, size, growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies. It provides a complete perspective of the current and future scenario of the drug discovery industry. The report is suitable for supporting internal and external presentations with reliable high-quality data and analysis.
Key Players:
Major players in the drug discovery market and profiled in the report include:
- GlaxoSmithKline PLC
- Merck & Co. Inc.
- Agilent Technologies Inc.
- Eli Lilly and Company
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $98.48 billion |
| Forecasted Market Value (USD) by 2027 | $158.67 billion |
| Compound Annual Growth Rate | 12.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/y6c1f3
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