New York, United States, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Drug discovery is the process of examining potential novel treatments, and it takes place in the domains of pharmacology, biotechnology, and medicine. Drugs were previously found by accident, as with penicillin, or by figuring out the active ingredient in standard therapies. Classical pharmacology was used to identify drugs with the required therapeutic effects by screening chemical libraries of made small molecules, natural products, or extracts in entire cells or organisms.
According to Straits Research, “The global drug discovery market was valued at USD 59,922 million in 2021. It is expected to reach USD 120,809 million by 2030, growing at a CAGR of 9.16% during the forecast period (2022–2030).” R&D activities in the pharmaceutical and biopharmaceutical industries have significantly increased. The phase III and preclinical stages of developing novel medications and technologies receive significant financial investment from the pharmaceutical, biopharmaceutical, and medical device sectors. The rise in R&D expenditures, driven by the need for many preclinical and clinical services throughout the drug discovery and development process, is one of the major drivers affecting the global market for drug discovery.
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Rising Prevalence of Chronic Diseases, Increased R&D Expenses, and Improved Welfare Spending Spur the Drug Discover Market
The burden of chronic diseases is increasing, healthcare expenses are increasing, and the patents on blockbuster drugs are about to expire. These three factors now have the most prominent effects on expanding the drug discovery sector in the following years. The sum that pharmaceutical companies invest in R&D has increased over time. As a direct result, more money will be allocated to drug discovery. Studies on scenarios involving novel therapies are becoming more prevalent. Healthcare costs are one of the variables influencing the drug development sector. By supplying medicines and vaccines for different medical operations, the pharmaceutical industry contributes significantly to healthcare. Therefore, the annual healthcare spending from corporate companies and government budgets has a significant impact on the expansion of the drug discovery process.
Regional Insights
The most significant market share belongs to North America, which is anticipated to expand at a CAGR of 8.06% over the forecast period. The US's existence is the leading cause of this enormous expansion. The United States leads the world in terms of money spent on pharmaceutical research and development. Additionally, it is the largest market for bulk pharmaceuticals and formulations with entire doses. The principles of a free economy, which are meant to implement open trade policies and forbid anti-competitive activity, guide how the US market operates. For more than 30 years, the US pharmaceutical industry has led the world in creating innovative medicines, and PhRMA member companies continue to lead the way.
Europe owns the second-largest market share and is anticipated to expand at a CAGR of 9.08%, accounting for USD 32,218 million by 2030. It is also projected that the increased prevalence of chronic illnesses like cancer and diabetes would fuel market development in this area. It has been shown that the bulk of market participants focus on the introduction and advancement of medicines. Due to the increasing prevalence of targeted diseases and the presence of several international companies, further development in this region's drug discovery industry is projected. As chronic illnesses become more widespread, the market is growing more profitable.
The Asia-Pacific region's success is primarily due to the presence of several developing and developed economies. The pharmaceutical industry in China is steadily growing. The population's growing demand for efficient pharmaceuticals is the primary cause of this growth. On the other hand, India's healthcare system is growing at the fastest rate in the world. The overall healthcare system and the drug research sector are increasing due to the rise in chronic illness prevalence.
Key Highlights
- By drug type, the global drug discovery market is bifurcated into Small Molecule Drugs and Biologic Drugs. The Small Molecule Drugs segment holds the largest market share and is anticipated to grow at a CAGR of 8.98% during the forecast period.
- By application, the global drug discovery market is categorized into High Throughput Screening, Pharmacogenomics, Combinatorial Chemistry, Nanotechnology, and Others. The High Throughput Screening segment holds the largest market share and is projected to grow at a CAGR of 8.62% during the forecast period.
- By end-user, the global drug discovery market is classified into Pharmaceutical Companies, Contract Research Organizations, and Others. The Pharmaceutical Companies segment owns the most significant market share and is estimated to grow at a CAGR of 9.08% during the forecast period.
Market News
- In July 2022, ViiV Healthcare, the global specialist HIV company majority-owned by GSK, announced that new data from the unblinded phase of the HPTN 084 investigation in women in sub-Saharan Africa indicated better efficacy of injectable cabotegravir long-acting for PrEP over daily, oral TDF/FTC tablets.
- In July 2022, Merck and Orion established a worldwide partnership that will result in the development and marketing of ODM-208, an experimental steroid synthesis inhibitor for the treatment of metastatic castration-resistant prostate cancer.
Competitive Landscape
The major players in this market are Pfizer Inc., GlaxoSmithKline PLC, Merck & Co. Inc., Agilent Technologies Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Bayer AG, Abbott Laboratories Inc., Thermo Fisher Scientific Inc., and Shimadzu Corp.
Global Drug Discovery Market: Segmentation
By Drug Type
- Small Molecule Drugs
- Biologic Drugs
By Technology
- High Throughput Screening
- Pharmacogenomics
- Combinatorial Chemistry
- Nanotechnology
- Others
By End-user
- Pharmaceutical Companies
- Contract Research Organizations
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- The Middle East and Africa
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