Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Small Molecule Drug Discovery Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The small molecule drug discovery market size has grown strongly in recent years. It will grow from $57.41 billion in 2023 to $63.15 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The small molecule drug discovery market size is expected to see rapid growth in the next few years. It will grow to $95.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
The anticipated growth in the upcoming period is driven by several factors. These include the identification of new and innovative therapeutic targets, a shift towards patient-focused drug discovery approaches, the development of drug-device combination products, the utilization of real-world evidence in drug research, the integration of pharmacogenomics into drug development, and the ongoing challenges posed by global health issues.
Key trends expected in this forecast period involve the adoption of fragment-based drug discovery methods, the incorporation of artificial intelligence into drug research, advancements in RNA-targeted therapeutics, fostering collaborations and partnerships within the industry, innovations in drug delivery techniques, and the increased utilization of organoids and 3D cell culture models.
The anticipated rise in chronic diseases is set to propel the growth of the small molecule drug discovery market. Chronic diseases, characterized by lasting a year or longer and requiring continuous medical care, include conditions such as HIV, cancer, infections, heart disease, and renal disease. Small-molecule medications prove to be effective in treating these chronic conditions and are generally more cost-effective for patients.
According to a report from the National Institutes of Health (NIH) in 2023, the United States is expected to witness a 99.5% increase in the number of people aged 50 and older with at least one chronic illness, rising from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity is projected to rise by 91.16%, reaching 14.968 million in 2050 from 7.8304 million in 2020. Consequently, the growing incidence of chronic diseases is a driving force behind the expansion of the small molecule drug discovery market.
Government initiatives aimed at promoting research and development in healthcare are anticipated to drive the growth of the small molecule drug discovery market. These initiatives involve specific actions, programs, or policies undertaken by government authorities at various levels to address healthcare challenges and foster positive changes in society. In 2022, the UK government, as reported by the Department of Health and Social Care, committed £260 million (US $270.65 million) in funding to enhance healthcare research and manufacturing.
This funding, provided by BEIS and DHSC, supports NHS-led health research in diagnostics and treatment through innovative privacy-preserving platforms and clinical research services. An additional £60 million (US $63.60 million) was allocated to support the expansion of life sciences manufacturing in the UK. Consequently, government initiatives focused on research and development in healthcare play a pivotal role in propelling the small molecule drug discovery market.
Technological innovations emerge as a prominent trend in the small molecule drug discovery market, with major companies concentrating on the development of new products. For instance, in January 2023, Dotmatics, a US-based provider of a digital science platform, introduced the Small Molecule Drug Discovery Solution.
Uniquely designed with an integrated scientific R&D platform featuring pre-configured workflows and expanded data management capabilities, this solution aims to reduce operational inefficiencies and expedite the process of transforming data into actionable insights. The focus on technological advancements underscores the commitment of industry leaders to drive advancements in the small molecule drug discovery field.
Prominent companies within the small molecule drug discovery sector are actively engaging in strategic partnerships as a key strategy to drive revenues. These collaborations often serve as catalysts for innovation by harnessing the combined expertise of different entities. In a noteworthy example, in November 2023, Evommune, a non-profit organization based in the United States, joined forces with Accutar Biotechnology, a US-based biotechnology company, in a strategic partnership focused on AI-based drug discovery, specifically targeting chronic inflammatory diseases. This collaborative effort aims to capitalize on Accutar's proprietary AI platform and Evommune's specialized expertise to identify novel small molecule drug candidates.
A significant partnership occurred in July 2022 when GSK Plc., a prominent pharmaceutical and biotechnology company based in the UK, acquired Sierra Oncology Inc. for a substantial deal valued at 1.9 billion dollars. This strategic acquisition plays a crucial role in expanding GSK's advanced cancer portfolio, underscoring its commitment to improving patient outcomes and maximizing shareholder value. Sierra Oncology, a US-based clinical-stage drug development company, specializes in advancing targeted therapeutics for the treatment of cancer patients.
The collaboration is expected to enable GSK to establish a sustainable process for innovative therapeutics, utilizing modalities such as small molecules, antibodies, antibody-drug conjugates, and cell therapy. This strategic move reinforces GSK's position in the small molecule drug discovery landscape while broadening its capabilities in addressing critical healthcare challenges.
North America was the largest region in the small molecule drug discovery market in 2023. Europe is expected to be the fastest-growing region in the small molecule drug discovery market report during the forecast period. The regions covered in the small molecule drug discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the small molecule drug discovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
- By Drug Type: Small Molecule Drugs; Biologic Drugs
- By Technology: High Throughput Screening; Pharmacogenomics; Combinatorial Chemistry; Nanotechnology; Others
- By Therapeutic Area: Oncology; Central Nervous System; Cardiovascular; Respiratory; Metabolic Disorders; Gastrointestinal; Others
- By Process/Phase: Target ID Or Validation; Hit Generation and Selection; Lead Identification; Lead Optimization
- By End-User: Pharmaceutical Companies; Contract Research Organizations; Others
A selection of companies mentioned in this report includes
- Pfizer Inc.
- GlaxoSmithKline plc
- AstraZeneca
- Boehringer Ingelheim International GmbH
- Bristol-Myers Squibb Company
- Johnson & Johnson
- Gilead Sciences Inc.
- Merck KGaA
- Novartis AG
- 21st Century Therapeutics Inc.
- 4SC AG
- Teva Pharmaceutical Industries Ltd.
- Takeda Pharmaceutical Company Limited
- Immunocure Inc.
- Labcorp Drug Development
- ICON Public Limited Company
- Charles River Laboratories
- Aluda Pharmaceuticals
- CelerisTx
- Clinuvel Pharmaceuticals
- Corcept Therapeutics
- Doloromics
- Edison Oncology
- Escend Pharmaceuticals
- Terray Therapeutics
- Apollomics
- Astex Pharmaceuticals
- Surface Ophthalmics
- Pardes Biosciences
- Xynomic Pharmaceuticals
- AfaSci
- Zevra Therapeutics
- Saniona
- UNION therapeutics
- Tetra Pharm Technologies
- Pharmacosmos
- Allarity Therapeutics
- Xellia Pharmaceuticals
- Cyteir Therapeutics
- BigHat Biosciences
For more information about this report visit https://www.researchandmarkets.com/r/vmiz9x
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