Dublin, July 15, 2024 (GLOBE NEWSWIRE) -- The "Drug Discovery Technologies Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
Where is the largest and fastest-growing market for drug discovery technologies? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider drug discovery technologies market; and compares it with other markets.
The global drug discovery technologies market reached a value of nearly $66.07 billion in 2023, having grown at a compound annual growth rate (CAGR) of 9.8% since 2018. The market is expected to grow from $66.07 billion in 2023 to $113.01 billion in 2028 at a rate of 11.3%. The market is then expected to grow at a CAGR of 10.8% from 2028 and reach $188.64 billion in 2033.
Growth in the historic period resulted from the increased pharmaceutical research and development (R&D) expenditure, increase in demand for personalized medicine and favorable government initiatives to accelerate drug discovery research. Factors that negatively affected growth in the historic period include complex and time-consuming regulatory approval processes.
Going forward, the increasing aging population worldwide, rising healthcare expenditure globally, growing incidence of chronic diseases and strong economic growth in emerging markets will drive the market. Factors that could hinder the growth of the drug discovery technologies market in the future include high cost of drug discovery.
Market Insights
The drug discovery technologies market is segmented by technology into high throughput screening, genomics, bioinformatics, combinational chemistry, biochips, bioanalytical instruments and other technologies. The high throughput screening market was the largest segment of the drug discovery technologies market segmented by technology, accounting for 25.1% or $16.58 billion of the total in 2023. Going forward, the genomics segment is expected to be the fastest growing segment in the drug discovery technologies market segmented by technology, at a CAGR of 133% during 2023-2028.
The drug discovery technologies market is segmented by drug type into small molecule drugs and biologic drugs. The small molecule drugs market was the largest segment of the drug discovery technologies market segmented by drug type, accounting for 70.8% or $46.8 billion of the total in 2023. Going forward, the biologic drugs segment is expected to be the fastest growing segment in the drug discovery technologies market segmented by drug type, at a CAGR of 12.5% during 2023-2028.
The drug discovery technologies market is segmented by end-user into pharmaceutical companies, biopharmaceutical companies, biotechnology companies, research institutes and other end-users. The pharmaceutical companies market was the largest segment of the drug discovery technologies market segmented by end-user, accounting for 36.3% or $24.01 billion of the total in 2023. Going forward, the biopharmaceutical companies segment is expected to be the fastest growing segment in the drug discovery technologies market segmented by end-user, at a CAGR of 13.2% during 2023-2028.
The drug discovery technologies market is segmented by disease application into cancer diseases, immunological diseases, neurological diseases, cardiovascular diseases and other disease applications. The cancer diseases market was the largest segment of the drug discovery technologies market segmented by disease application, accounting for 33.8% or $22.35 billion of the total in 2023. Going forward, the cancer diseases segment is expected to be the fastest growing segment in the drug discovery technologies market segmented by disease application, at a CAGR of 12.5% during 2023-2028.
North America was the largest region in the drug discovery technologies market, accounting for 40.5% or $26.75 billion of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the drug discovery technologies market will be Asia-Pacific and North America, where growth will be at CAGRs of 12.2% and 11.6% respectively. These will be followed by Western Europe and South America, where the markets are expected to grow at CAGRs of 11.2% and 9.6% respectively.
The global drug discovery technologies market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 26.61% of the total market. AstraZeneca plc was the largest competitor with a 5.73% share of the market, followed by Merck KGaA with 3.79%, GlaxoSmithKline Plc with 2.98%, Pfizer Inc. with 2.92%, Thermo Fisher Scientific with 2.18%, Waters Corporation with 2.16%, Bio-Rad Laboratories with 2.04%, GE Healthcare Ltd. with 1.95%, Novartis AG with 1.79% and Bruker Corporation with 1.07%.
The top opportunities in the drug discovery technologies market segmented by technology will arise in the high throughput screening segment, which will gain $13.1 billion of global annual sales by 2028. The top opportunities in the drug discovery technologies market segmented by drug type will arise in the small molecule drugs segment, which will gain $31.56 billion of global annual sales by 2028. The top opportunities in the drug discovery technologies market segmented by end-user will arise in the pharmaceutical companies segment, which will gain $15.25 billion of global annual sales by 2028. The top opportunities in the drug discovery technologies market segmented by disease application will arise in the cancer diseases segment, which will gain $17.96 billion of global annual sales by 2028. The drug discovery technologies market size will gain the most in the USA at $16.58 billion.
Market-trend-based strategies for the drug discovery technologies market include focus on advanced technologies to accelerate drug development, introduction of intelligent robotics labs to expand AI-driven drug discovery efforts, introduction of intelligent robotics labs to expand ai-driven drug discovery efforts and strategic partnerships and collaborations among major players.
Player-adopted strategies in the drug discovery technologies market include focus on advancing healthcare innovation by leveraging digital technology, leveraging advanced AI technologies through strategic collaborations to accelerate and enhance the discovery and development of drugs, leveraging strategic collaborations to enhance drug discovery and accelerate the development of novel therapeutics across multiple disease areas, accelerating innovation in cancer drug discovery and development through strategic collaborations and expanding access to advanced diagnostic technologies in underserved regions through strategic partnerships.
To take advantage of the opportunities, the analyst recommends the drug discovery technologies companies to focus on innovative solutions to drive market differentiation, focus of embracing AI-driven robotics labs for accelerated drug discovery, focus on high throughput screening segment, expand in emerging markets, expand in emerging markets, focus on strategic investment in innovative drug discovery technologies, focus on strategic partnerships for enhanced drug discovery, focus on expanding distribution channels for drug discovery technologies, provide competitively priced offerings, focus on developing pricing strategies for drug discovery technologies, participate in trade shows and events, continue to use B2B promotions, prioritize thought leadership and educational content, focus on targeting disease-specific expertise in people strategies and focus on targeting disease-specific expertise across end-user segments.
Markets Covered:
1) by Technology: High Throughput Screening; Genomics; Bioinformatics; Combinational Chemistry; Biochips; Bioanalytical Instruments; Other Technologies
2) by Drug Type: Small Molecule Drugs; Biologic Drugs
3) by End-User: Pharmaceutical Companies; Biopharmaceutical Companies; Biotechnology Companies; Research Institutes; Other End-Users
4) by Disease Application: Cancer Diseases; Immunological Diseases; Neurological Diseases; Cardiovascular Diseases; Other Disease Applications
Key Companies Mentioned: AstraZeneca plc.; Merck KGaA; GlaxoSmithKline plc; Pfizer Inc.; Thermo Fisher Scientific
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; drug discovery technologies indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 339 |
| Forecast Period | 2021-2031 |
| Estimated Market Value (USD) in 2021 | $66.07 Billion |
| Forecasted Market Value (USD) by 2031 | $188.64 Billion |
| Compound Annual Growth Rate | 11.1% |
| Regions Covered | Global |
A selection of other major companies mentioned in this report includes, but is not limited to:
- Waters Corporation
- Bio-Rad Laboratories
- GE Healthcare Ltd.
- Novartis AG
- Bruker Corporation
- HitGen Inc.
- Ascentage Pharma
- WuXi AppTec
- XtalPi Inc.
- Jiangsu Hengrui Pharmaceuticals Co., Ltd.
- Insilico Medicine
- Adagene
- BioDuro-Sundia
- X-Chem
- Aurigene Pharmaceutical Services
- Fujitsu Limited
- Aragen Life Sciences Private Limited
- Novo Nordisk A/S
- Merck Group
- F. Hoffmann-La Roche AG
- Dassault Systemes SA
- Evotec SE
- Sygnature Discovery Ltd.
- ChemAxon Ltd.
- BenevolentAI
- Gedeon Richter Plc
- Nuritas, Ltd
- EXSCIENTIA AI LIMITED
- Axon Neuroscience
- Selvita S.A
- Dotmatics inc.
- Bayer AG
- CytoReason
- GE HealthCare Technologies Inc.
- Agilent Technologies Inc.
- Charles River Laboratories International Inc.
- Curia Global Inc.
- Luminex Corporation
- BioXcel Therapeutics Inc.
- Biominas Brasil
- Ache Laboratorios Farmaceuticos S.A.
- BIOGENESIS BAGO S.A.
- INDEAR
- Merck Peruana S.A.
- Meton AI
- NUVISAN
- Danio Biotechnologies
- InsilicAll
- Quasar Bio
- Sanofi
- Eli Lilly
- AbbVie
- Eurofins Scientific
- bioMerieux SA
- Smiths Medical
- Johnson & Johnson
- Aspen Pharmacare Eisai Co., Ltd.
- Cape Bio Pharms
- iThemba Pharmaceuticals
- Adcock Ingram Holdings Ltd
- Medisell Co. Ltd
- Ranbaxy Laboratories Ltd
For more information about this report visit https://www.researchandmarkets.com/r/umqege
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