New York, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Overview
The Global Drug Discovery Market is projected to reach USD 60.9 billion in 2024 which is further anticipated to reach USD 138.5 billion by 2033 at a CAGR of 9.6%.
Global drug discovery market projections anticipate rapid expansion due to advancements in artificial intelligence and high throughput screening technologies. Pharmaceutical industries will announce significant increases in research and development investments dedicated to small-molecule drugs and other clinically effective therapies.
Partnerships between major pharma, biomedical startups, and CROs are increasingly prevalent and help foster innovation by contributing new ideas to development. Due to an increasing need for effective medications that treat intractable illnesses such as cancer and cardiovascular diseases, drug discovery markets will experience tremendous expansion during their forecast periods
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The US Drug Discovery Market
The US Drug Discovery Market with an estimated value of USD 25.0 billion in 2024 is projected to increase at a compound annual growth rate of 9.0% until reaching USD 54.5 billion by 2033.
Market trends such as advanced technologies and increasing R&D investments are driving the growth of the drug discovery market in the US. One such emerging trend involves using artificial intelligence for drug identification and development purposes in particular using high throughput screening (HTS).
Precision medicines for cancer and neurological conditions are another driver behind market expansion here driven largely by pharmaceutical companies and Contract Research Organizations (CROs), leading to new drug discoveries in the US making it a global powerhouse in the discovery of new drugs.
Important Insights
- The global drug discovery market is valued at USD 60.9 billion in 2024, projected to reach USD 138.5 billion by 2033.
- The US drug discovery market is expected to grow from USD 25.0 billion in 2024 to USD 54.5 billion by 2033.
- High Throughput Screening (HTS) dominates the technology segment, holding a 24.1% share of the drug discovery market in 2024.
- Pharmaceutical companies are anticipated to lead the end-user segment, capturing 49.6% of the drug discovery market in 2024.
- North America is expected to maintain the largest share, accounting for 48.9% of the global drug discovery market in 2024.
- Key players in the drug discovery market include Agilent Technologies Inc., Roche, Bayer, AstraZeneca, and Eli Lilly.
- The global drug discovery market is expected to grow at a CAGR of 9.6% through 2033.
Latest Trends
- AI in Drug Discovery: Artificial intelligence is transforming drug discovery by automating the analysis of data, cutting the time needed for the early phase of drug identification.
- Collaborative Models: In this regard, alliances between pharma companies, universities, and biotechnology are growing more frequently, and merging their capital with their knowledge in discovering new drugs.
- Precision Medicine: The application of precision medicine in oncology has been identified as having a major impact through creating more molecularly targeted therapy for diseases based on individual genetic characteristics and hence fostering innovation in the drug development process.
Drug Discovery Market: Competitive Landscape
The drug discovery market across the world is also very competitive, some of the dominant companies in the industry include Pfizer Inc., Roche, and AstraZeneca based on their significant Research and Development expenditures.
These pharma majors continue to apply technologies like artificial intelligence and high throughput screening to stay ahead in a competitive field. Micro biotech companies and CROs engage in specialized drug discovery services too and they have vital roles to play.
The competition in the market is due to acquisitions and strategic deals like that of Roche of biotechnology firms. The competition dynamics are defined by innovation, and their purpose is to create new therapies for unmet medical needs.
Some of the prominent market players:
- Pfizer Inc.
- GlaxoSmithKline PLC
- Merck & Co. Inc.
- Agilent Technologies Inc.
- Eli Lilly and Company
- Hoffmann-La Roche Ltd
- Bayer AG
- Abbott Laboratories Inc.
- AstraZeneca PLC
- Shimadzu Corp
- Other Key Players
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Drug Discovery Market Scope
| Report Highlights | Details |
| Market Size (2024) | USD 60.9 Bn |
| Forecast Value (2033) | USD 138.5 Bn |
| CAGR (2024-2033) | 9.6% |
| North America Revenue Share (2024) | 48.9% |
| The US Market Size (2024) | USD 25.0 Bn |
| Historical Data | 2018 - 2023 |
| Forecast Data | 2024 - 2033 |
| Base Year | 2023 |
| Estimate Year | 2024 |
| Segments Covered | By Drug Type, By Technology, By End User |
| Regional Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Market Analysis
High-throughput screening (HTS) is projected to dominate the drug discovery market with 24.1% in 2024. HTS claims a major share of the drug discovery market since it is capable of testing thousands of compounds at once and expedites the clinicians’ search for the future therapeutic agent.
HTS technology helps save time to market through the accomplishment of testing which helps in the early stage of drug discovery. The current study shows that there is a great opportunity for pharmaceutical companies that use it to affiliate with Artificial Intelligence, which enhances the precision of drug design.
This makes HTS an important tool in the process of drug discovery especially in large-small molecule projects where time and accuracy are factors of strength in drug development for major pharmaceutical companies.
Drug Discovery Market Segmentation
By Drug Type
- Small Molecule Drugs
- Large Molecule Drugs
- Monoclonal Antibodies (mAbs)
- Peptides
- Recombinant Proteins
- Cell and Gene Therapies
By Technology
- High Throughput Screening (HTS)
- Pharmacogenomics
- Combinatorial Chemistry
- Nanotechnology
- AI-based Drug Discovery
- CRISPR and Gene Editing Technologies
- Other Technologies
By End User
- Pharmaceutical Companies
- Contract Research Organizations (CROs)
- Academic and Research Institutes
- Government and Public Health Organizations
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Growth Drivers
- Rising Demand for Novel Drugs: Increasing death rates due to chronic diseases, including cancer and cardiovascular diseases, are encouraging the development of new and efficient therapies.
- Technological Advancements: HTS and AI are some of the techniques that are helping to shorten the time allowing for quicker identification of drug candidates.
- Increased R&D Investments: Pharmaceutical companies are heavily investing in research and development (R&D), aiming to expand their drug pipelines and develop breakthrough treatments.
Restraints
- High Costs: Drug discovery can be costly, from clinical trials and regulatory approval processes through to production costs, creating financial hardship for biotech startups that operate under tight margins.
- Stringent Regulatory Environment: Complicated regulatory approval processes hinder market expansion while adding expenses and delays for drug launches.
- Failure Rate: An increasing failure rate among drug candidates during development stages creates greater risks and discourages investment in early-stage research.
Growth Opportunities
- Emerging Markets: In Asia-Pacific and Latin America specifically, expansionary healthcare infrastructure development coupled with expanding R&D activities offer growth prospects to this industry.
- Precision Medicine Expansion: With increased demand for personalized therapies tailored specifically for specific patient populations, pharmaceutical companies see tremendous opportunities to discover new medicines.
- AI-Powered Drug Development: The integration of AI in the drug discovery process continues to unlock opportunities for faster, more efficient drug candidate identification and development.
Regional Analysis
North America is projected to hold a 48.9% market share globally for the drug discovery market in 2024 due to its large pharmaceutical companies, advanced healthcare infrastructure, and considerable R&D investments.
Cutting-edge AI and HTS technologies lead the U.S.'s drug discovery efforts while favorable government policies and regulatory frameworks promote innovation collaboration between academic institutions, biotech firms, and pharmaceutical companies; further driving this market dominance.
North America also enjoys a large demand for novel therapeutics related to oncology, and chronic diseases which further cements North American leadership in the drug discovery market.
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By Region
North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
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Recent Developments in the Drug Discovery Market
- October 2024: Pfizer forms a collaboration using AI to accelerate drug discovery, focusing on improving the identification of novel therapeutic candidates.
- September 2024: Agilent Technologies introduces a new high-throughput screening (HTS) platform aimed at expediting drug development processes, enhancing precision, and reducing research timelines.
- August 2024: Johnson & Johnson partners with a contract research organization (CRO) to advance oncology drug discovery, targeting innovative treatments for various types of cancers.
- July 2024: Roche acquires a biotech firm specializing in small molecule drug development, strengthening its research capabilities and expanding its drug discovery pipeline.
- May 2024: The FDA approves a new regulatory pathway for integrating AI-driven high-throughput screening (HTS) technology into the drug discovery process, ensuring faster approvals.
- April 2024: Novartis expands its research and development (R&D) efforts, prioritizing cardiovascular and neurology drug discovery to address unmet needs in these therapeutic areas.
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