Pune, India, July 19, 2021 (GLOBE NEWSWIRE) -- The global drug discovery technologies market is expected to reach USD 37,500.2 million in 2021 and is projected to grow at a CAGR of 5.8% during the forecast period. The rapid growth of the biotechnology industry has paralleled the phenomenal growth of the pharmaceutical industry, which has led to adoption of drug discovery technologies. Many biotech companies specialize in the production of novel medications. These biotech companies have evolved into substantial enterprises and they are increasingly developing partnerships with existing pharmaceutical corporations, and research institutions. This increased interaction between pharmaceutical and biotechnology companies has resulted in participation of technology-based companies in pharmaceutical industry.
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The use of Artificial Intelligence (AI) technologies to develop drug discovery is still in a nascent stage and its applications today are predecessors to its wide scope such as biologics AI in the future. Hence, the biotechnological advancements have made pharmaceutical and biopharmaceutical therapies more efficient than ever before.
Global demand has been stimulated by changes in the healthcare industry, which have been fueled by the integration of modern technologies and biotechnology. Despite the advancement of technology, there are many unmet needs for the treatment of many diseases including infectious diseases, central nervous system (CNS) diseases, Alzheimer’s, rare diseases, and cancer, which offer new scope for the growth of the drug discovery technologies market.
Some Significant Market Developments Considered in the Report:
- May 2021- Bristol Myers Squibb Licenses patented drug-discovery platform technologies from Housey Pharma. Scientists at Housey Pharma developed the next generation of drug-discovery technology in the cell-based assay field. The Company’s technologies offer licensure on a non-exclusive basis to other research-based pharmaceutical companies worldwide.
- April 2021- Beijing Stonewise Technology Co. Ltd., uses artificial intelligence (AI) to aid in the discovery of small molecule drugs. The company closed series B and B+ financing rounds that added USD 100 million. The company intends to use the proceeds to upgrade its AI-enabled drug discovery platform.
- March 2021- Catalent, the leading global provider of advanced delivery technologies, for drugs, biologics, cell and gene therapies, announced that it has signed an agreement with Cybin Inc focused on progressing psychedelic therapeutics. The agreement will enable Catalent’s proprietary Zydis orally disintegrating tablet (ODT) technology for the delivery of Cybin’s novel deuterated tryptamine (CYB003), a potential therapy for treatment-resistant psychiatric disorders.
COVID-19 Impact on the Global Drug Discovery Technologies Market
The outbreak of COVID-19 led to temporary halt in clinical trials of drug discover for several diseases as the healthcare sector, researchers, and academia focused on curtailing COVID-19. However, the impact of COVID-19 led to adoption and invention of new ways of working, which will pave the way for clinical trials to be conducted in the future.
The most important development is the growth of the virtual drug development. Clinical trial sponsors and physicians have become more flexible in organizing virtual study with participants and obtaining study data remotely using advanced wearable medical devices. These new advances are simplifying complex processes and overcoming absence of professionals required onsite. The drug discovery technologies market is expected to benefit from adoption of these technological advances along with the growth of the biotech and pharmaceutical industries.
Drug discovery technologies market, by Technology
Based on the technology, the market is divided into bioanalytical instruments, biochips, bioinformatics, combinatorial chemistry, genomics, high throughput screening, nanotechnology, pharmacogenomics, ribonucleic acid interface (RNAI).
Among these segments, the high throughput screening segment has captured the largest market share in 2021 and is anticipated to remain the largest segment during the forecast period. High-throughput screening determines the drug design of a potential drug. Therefore, the increasing demand for new effective drugs to improve existing treatments and develop new treatments is driving the segment growth.
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Drug discovery technologies market, by Application
Based on the application, the market for drug discovery technologies is divided into cardiovascular diseases (CVD), Parkinson’s, Alzheimer’s, and others.
Among these segments, Alzheimer’s segment is expected to be the fastest growing segment during the forecast period. The increasing prevalence of Alzheimer's disease (AD) has led to increasing number of clinical trials for drug development for AD. For instance, in June 2021, the US Food and Drug Administration approved Biogen’s Alzheimer’s drug aducanumab. It is known as Aduhelm and it is the first new therapy for Alzheimer’s disease in nearly two decades, and the first approved drug that reduces amyloid-β plaques in the brain. Thus, the on-going progress in improving treatment for Alzheimer's disease with increase in the number of clinical trials is driving the growth of the segment.
Drug discovery technologies market, by End User
Based on end user, the market for drug discovery technologies is divided into biopharmaceutical companies, biotech companies, pharmaceutical companies, research institutes. Among these segments, biotech companies segment has captured the largest market share in 2021 and it is anticipated to remain the largest segment during the forecast period.
Biotechnology firms use advanced processes to create breakthrough drugs. These companies have significant contribution in developing innovative treatments for pest-resistance in agriculture, developing biofuels like ethanol, and developing gene cloning. Hence, the increasing R&D and growing investment in drug discovery from biotechnology firms is driving the segment growth.
Drug discovery technologies Market, by Region
Based on region, the drug discovery technologies market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
Among these regions, North America drug discovery technologies market is expected to hold the largest market share during the forecast period. The demand for drug discovery technologies in the region of North America can be attributed to increased government and private investment in healthcare due to increasing focus on health and well-being. The growth of the personalized medicines has led to high demand for drug discovery technologies in pharmaceutical and biotech industries.
Asia Pacific is expected to be the fastest-growing region during the forecast period. Asia Pacific holds a dominant position in market for drug discovery technologies due to rising disposable incomes and medical tourism.
Some Major Findings of the Drug Discovery Technologies Market Report Include:
- Major global drug discovery technologies market developments and forecast analysis along with a region-specific market analysis for 25 countries
- In-depth drug discovery technologies market study by the segments with trend-based insights
- Profiles of major market players operating in the global drug discovery technologies market, which include Abbott Laboratories Inc., Affymetrix Inc., Agilent Technologies Inc., Albany Molecular Research Inc., Arqule Inc., Astrazeneca Plc., Bio-Rad Laboratories Inc., Caliper Life Sciences Inc., Celera Corp, Charles River Laboratories International Inc., Chembridge Corp, Evotec Ag, F. Hoffmann-La Roche Ltd., Gyros Ab, Incyte Corp, Life Technologies Corp, Shimadzu Corp, Perkinelmer Inc., Sigma-Aldrich Corp, Tecan Group Ltd., and Thermo Fisher Scientific Inc.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the market
- Impact of COVID-19 on the global drug discovery technologies market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Drug Discovery Technologies Market, by Technology (Bioanalytical Instruments, Biochips, Bioinformatics, Combinatorial Chemistry, Genomics, High Throughput Screening, Nanotechnology, Pharmacogenomics, Ribonucleic Acid Interface), Applications (Cardiovascular Diseases, Parkinson’s, Alzheimer’s, Others), End User (Biopharmaceutical Companies, Biotech Companies, Pharmaceutical Companies, Research Institutes), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) — Market Size and Forecasting (2021–2030)” in depth analysis along with the table of contents (ToC).
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