Drug Discovery Market
The global Drug Discovery Market size was estimated at USD 17.3 billion in 2023 and is projected to reach USD 56.8 billion in 2030 at a CAGR of 15.1% during the forecast period 2024-2030.
The drug discovery market is experiencing robust growth driven by several key factors shaping the pharmaceutical and biopharmaceutical industries globally. A primary driver is the increasing incidence of chronic diseases such as cancer, diabetes, and cardiovascular disorders, which necessitates the development of novel and more effective drugs. This trend is further bolstered by the shift towards personalized medicine, where treatments are tailored to individual genetic profiles, enhancing treatment efficacy and patient outcomes.
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Geographically, North America holds the largest share in the drug discovery market due to the presence of major pharmaceutical companies, advanced healthcare infrastructure, and substantial government funding for research. Europe follows closely, benefiting from robust healthcare systems and significant research initiatives.
Key Findings:
On the basis of Drug Type, the differentiation between small molecule drugs and biologic drugs is pivotal for driving growth in the drug discovery market. Small molecule drugs, synthesized chemically, have been foundational in treating a wide array of diseases due to their ability to penetrate cell membranes and target intracellular pathways effectively.
On the basis of Technology, the integration of advanced technologies such as high throughput screening, pharmacogenomics, combinatorial chemistry, nanotechnology, and others is pivotal in driving the growth of the drug discovery market. High throughput screening accelerates the identification of potential drug candidates by testing large libraries of compounds against biological targets, thereby expediting the discovery process.
On the basis of type, the end-user segment comprising pharmaceutical companies, contract research organizations (CROs), biotechnology firms, and academic/research institutions collectively drives growth in the drug discovery market through distinct contributions.
Recent Developments
• In October 2022, Verge Genomics, a biotechnology company at the clinical stage leveraging AI and human data to revolutionize drug discovery, has initiated dosing the first participant in its Phase 1 clinical trial for VRG50635.
• In August 2022, NGM Bio unveiled the top-line findings from the CATALINA Phase 2 Trial of NGM621, targeting patients with geographic atrophy (GA) due to age-related macular degeneration.
Competitive Landscape
• Pfizer Inc.
• Novartis AG
• Merck & Co., Inc.
• Johnson & Johnson
• Roche Holding AG
• Sanofi
• AstraZeneca plc
• GlaxoSmithKline plc and more.
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Regional Analysis:
North America to Dominate the Market
North America holds the largest share of the global drug discovery market, commanding approximately 40% of the market. This region is distinguished by its robust pharmaceutical industry, characterized by major companies that invest significantly in research and development. The presence of world-renowned academic and research institutions further enhances North America's leadership in drug discovery, facilitating extensive collaboration and innovation.
The Drug Discovery Market is segmented into various segments such as Drug Type, Technology & End-User, and Region:
Based on Drug Type
• Small Molecule Drugs
• Biologic Drugs
Based on the Technology
• High Throughput Screening
• Pharmacogenomics
• Combinatorial Chemistry
• Nanotechnology
Based on the End-User
• Pharmaceutical Companies
• Contract Research Organizations (CROs)
Based on region:
• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa
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Frequently Asked Questions
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