Drug Discovery Market Size to Reach USD 181.4 Billion by 2032 with a CAGR of 8.5% According to Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Drug Discovery Market Forecast, 2023 – 2032”
LOS ANGELES, Sept. 04, 2023 (GLOBE NEWSWIRE) — The Global Drug Discovery Market Size was valued at USD 81.5 Billion in 2022 and is projected to attain USD 181.4 Billion by 2032 mounting at a CAGR of 8.5% from 2023 to 2032.
Drug discovery Market is a complex process aimed at identifying and developing new medications to treat diseases. It typically involves multiple stages, starting with target identification – pinpointing specific molecules or biological pathways related to the disease. Next comes hit identification and validation, where potential compounds are screened to find those that interact effectively with the target. These hits undergo further optimization for efficacy, safety, and pharmacokinetics, aiming to enhance their therapeutic potential. In preclinical testing, compounds are rigorously evaluated in laboratory settings and animal models to assess their effects, toxicity, and potential side effects. Promising candidates advance to clinical trials, where they undergo rigorous testing in human volunteers across several phases to determine their safety and efficacy. Regulatory approval is sought based on comprehensive trial data, and if successful, the drug enters the market.
Key Findings and Statistics from the Drug Discovery Market:
- The Drug Discovery Market is expected to reach USD 181.4 billion by 2032, growing from a value of USD 81.5 billion at a CAGR of 8.5% between 2023 and 2032.
- North America led the market with over 36.70% revenue share in 2022, followed by Europe and Asia-Pacific.
- The small molecule drugs segment is the largest segment in the type segment with US$ 55.40 billion
- Increasing research on chronic diseases is driving the growth of the drug discovery market.
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Talent Management Software Market Report Coverage:
|Market||Drug Discovery Market|
|Drug Discovery Market Size 2022||USD 81.5 Billion|
|Drug Discovery Market Forecast 2032||USD 181.4 Billion|
|Drug Discovery Market CAGR During 2023 – 2032||8.5%|
|Drug Discovery Market Analysis Period||2020 – 2032|
|Drug Discovery Market Base Year||2022|
|Drug Discovery Market Forecast Data||2023 – 2032|
|Segments Covered||By Drug Type, By Technology, By End-User, And By Geography|
|Drug Discovery Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott Laboratories Inc., Agilent Technologies Inc., AstraZeneca PLC, Bayer AG, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, GlaxoSmithKline PLC, Merck & Co. Inc., Pfizer Inc., and Shimadzu Corp.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Key Market Dynamics:
The outlook for the drug discovery market is optimistic, primarily due to several interconnected factors. The escalating incidence of chronic diseases like diabetes, cardiovascular disorders, and cancer drives the demand for innovative treatments, propelling the growth of the pharmaceutical sector. Technological advancements play a pivotal role, with high throughput screening enabling the rapid testing of thousands of compounds, and systems biology offering a holistic understanding of drug interactions within complex biological systems. The pharmaceutical industry’s heightened research efforts contribute to the expansion as well, focusing on novel target identification and drug design. Moreover, the trend towards personalized medicine tailors treatments to individual genetic profiles, enhancing therapeutic efficacy. However, certain challenges impede swift market expansion. Lengthy waiting periods for FDA approvals delay drug launches, while the expiration of patents for blockbuster drugs creates pricing pressures and prompts the need for new revenue sources. A shortage of skilled labor and the substantial costs associated with research activities further restrain growth.
Latest Innovations and Trends:
- Utilizing AI and machine learning to expedite decision-making processes.
- The escalating embrace of cloud computing for adaptable data storage and convenient research data access.
- Escalated emphasis on biologics in lieu of small molecules owing to their specificity.
- Surging demand for biosimilars driven by the expiration of patents for numerous biologics.
- Progressions in gene therapy, oligonucleotides, cell therapy, and related fields.
The following are the major growth factors in the Drug Discovery Market:
- Increasing prevalence of chronic diseases linked to lifestyle on a global scale.
- Major pharmaceutical firms direct funds towards research endeavors and clinical trials.
- Supportive governmental funding and reimbursements incentivizing the creation of novel drugs.
- Escalating interest in personalized medicines crafted to match patients’ genetic makeup.
- Heightened uptake of advanced technologies hastening the process of drug discovery.
Major obstacles that are limiting the market’s potential:
- High costs involved in drug discovery processes.
- Low success rates and longer waiting periods for FDA new drug approvals.
- Pricing pressures due to patent expiry of major drugs leading to generics competition.
- Concerns regarding inadequate pharmacovigilance during clinical trials.
- Shortage of skilled researchers and data analysts in niche therapeutic areas.
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Drug Discovery Market Segmentation:
As per the Types
- Biologic Drugs
- Small Molecule Drugs
As per the Technologies
- High Throughput Screening
- Pharmacogenomics and Pharmacogenetics
- Combinatorial Chemistry
As per the End-Users
- Pharmaceutical Companies
- Contract Research Organizations (CROs)
- Other uses
Regional Perspective of the Drug Discovery Market:
North America is the global leader in the market, driven by significant investments in research and development and technological advancements. Asia Pacific is expected to have the fastest compound annual growth rate (CAGR) in the coming years due to growth in the pharmaceutical sector. Europe has the second largest share, supported by funding and infrastructure for research.
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Top Companies Offering Drug Discovery Market Solutions:
The major players in the pharmaceutical industry are Pfizer, Novartis, Merck, GlaxoSmithKline, AstraZeneca, Johnson & Johnson, Teva Pharmaceuticals, Bayer, Bristol-Myers Squibb, Gilead Sciences, and Amgen. These leading companies are undertaking strategic deals, collaborations, and investing in R&D.
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About Acumen Research and Consulting:
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
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