What is the Global market size of Drug Discovery Market?

Global Drug Discovery Market size was valued at USD 3.20 billion in 2021 and is poised to grow from USD 3.90 billion in 2022 to USD 7.86 billion by 2030, growing at a CAGR of 10.5% in the forecast period (2023-2030)

Drug Discovery Market Size, Share, Growth Analysis, By Type(target identification and validation and high-throughput screening (HTS)), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35H2100 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 34 | Figures: 74

Drug Discovery Market Dynamics

Drivers

Increasing Prevalence Of Chronic And Infectious Diseases

One driver of the market is the increasing prevalence of chronic and infectious diseases. The rising incidence of diseases such as cancer, cardiovascular disorders, and infectious diseases has created a significant need for innovative and effective drugs. This drives pharmaceutical companies and research organizations to invest in drug discovery research and development to develop new treatments and therapies.

Restraints

High Cost And Time-Consuming Nature Of The Drug Discovery Process

On the other hand, a key restraint of the market is the high cost and time-consuming nature of the drug discovery process. Developing a new drug from discovery to market approval involves extensive research, clinical trials, and regulatory approvals, which require substantial investments in terms of time, resources, and finances. The complex regulatory landscape, stringent safety and efficacy requirements, and lengthy drug development timelines can pose challenges and increase the overall cost of drug discovery, limiting the accessibility and affordability of new drugs.

Drug Discovery Market Report Snapshots

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FAQs

Drug Discovery Market size was valued at USD 3.90 billion in 2022 and is poised to grow from USD 4.31 billion in 2023 to USD 9.58 billion by 2031, growing at a CAGR of 10.50% in the forecast period (2024-2031).

The global market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Drug Discoverys. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions. 'Pfizer (USA)', 'Novartis (Switzerland)', 'Roche (Switzerland)', 'Johnson & Johnson (USA)', 'Merck & Co., Inc. (USA)', 'GlaxoSmithKline (UK)', 'Sanofi (France)', 'AstraZeneca (UK)', 'AbbVie Inc. (USA)', 'Bristol-Myers Squibb (USA)', 'Eli Lilly and Company (USA)', 'Takeda Pharmaceutical Company Limited (Japan)', 'Boehringer Ingelheim (Germany)', 'Amgen Inc. (USA)', 'Bayer AG (Germany)', 'Gilead Sciences (USA)', 'Celgene Corporation (USA)', 'Biogen Inc. (USA)', 'Vertex Pharmaceuticals (USA)', 'Astellas Pharma Inc. (Japan)'

One driver of the market is the increasing prevalence of chronic and infectious diseases. The rising incidence of diseases such as cancer, cardiovascular disorders, and infectious diseases has created a significant need for innovative and effective drugs. This drives pharmaceutical companies and research organizations to invest in drug discovery research and development to develop new treatments and therapies.

One key market trend in the market is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. These advanced technologies are revolutionizing the drug discovery process by enabling efficient and automated analysis of vast amounts of data. AI and ML algorithms can analyze complex biological data, identify patterns, and predict drug-target interactions, significantly accelerating the drug discovery timeline. Additionally, AI-powered virtual screening and molecular modeling techniques are aiding in the identification of potential drug candidates with higher precision. The integration of AI and ML in drug discovery is expected to enhance efficiency, reduce costs, and improve the success rates of drug development programs, leading to the discovery of novel and effective therapeutics.

One dominant region in the market is North America. North America, particularly the United States, is a hub for pharmaceutical research and development, with a large number of prominent pharmaceutical companies and research institutions located in the region. The presence of a well-established healthcare infrastructure, favorable regulatory environment, and significant investment in research and development activities contribute to North America's dominance in the drug discovery market.

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Drug Discovery Market Size, Share, Growth Analysis, By Type(target identification and validation and high-throughput screening (HTS)), By Region - Industry Forecast 2024-2031

Drug Discovery Market Dynamics

Drug Discovery Market Report Snapshots

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