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 Drug Type (Small Molecule Drugs, Biologic Drugs), By Technology (High Throughput Screening (HTS), Pharmacogenomics), By Process (Target Selection), By End User, By Region - Industry Forecast 2025-2032

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

Drug Discovery Market News

In February 2023, BioPharm Corp. announced successful completion of Phase II clinical trials for a novel drug candidate targeting a rare genetic disorder. The drug demonstrated promising efficacy and safety profiles, paving the way for further development and potential FDA approval.
In April 2023, Meditech Solutions introduced a cutting-edge AI-powered drug discovery platform. The platform utilizes advanced algorithms and machine learning techniques to accelerate the identification and optimization of potential drug candidates. This innovation is expected to significantly reduce drug development timelines and improve success rates in preclinical studies.
In June 2023, PharmaGen Inc. collaborated with a leading academic institution to explore the potential of gene editing technologies in drug discovery. The partnership aims to leverage CRISPR-based gene editing tools to develop targeted therapies for complex diseases. This collaboration holds great promise in revolutionizing the drug discovery process and addressing unmet medical needs.

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Global Drug Discovery Market size was valued at USD 95.70 billion in 2022 and is poised to grow from USD 102.02 billion in 2023 to USD 170.11 billion by 2031, growing at a CAGR of 6.6% during 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 Inc. ', 'Novartis AG ', 'Merck & Co., Inc. ', 'Johnson & Johnson ', 'Roche Holding AG ', 'Sanofi S.A. ', 'GlaxoSmithKline plc ', 'AstraZeneca plc ', 'Bristol-Myers Squibb Company ', 'Eli Lilly and Company ', 'AbbVie Inc. ', 'Amgen Inc. ', 'Bayer AG ', 'Takeda Pharmaceutical Company Limited ', 'Gilead Sciences, Inc. ', 'Biogen Inc. ', 'Boehringer Ingelheim GmbH ', 'Vertex Pharmaceuticals Incorporated ', 'Regeneron Pharmaceuticals, Inc. ', 'Novo Nordisk A/S'

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 Drug Type (Small Molecule Drugs, Biologic Drugs), By Technology (High Throughput Screening (HTS), Pharmacogenomics), By Process (Target Selection), By End User, By Region - Industry Forecast 2025-2032

Drug Discovery Market News

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