Drug Discovery Market is trending with CAGR of 8% by 2023, Key Players- PFIZER, GLAXOSMITHKLINE, MERCK & CO, AGILENT TECHNOLOGIES, ELI LILLY AND COMPANY, F. HOFFMANN-LA ROCHE, BAYER ag, ABBOTT LABORATORIES

Drug Discovery Market Overview
The global drug discovery market is expected to register a CAGR of approximately 8.0% during the forecast period, 2018 to 2023. North America dominates the market due to the favorable regulatory framework by the government and technological developments in that region.

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Rise in Technology Advancements and Innovations
In recent past, the drug discovery has evolved significantly with emerging technologies helping in the process to become more refined, accurate and less time-consuming. High-throughput screening is one of the most widely used drug discovery technologies due to automation, multi-detector readers, imaging hardware and software. There are several other evolving technologies such as mass spectroscopy, protein and nucleic acid isolation, proteomics, RNAi, nanotechnology and others which contribute to advancement and innovations in drug discovery. The pharmaceutical and biotech companies are increasing their collaboration with contract development and manufacturing organizations which is also playing a crucial role in the development and innovations of new drugs.
Other factors contributing to the growth of this market are rising prevalence of the wide range of diseases such as cardiovascular and CNS related disorders, rising healthcare expenditure and the upcoming patent expiration of blockbuster drugs.

Key Developments in the Market
January 2018: Merck launched Zinplava (bezlotoxumab) in UK prevention of recurrence of Clostridium difficile infection in adults at a high risk of for recurrence of CDI.
January 2018: BioCryst Pharmaceuticals Inc. and Idera Pharmaceuticals Inc planned for a definitive merger agreement to develop drugs for patients with rare diseases.
January 2018: AstraZeneca and Imperial College London collaborated to investigate biological drivers for respiratory disease such as asthma and chronic obstructive pulmonary disease.

Major key players:
PFIZER inc, GLAXOSMITHKLINE llc, MERCK & CO inc, AGILENT TECHNOLOGIES inc, ELI LILLY AND COMPANY, F. HOFFMANN-LA ROCHE ltd, BAYER ag, ABBOTT LABORATORIES inc, ASTRAZENECA plc and SHIMADZU CORP

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Huge Capital Investment with Low-Profit Margins
Every drug discovery and development requires a huge investment and involves a long time which often leads to lower profit margins for the companies by the time a drug is being marketed. The high cost is also related to high rate of drug candidate’s failure between initial drug discovery process to clinical trial phases which restricts the growth of this market. Apart from that, there is strict regulatory approval process across each region which follow rigid mechanism which impedes this market.

North America to Dominate this Market
The global drug discovery market is segmented by drug type, technology, service, end-user and geography. By geography, the market is segmented by North America, Europe, Asia-Pacific, Middle East and Africa and South America.
Geographically, North America is the most lucrative region for the growth of this market due to high number of top pharmaceutical and biotech companies business in this region. The favorable regulatory framework and encouraging regulatory policies for investors to research and develop new drugs help the growth of this market. Other factors such as high-income population and healthy returns on investments for new technologies are an integral part of the above factors. The Asia Pacific is expected to grow at a high rate due to rising disposable incomes, economic growth and increasing investment by pharmaceutical and biotechnology industry in this region.

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This release was published on openPR.