The Global Drug Discovery Market Assessed to Garner Revenue at $75.893 Billion by 2028

According to Triton’s research report, the global drug discovery market, which acquired revenue worth $43.073 billion in 2019, is expected to observe growth at 6.50% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Drug Discovery Market’ consists of the Global Analysis and Forecasts by Drug Type (Biologic Drug, Small Molecule Drug), End-user (Contract Research Organizations [CROs], Research Institutes, Pharmaceutical Companies, Other End-users), Technology (High Throughput Screening, Spectroscopy, Biochips, Combinatorial Chemistry, Nanotechnology, Pharmacogenomics and Pharmacogenetics, Metabolomics, Bioinformatics, Other Technologies), Service (Biological Services, Drug Metabolism and Pharmacokinetics [DMPK] Services, Chemical Services, Other Pharmaceutical Services), and by Geography (North America, Latin America, Europe, Middle East and Africa, Asia-Pacific).

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Triton’s report estimates the global drug discovery market to progress at a CAGR of 6.50% during the anticipated phase of 2019-2028. It is further evaluated to display revenue worth $75.893 billion by 2028.

Drug discovery is a process that identifies a compound that can be medically utilized in curing and treating diseases. The attempt to develop a drug attends to a biological target that plays a crucial role in treating conditions, or commences the process with a molecule that displays engaging biological activities.
Factors such as significant technological advancements, growth in healthcare expenditure, a surge in the geriatric population, and a high prevalence of lifestyle diseases are majorly driving the drug discovery market’s growth. Healthcare spending by government authorities and healthcare companies worldwide is one of the key factors enhancing the drug discovery process. This spending helps pharmaceutical companies offer efficient medicines and vaccines to treat various health conditions. Therefore, continual healthcare spending is motivating new drug development, augmenting the studied market’s progress.

Although, generic drugs are known as the low-cost version of brand medication whose patents have expired. The generic products contain the same active ingredient as the brand-name drugs. Here, the only difference is that they are marketed at a cheaper cost, as the original registration expenses do not influence the manufacturer. Thus, the restricted growth of a drug due to generic drugs is majorly hampering the market’s evolution.

The drug discovery market is segmented into drug type, end-user, technology, and service. As per drug type, the market is bifurcated into biologic drug and small molecule drugs. Based on end-user, it is sectioned into contract research organizations (CROs), research institutes, pharmaceutical companies, and other end-users. Similarly, technology is branched into high throughput screening, spectroscopy, biochips, combinatorial chemistry, nanotechnology, pharmacogenomics and pharmacogenetics, metabolomics, bioinformatics, and other technologies. In terms of service, it is further segregated into biological services, drug metabolism and pharmacokinetics (DMPK) services, chemical services, and other pharmaceutical services.

Globally, North America holds the largest market for drug discovery. It is further anticipated to continue its hold over the market till 2028. The growing lifestyle-oriented diseases, surging healthcare spending, and technological advancements in the field of cardiology are directing the region’s dominance over the drug discovery market. In Canada, cancer is considered one of the significant causes of death, which has increased the demand for small molecule therapeutics. The country has a well-developed infrastructure in manufacturing these molecules for drug discovery. Hence, this has made companies rely more on CROs for drug discovery, further augmenting the region’s dominance.

Merck & Co Inc, Johnson & Johnson, Sanofi, 3M Company, GlaxoSmithKline LLC, Dickinson & Company (BD), Agilent Technologies Inc, AstraZeneca PLC, Bayer AG, Abbott Laboratories Inc, Eli Lily and Company, F Hoffmann-La Roche Ltd, Novartis, Becton, Boehringer Ingelheim, Pfizer Inc, and Antares Pharma Inc are the established companies present in this market.

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Question & Answer: Drug Discovery Market

Question 1: What factors are driving in the growth of the drug discovery market?
Answer: Factors such as significant technological advancements, growth in healthcare expenditure, a surge in the geriatric population, and a high prevalence of lifestyle diseases are majorly driving the drug discovery market’s growth.
Healthcare spending by government authorities and healthcare companies worldwide is one of the key factors enhancing the drug discovery process. This spending helps pharmaceutical companies offer efficient medicines and vaccines to treat various health conditions. Therefore, continual healthcare spending is motivating new drug development, thereby augmenting the studied market’s progress.

Question 2: What factor is hampering the evolution of the drug discovery market?
Answer: Although, generic drugs are known as the low-cost version of brand medication whose patents have expired. The generic products contain the same active ingredient as the brand-name drugs. Here, the only difference is that they are marketed at a cheaper cost, as the original registration expenses do not influence the manufacturer. Thus, the restricted growth of a drug due to generic drugs is majorly hampering the market’s evolution.

Question 3: Which region is dominating in the drug discovery market?
Answer: Globally, North America holds the largest market for drug discovery. It is further anticipated to continue its hold over the market till 2028. The growing lifestyle-oriented diseases, surging healthcare spending, and technological advancements in the field of cardiology, are directing the region’s dominance over the drug discovery market. In Canada, cancer is considered one of the significant causes of death, which has increased the demand for small molecule therapeutics. The country has a well-developed infrastructure in manufacturing these molecules for drug discovery. Hence, this has made companies rely more on CROs for drug discovery, further augmenting the region’s dominance.

Question 4: Which are the established companies present in the drug discovery market?
Answer: Merck & Co Inc, Johnson & Johnson, Sanofi, 3M Company, GlaxoSmithKline LLC, Dickinson & Company (BD), Agilent Technologies Inc, AstraZeneca PLC, Bayer AG, Abbott Laboratories Inc, Eli Lily and Company, F Hoffmann-La Roche Ltd, Novartis, Becton, Boehringer Ingelheim, Pfizer Inc, and Antares Pharma Inc are the established companies present in this market.

Related Report:
Global Opioid Drugs Market

The global opioid drugs market is anticipated to witness growth in its revenue during 2019-2028 at 2.56% of CAGR. It is also expected to acquire revenue worth $33.78 billion by 2028.

Opioids are majorly used as a pain reliever as they comprise chemicals that aid in the process of relaxing the muscles and relieving stress. Some opioid drugs are used to treat infections like coughing and diarrhea, with prescription opioids treating moderate to severe pain.

The demand for palliative therapy and rising cancer occurrence are some of the major factors motivating the opioid drug market’s evolution. Similarly, the rising investment in the research of pharmaceutical usage of opioids, along with a surging market share of opioids, are generating growth opportunities for the global market.

Although, using opioids for non-medical purposes, paired with growing lawsuits against opioid produces, restrains the global opioid drug market’s expansion on a large scale.

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