Drug Discovery Market Size, Share 2022 Industry Key Player, and Segmented Data, Demand and Forecast by 2030

New York , United States- Report Ocean presents a new report on Drug Discovery market size, share, growth, industry trends, and forecast 2030, covering various industry elements and growth trends helpful for predicting the market's future.

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The global drug discovery market size was US$ 58,194.1 million in 2021. The global drug discovery market is forecast to grow to US$ 113,374.2 million by 2030 by growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2022 to 2030.

In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Drug Discovery market report 2022 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.

Factors Influencing the Market

The rapidly growing cases of chronic diseases is the primary factor driving the growth of the drug discovery market. In addition, growing healthcare expenditure and growing demand for novel drugs will be the prominent factor leading the market expansion during the forecast period.

National Health Interview Survey (NHIS) data of 2018 says that around 51.8% of the American adults were diagnosed with a minimum of one chronic disease, such as cancer, arthritis, chronic obstructive pulmonary disease, asthma, diabetes, coronary heart disease, hepatitis, hypertension, stroke, etc.

The growing healthcare infrastructure, increasing investments from government and private bodies, and rising concerns over health are all forecast to surge the growth of the drug discovery market. Pfizer invested around US$ 8,650 million in 2019 on R&D activities.

Growing research and development activities in order to develop novel drug molecules will benefit the overall drug discovery market.

The need for huge initial investments may limit the growth of the global drug discovery market during the forecast period.

COVID-19 Impact Analysis

The global drug discovery market gained traction during the COVID-19 pandemic period. Due to the pandemic, the demand for novel drugs escalated. People, all across the world, were horrified due to the growing prevalence of COVID-19 infection. Governments also invested highly in order to boost R&D activities. As a result, it was beneficial for the global drug discovery market. Apart from that, medical equipment and pharmaceutical companies are also contributing to controlling this health emergency. They are highly focused on increasing R&D and manufacturing facilities and producing efficient medical devices and drugs. Thus, all of this has significantly contributed to the growth of the global drug discovery market.

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Regional Analysis

North America is forecast to hold the highest market share in the global drug discovery market, followed by the Asia Pacific. It is due to the growing prevalance of chronic diseases, such as cancer and diabetes. A study by International Diabetes Federation (IDF) states that in China, the prevalence of diabetes in adults was registered 10.9% in 2020, which is approximately 116,446,900 diabetes cases. Moreover, the high healthcare expenditure and favorable government policies will all contribute to the growth of the drug discovery market during the forecast period.

Competitors in the Market

Pfizer Inc.

GlaxoSmithKline PLC

Merck & Co. Inc.

Agilent Technologies Inc.

Eli Lilly and Company

F. Hoffmann-La Roche Ltd

Bayer AG

Abbott Laboratories Inc.

Thermo Fisher Scientific Inc.

Shimadzu Corp

Other Prominent Players

Market Segmentation

The global drug discovery market segmentation focuses on Drug, Technology, End-User, and Region.

By Drug Type

?Small Molecule Drugs

?Biologic Drugs

By Technology

?High Throughput Screening

?Pharmacogenomics

?Combinatorial Chemistry

?Nanotechnology

?Other Technologies

By End-User

?Pharmaceutical Companies

?Contract Research Organizations (CROs)

?Other End Users

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By Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

What are the aspects of this report that relate to regional analysis?

?The report's geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
?The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
?Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
?How are the key players in the market assessed?
?This report provides a comprehensive analysis of leading competitors in the market.
?The report includes information about the key vendors in the market.
?The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
?The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
?A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.

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