Increasing R&D lucrative to Global Drug Discovery Market Growth

According to the estimations put forth by Inkwood Research, the Global Drug Discovery Market is anticipated to project a CAGR of 6.58% in terms of revenue during the forecasting years of 2022-2030.

"Browse 66 market data Tables and 52 figures spread over 190 Pages, along with an in-depth TOC on the Global Drug Discovery Market Forecast 2022-2030."

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Drug discovery is the process through which drugs are designed or discovered in pharmacology, biotechnology, and medicine. A large number of drugs have been discovered either serendipitously or by identifying the active ingredient from traditional remedies. Accordingly, innovative approaches are in place to understand how infections and diseases are regulated at the physiological and molecular levels.

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Focus on R&D Efforts boosts Growth Opportunities
The drug discovery process has witnessed drastic changes with new drug development methods and innovative technologies. These have facilitated research organizations and pharmaceutical companies to find solutions and cures for several health conditions.

For instance, companies are introducing nanotechnology, biochips, process automation, cloud computing, and artificial intelligence. For instance, Insitro, a machine learning-driven drug discovery and development company, planned to collaborate with Genomics England to introduce the former's machine learning-powered embedding search capabilities to the latter's Genomic England's genetic and multimodal phenotypic database.

Bioinformatics is the Fastest-Growing Technology
Bioinformatics is a discipline that constitutes computer science and biology. It entails dealing with the dissemination, analysis, storage, and acquisition of biological data, most often amino acid and DNA sequences. It uses computer programs for varied applications, including three-dimensional shapes of proteins, establishing evolutionary relationships, and determining gene and protein functions.

Asia-Pacific is the Fastest-Growing Region
The Asia-Pacific drug discovery market growth is driven by the growing demand for specialty medicines, the rising elderly population, the surging healthcare expenditure, the increasing R&D expenditure, and increased lifestyle-oriented diseases.

Further, in countries like South Korea, several CROs are actively engaged in drug discovery programs. This entails programs for curing several cancer types, bacterial infections, and metabolic & neurological diseases. At the same time, Celerion and the Korean Drug Development Fund (KDDF) have partnered to supplement the emerging market prospects in the country.

The fierce competitive rivalry is accredited to growing efforts to develop advanced and effective drugs. Also, surging investments in advanced technologies and research & development contribute to market competition. Some prominent companies in the market include Icon PLC, AstraZeneca PLC, Charles River Laboratories International, GlaxoSmithKline PLC, Evotec SE, etc.

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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

This release was published on openPR.