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Global Drug Discovery Industry 2028 Developments

10-12-2022 08:39 AM CET | Health & Medicine

Press release from: Stratistics market research consulting

Stratistics MRC's Global Drug Discovery Market value is expected to reach $84.86 billion growing at a CAGR of 10.2% during 2022-2028.

In the fields of medicine, biotechnology, and pharmacology, novel candidate medicines are found through the process of drug discovery. In the past, drugs were discovered by accident, as was the case with penicillin, or by identifying the active component in conventional treatments. A technique known as classical pharmacology involved screening chemical libraries of created small molecules, natural products, or extracts in whole cells or organisms to find substances that had desired therapeutic effects.

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By geography, The market for drug discovery globally was dominated by North America with largest share. In terms of global spending on research and development, the US holds the top spot. Furthermore, the majority of the recently developed new pharmaceuticals are protected by US patents. The rising frequency of chronic diseases has increased the demand for cutting-edge and novel medications, which has supported the expansion of the drug discovery market in North America. In the US, around half of the population has one or more chronic illnesses. As a result, the nation now spends a lot of money on healthcare. Additionally, the region's growing awareness of biologics is boosting the market's expansion.

Some of the key players profiled in the Drug Discovery Market includeAbbott Laboratories Inc., Charles River Laboratories International Inc., Astrazeneca plc, Bayer AG, Merck & Co. Inc., Eli Lilly and Company, Shimadzu Corp, F. Hoffmann-La Roche Ltd, GlaxoSmithKline PLC, Agilent Technologies Inc., Thermo Fisher Scientific Inc., Pfizer Inc., Novartis AG, Evotec SE, Icon PLC.

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All the customers of this report will be entitled to receive one of the following free customization options:
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● SWOT Analysis of key players (up to 3)
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● Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
● Competitive Benchmarking
● Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

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Stratistics MRC offer a wide spectrum of research and consulting services with in-depth knowledge of different industries. Our research reports and publications are routed to help our clients to design their business models and enhance their business growth in the competitive market scenario. We have a strong team with hand-picked consultants including project managers, implementers, industry experts, researchers, research evaluators and analysts with years of experience in delivering the complex projects.

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