Drug Discovery Market Global Demand, Opportunities, Trends, Analysis and Forecast to 2031 | Agilent Technologies Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd

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.

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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.

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.

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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 is the goal of the report?

-The market report presents the estimated size of the Healthcare market at the end of the forecast -period.

-The report also examines historical and current market sizes.

-During the forecast period, the report analyzes the growth rate, market size, and market valuation.

-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This release was published on openPR.