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Drug Discovery Market 2024: Industry Analysis, Segments, Drivers And Trends To 2033
Drug Discovery Market
The Business Research Company presents an extensive market research report on the Drug Discovery Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The drug discovery market size has grown rapidly in recent years. It will grow from $98.01 billion in 2023 to $111.48 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to advancements in genomics and proteomics, expanding prevalence of chronic diseases, emergence of biopharmaceuticals.
The drug discovery market size is expected to see rapid growth in the next few years. It will grow to $192.2 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to precision medicine adoption, focus on rare diseases, expansion of personalized therapies. Major trends in the forecast period include collaborative drug discovery models, focus on rare diseases and orphan drugs, integration of multi-omics data, rapid adoption of organoids and 3D cell culture models, advancements in virtual screening.
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Key Market Players:
Major companies operating in the drug discovery market report are Pfizer Inc., Merck & Co. Inc., Novartis International AG, Thermo Fisher Scientific Inc., WuXi AppTec Group, GlaxoSmithKline plc, Eli Lilly and Company, Laboratory Corporation of America Holdings, Evotec SE, Eurofins Scientific SE, Agilent Technologies Inc., Sanofi S.A., Charles River Laboratories International Inc., Pharmaron Ltd., Viva Biotech Ltd., Albany Molecular Research Inc., Schrödinger Inc., BioDuro Ltd., Aptuit LLC, Selvita S.A., Sygnature Discovery Limited, Jubilant Biosys Limited, Gero Limited, Domainex Ltd., Verge Genomics lnc., Aqemia SAS, BenevolentAI Limited, EPIVAX INC., ProteinQure lnc., Synlogic Inc., ChemPartner Co. Ltd., WuXi Biologics lnc., Abzena plc, Lonza Group Ltd., Catalent lnc., Recursion Pharmaceuticals Inc.
Market Drivers:
Rising healthcare expenditure is expected to propel the drug discovery market going forward. Countries around the world are spending a major share of their GDP on healthcare expenses which include hospital care, physician and clinical services, other professional services, dental services, other health, residential, and personal care, home health care, nursing care facilities, and continuing care retirement communities, prescription drugs, and others. Drug discovery holds a significant part of the health expenditure, as it is required to treat diseases and prolong life. There is an increasing need for new drugs to treat new diseases. For instance, in December 2023, according to the Centers for Medicare & Medicaid Services, a US-based federal agency, in 2022, US healthcare spending increased by 4.1% to $4.5 trillion, or $13,493 per person. Health spending accounted for 17.3% of the country's Gross Domestic Product. Therefore, the rise in healthcare expenditures is driving the growth of the drug discovery market.
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The drug discovery market covered in this report is segmented -
1) By Drug Type: Small Molecule, Large Molecule
2) By Process: Target Selection, Target Validation, Hit-To-Lead Identification, Lead Optimization, Candidate Validation
3) By Technology: High Throughput Screening, Spectroscopy, Combinatorial Chemistry, Biochips, Pharmacogenomics And Pharmacogenetics, Bioinformatics, Metabolomics, Nanotechnology, Other Technologies
4) By Therapeutic Area: Oncology, Neurology, Infectious and Immune System Diseases, Digestive System Diseases, Cardiovascular Diseases, Diabetes, Respiratory Disease, Other Therapeutic Areas
5) By End User: Pharmaceutical Companies, CROs, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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