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Drug Discovery Technologies Market Trends & Growth 2024-2033
Drug Discovery Technologies Market
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According to The Business Research Company's, The drug discovery technologies market size has grown rapidly in recent years. It will grow from $66.08 billion in 2023 to $72.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to growth in genomic and proteomic research, increased understanding of molecular biology, expansion of combinatorial chemistry, adoption of bioinformatics and computational approaches, rise of targeted therapies
.
The drug discovery technologies market size is expected to see rapid growth in the next few years. It will grow to $108.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to adoption of crispr for gene editing, expansion of precision medicine approaches, application of omics technologies in drug development, utilization of quantum computing in drug discovery, rise of patient-derived xenograft (pdx) models. Major trends in the forecast period include advancements in high-throughput screening, development of automated laboratory equipment, collaboration between academic and industry research, technological advances in imaging and microscopy, integration of artificial intelligence in drug discovery, 3d cell culture technologies, adoption of machine learning in drug design, collaboration between pharma companies and tech startups, integration of blockchain for data security.
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Market Drivers and Trends:
The rising prevalence of acute and chronic diseases is expected to propel the drug discovery technologies market going forward. Chronic diseases last one year or more and require ongoing medical attention. Innovation in drug discovery technologies and drug development has brought many new treatments for chronic diseases. Integrating new and powerful emerging technologies, including digital health tools, AI, and machine learning, throughout the drug R&D process offers opportunities to address critical barriers and streamline clinical trials for prevalent chronic diseases. For instance, in May 2023, according to The United Nations (UN), a US-based intergovernmental organization to promote international cooperation and maintain international peace and security, Chronic diseases were responsible for seven out of 10 deaths in the US, killing more than 1.7 million Americans annually. Therefore, the rising prevalence of acute and chronic diseases will drive the drug discovery technologies market.
The invention of advanced technologies is a key trend in the drug discovery technologies market. Major companies operating in the drug discovery technologies market are launching advanced technologies to sustain their position in the market. For instance, in May 2023, Google LLC, a US-based technology company, launched Target and Lead Identification Suite, an AI-based tool to accelerate drug discovery. It is made to assist businesses in foreseeing and comprehending protein structure, a crucial aspect of drug research. The Suite will assist researchers in ingesting, storing, analyzing, and sharing vast volumes of genetic data. The new suites will help businesses save statistically significant amounts of time and money through the drug development process. They will contribute to resolving a long-standing problem in the biopharmaceutical sector.
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Major Key Players of the Market:
F. Hoffmann-La Roche AG, Novartis AG, Thermo Fisher Scientific Inc., AstraZeneca plc., Merck KGaA, GE HealthCare Technologies Inc., Agilent Technologies Inc., Dassault Systemes SA, Charles River Laboratories International Inc., Bio-Rad Laboratories Inc., Evotec SE, Curia Global Inc., Aragen Life Sciences Private Limited, Luminex Corporation, BioXcel Therapeutics Inc., Certara Inc., Schrödinger Inc., Sygnature Discovery Ltd., Recursion Pharmaceuticals Inc., InSilico Medicine Inc., ChemAxon Ltd., Enamine Ltd., BenevolentAI Limited, OpenEye Scientific Software Inc., Collaborative Drug Discovery Inc., Pharmacelera S.L., Gyros Protein Technologies AB, Optibrium Ltd., Cresset Group, Relay Therapeutics Inc.
Drug Discovery Technologies Market 2024 Key Insights:
• The drug discovery technologies market size is expected to see rapid growth in the next few years. It will grow to $108.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Surging Prevalence Of Acute And Chronic Diseases Propels Drug Discovery Technologies Market
• Advanced Technologies Drive Momentum In The Drug Discovery Technologies Market
• North America was the largest region in the drug discovery technologies market in 2023
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