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Small Molecule Drug Discovery Market Trends, Outlook, Key Drivers And Forecast Report 2024 To 2033
Small Molecule Drug Discovery Market Trends
According to The Business Research Company's, The small molecule drug discovery market size has grown strongly in recent years. It will grow from $57.41 billion in 2023 to $63.15 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to drug repurposing initiatives, automation in drug discovery, increased investment in r&d, regulatory support for drug development, advancements in high-throughput screening.
The small molecule drug discovery market size is expected to see rapid growth in the next few years. It will grow to $95.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to emergence of novel therapeutic targets, patient-centric drug discovery, drug-device combination products, real-world evidence utilization, pharmacogenomics integration, global health challenges. Major trends in the forecast period include fragment-based drug discovery, integration of artificial intelligence in drug discovery, rna-targeted therapeutics, collaborations and partnerships, innovations in drug delivery, adoption of organoids and 3d cell culture models.
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Market Drivers and Trends:
The rising incidence of chronic diseases is expected to boost the growth of the small molecule drug discovery market going forward. Chronic diseases refer to conditions that last for a year or longer, hinder everyday activities, demand continuous medical care, or both. Small-molecule medications can be used to treat chronic conditions like HIV, cancer, infections, heart disease, and renal disease, and these medications are generally more economical for patients with chronic conditions. Hence, the rising incidence of chronic diseases is expected to boost the small molecule drug discovery market. For instance, according to a report published by the National Institutes of Health (NIH), a US-based biomedical research agency, in 2023, in the United States, the number of people aged 50 and older with at least one chronic illness is predicted to rise by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Additionally, the number of people with multimorbidity would rise by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050. Therefore, the rising incidence of chronic diseases is driving the growth of the small molecule drug discovery market.
Technological innovations are the key trend gaining popularity in the small molecule drug discovery market. Major companies operating in the small molecule drug discovery market are focusing on developing new products. For instance, in January 2023, Dotmatics, a US-based provider of digital science platform, launched Small Molecule Drug Discovery Solution. It is uniquely designed with integrated scientific R&D platform that has pre-configured workflows and expanded data management capabilities. It reduces the operational inefficiencies, and speeds the process of taking data from insights to decisions.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Pfizer Inc.; GlaxoSmithKline plc; AstraZeneca; Boehringer Ingelheim International GmbH; Bristol-Myers Squibb Company; Johnson & Johnson; Gilead Sciences Inc.; Merck KGaA; Novartis AG; 21st Century Therapeutics Inc.; 4SC AG; Teva Pharmaceutical Industries Ltd.; Takeda Pharmaceutical Company Limited; Immunocure Inc.; Labcorp Drug Development; ICON Public Limited Company; Charles River Laboratories; Aluda Pharmaceuticals; CelerisTx; Clinuvel Pharmaceuticals; Corcept Therapeutics; Doloromics; Edison Oncology; Escend Pharmaceuticals; Terray Therapeutics; Apollomics; Astex Pharmaceuticals; Surface Ophthalmics; Pardes Biosciences; Xynomic Pharmaceuticals; AfaSci; Zevra Therapeutics; Saniona; UNION therapeutics; Tetra Pharm Technologies; Pharmacosmos; Allarity Therapeutics; Xellia Pharmaceuticals; Cyteir Therapeutics; BigHat Biosciences
Small Molecule Drug Discovery Market 2024 Key Insights:
• The small molecule drug discovery market will grow to $95.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Chronic Disease Surge Propels Growth In Small Molecule Drug Discovery Market
• Small Molecule Drug Discovery Market Thrives On Technological Innovations
• North America was the largest region in the small molecule drug discovery market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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