Future of the Drug Discovery Market: Trends, Innovations, and Key Forecasts Through 2034

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What Is the Expected CAGR for the Drug Discovery Market Through 2025?
Recent years have seen a swift expansion in the size of the drug discovery market. This growth is projected to continue, with the value of the market expected to increase from $110.26 billion in 2024 to $125.23 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.6%. Factors such as advancements in the fields of genomics and proteomics, rising levels of chronic diseases, and the emergence of biopharmaceuticals have contributed to the market growth during the historic period.

What's the Projected Size of the Global Drug Discovery Market by 2029?
The market size of drug discovery is anticipated to witness a significant surge in the upcoming years, reaching $221.71 billion in 2029 with a compound annual growth rate (CAGR) of 15.3%. This anticipated growth during the forecast period can be tied to the growing adoption of precision medicine, attention towards rare diseases, and the broadening of personalized treatment options. The forecast period will also see key trends such as the partnership in drug discovery models, emphasis on rare diseases and orphan drugs, the integration of different types of omics data, the swift acceptance of organoids and 3d cell culture models, and progression in virtual screening.

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Top Growth Drivers in the Drug Discovery Industry: What's Accelerating the Market?
The expansion of the drug discovery market is expected to be fuelled by the escalating costs of healthcare. A significant portion of the global GDP is allocated to healthcare expenses, including those related to hospital care, physician and clinical services, dental services, residential and personal care, home health and nursing care facilities, and prescription drugs, among others. Drug discovery commands a major chunk of these expenses due to its role in disease treatment and life extension. The emergence of new diseases underscores the growing need for new drug discoveries. For instance, data from the US-based federal agency, Centers for Medicare and Medicaid Services reveals that the national health expenditure witnessed a 4.1% increase to reach $4.5 trillion in 2022, or $13,493 per person. This figure is expected to grow at an average rate of 5.6% from 2023 to 2032, surpassing the average GDP growth rate of 4.3%. As a result, the health spending share of GDP is projected to surge from 17.3% in 2022 to 19.7% in 2032. This sharp increase in healthcare expenses is, thus, a significant factor propelling the growth of the drug discovery market.

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What Trends Will Shape the Drug Discovery Market Through 2029 and Beyond?
The progression of technology is a major development shaping the drug discovery market. Firms in this industry are continually introducing innovative technologies such as artificial intelligence, imaging technology, and more, with the goal of streamlining the drug discovery process. This imaging technology permits non-invasive monitoring of biological activities within organisms as they react to medications, making it possible to visualize, assess, and quantify these activities. Such approaches, which utilize either probes or the tissue itself, are integral to disease understanding and the creation of new therapies. For instance, in May 2023, Google Cloud unveiled two new AI-optimized tools, the Multiomics Suite and the Target and Lead Identification Suite, aimed at expediting drug discovery and precision medicine. These tools are strategically designed to enable pharmaceutical and biotech companies to enhance their drug discovery processes and the precision of their medications. The function of amino acids and proteins can be identified using the Target and Lead Identification Suite, and the Multiomics Suite offers expedited interpretation of genomic data, assisting in the creation of personalized treatments.

What Are the Main Segments in the Drug Discovery Market?
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

Subsegments:
1) By Small Molecule: Synthetic Small Molecules, Natural Small Molecules, Targeted Small Molecule Drugs
2) By Large Molecule: Monoclonal Antibodies, Proteins And Peptides, Nucleic Acid-Based Therapies

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Which Top Companies are Driving Growth in the Drug Discovery Market?
Major companies operating in the drug discovery market include 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.

Which Regions Will Dominate the Drug Discovery Market Through 2029?
North America was the largest region in the drug discovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the drug discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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