Drug Discovery Market Value - By Drug Type (Small Molecule Drugs and Biologic Drugs), By Technology (High Throughput Screening, Pharmacogenomics, Combinatorial Chemistry, Nanotechnology, Other Technologies), By End User (Pharmaceutical Companies, Contract Research Organizations (CROs)), By Region, By Industry Analysis, Market Size, Share & Forecast, 2023 – 2032

MVI Statistics and Viewpoints:

• Drug Discovery Market size exceeded USD 95.7 Billion in 2022. 
• The market is expected to showcase a CAGR of over 6.6% from 2023 to 2032. 
• By the end of the forecast period, the market is anticipated to reach a valuation of around USD 178.8 Billion.

Pharmaceutical companies invest in identifying and validating potential drug targets. This entails researching the biological pathways and molecules involved in diseases in order to identify appropriate targets for drug intervention. Manufacturers are focusing their efforts on creating diverse libraries of chemical compounds using combinatorial chemistry techniques. These libraries contain an enormous number of potential drug candidates for screening and optimization. 

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Market Overview:

The process of identifying and developing new pharmaceutical compounds that can be used as medications to treat various diseases and conditions is referred to as drug discovery. Drug discovery is a complex and resource-intensive process that begins with target identification and validation. Researchers identify specific molecules or biological pathways associated with a specific disease that could serve as potential drug targets during this phase. Once identified, these targets are subjected to extensive testing using high-throughput screening (HTS) technologies, which screen thousands of chemical compounds for their ability to interact with the target and produce the desired therapeutic effect. In recent years, technological advancements such as artificial intelligence and machine learning have revolutionized the drug discovery process by allowing for faster data analysis, predictive modelling, and more efficient identification of potential drug candidates.

The market is highly competitive, with numerous pharmaceutical companies, biotechnology firms, and academic institutions actively involved in drug discovery research. Furthermore, increased investment in research and development (R&D) by governments and private investors has accelerated the pace of drug discovery and development.

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Drivers:

• Increasing Prevalence of Chronic Diseases: The increasing prevalence of chronic diseases such as cancer, cardiovascular disease, diabetes, and neurological disorders has resulted in a significant demand for novel and effective medications. Drug discovery is critical in developing therapies to address these complex health issues.
   
• Increasing R&D Investments: Governments, pharmaceutical companies, and private investors are all heavily investing in drug discovery research and development (R&D). These investments are driven by the search for new therapeutics as well as potential market opportunities.
   
• Rising Healthcare Expenditure: As global healthcare spending rises, there is a greater emphasis on developing cost-effective and innovative medications to improve patient outcomes. This encourages investment in drug discovery research to address a variety of healthcare issues.

Restraints:

• Lengthy and Uncertain Development Timelines: The drug discovery process is lengthy and often unpredictable, with no guarantee of success. It can take years or even decades from the initial research phase to the commercialization of a new drug. This uncertainty can discourage investment and slow down progress.

By Drug Type Analysis:

The global market is classified by drug type into small molecule drugs and biologic drugs. Among these segments, the small molecule drugs segment is expected to grow at the highest pace in the Global drug discovery market during the forecast period. Because of their ease of synthesis, oral bioavailability, and well-established manufacturing processes, small molecule drugs have been the cornerstone of pharmaceutical development for several decades. They are widely used in the treatment of various diseases and have a shorter development timeline than biologic drugs.

By Technology Industry:

The global market is classified by technology into high throughput screening, pharmacogenomics, combinatorial chemistry, nanotechnology, and other technologies. Among these segments, the high throughput screening segment is expected to grow at the highest pace in the Global drug discovery market during the forecast period. By allowing researchers to rapidly screen large compound libraries against drug targets, HTS technology has transformed the early stages of drug discovery. It has become an indispensable tool in the pharmaceutical industry, allowing for more efficient identification of potential drug candidates.

Regional Overview:

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North America is anticipated to hold the largest share of the global drug discovery market during the study period. The United States leads the world in terms of spending on research and development. Furthermore, the majority of new drugs that have recently been developed are patented in the United States. Furthermore, the rising prevalence of chronic diseases has fueled the growth of the market in North America. One or more chronic diseases affect roughly half of the US population. This has resulted in the country's high healthcare expenditure. Furthermore, rising awareness of biologics in the region is fueling market growth.

However, Asia Pacific is estimated to be the fastest-growing market for Global Drug Discovery over the study period. This is because of the existence of numerous CROs in the vicinity. Also, countries such as South Korea, India, and China are making significant investments in the growth of the pharmaceutical sector, which is sustaining consumer interest in biopharmaceutical products. Furthermore, the region's growing geriatric population is expected to increase demand for drugs in the near future, as geriatric people are more susceptible to chronic diseases. According to the United Nations, by 2050, 80% of the world's geriatric population will be living in low and middle-income countries. As a result, the region is expected to see a surge in the market growth in the near future.

Key Developments:

• In February 2023, Charles River Laboratories (US) declared a multi-program agreement with Pioneering Medicines, a Flagship Pioneering (US) initiative, granting access to its Logica AI platform for small-molecule drug discovery.

Top Companies Includes In The Global Drug Discovery Market:

• AbbVie Inc.
• Bristol-Myers Squibb Company
• Charles River Laboratories International, Inc.
• AstraZeneca PLC
• Bayer AG
• Eli Lilly and Company
• F. Hoffmann-La Roche Ltd
• GlaxoSmithKline PLC
• Merck & Co. Inc.
• Novartis
• Pfizer Inc.
• Takeda Pharmaceuticals
• Sanofi
• Others

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In-depth analysis of Global Drug Discovery Market along with industry coverage and forecasting for the followings segments:

Market Size, By Drug Type

• Small Molecule Drugs
• Biologic Drugs

Market Size, By Technology

• High Throughput Screening
• Pharmacogenomics
• Combinatorial Chemistry
• Nanotechnology
• Other Technologies

Market Size, By End User

• Pharmaceutical Companies
• Contract Research Organizations (CROs)
• Other End Users

Market Size, By Geography

• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• South America