The Drug Discover Global Market Report 2023 by The Business Research Company, provides drug discover market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Drug Discover Global Market Report 2023, the market size will grow from $85.42 billion in 2022 to $98.48 billion in 2023 at a compound annual growth rate (CAGR) of 15.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the drug discovery is expected to grow to $158.67 billion in 2027 at a CAGR of 12.7%.
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.
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The drug discover market 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
Technological advancements are a key trend in the drug discovery market. Companies operating in the drug discovery market are coming up with various new technologies, such as AI, imaging technology, and others, to reduce the time required for drug discovery. The imaging technology enables non-invasive biological activities occurring within organisms in response to medications to be visualised, characterised, and quantified. These methods, which make use of the strengths of either probes or tissue itself, are crucial for understanding diseases and finding new treatments. For instance, in October 2020, the CU Skaggs School of Pharmacy and Pharmaceutical Sciences, part of Colorado Anschutz, a US-based medical university, announced a new drug discovery technology that includes a new robotic screening and imaging technology which cuts the screening time for new drug therapies by half and also enables rapid and cost-effective screening of hundreds of thousands of potential therapies for diseases.
The drug discover market report table of contents includes:
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