Categories: Healthcare

Drug Discovery Market Share, Trends, Growth, Major Key Players Analysis And Forecast To 2033

Overview and Scope

Drug discovery is the process of identifying biologically active compounds that possess the potential to become therapeutic agents. The drug discovery process involves different phases, from ideation to development to approval. It is used to discover a new clinical drug for treating new, existing, and previously incurable diseases.

Sizing and Forecast

The drug discovery market size has grown rapidly in recent years. It will grow from $98.01 billion in 2023 to $111.48 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%.  The growth in the historic period can be attributed to advancements in genomics and proteomics, expanding prevalence of chronic diseases, emergence of biopharmaceuticals.

The drug discovery market size is expected to see rapid growth in the next few years. It will grow to $192.2 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.  The growth in the forecast period can be attributed to precision medicine adoption, focus on rare diseases, expansion of personalized therapies. Major trends in the forecast period include collaborative drug discovery models, focus on rare diseases and orphan drugs, integration of multi-omics data, rapid adoption of organoids and 3D cell culture models, advancements in virtual screening.

Order your report now for swift delivery, visit the link:

https://www.thebusinessresearchcompany.com/report/drug-discovery-global-market-report

Segmentation & Regional Insights

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

North America was the largest region in the drug discovery market in 2023. Asia-Pacificc 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.

Intrigued to explore the contents? Secure your hands-on a free sample copy of the report:

https://www.thebusinessresearchcompany.com/sample.aspx?id=7746&type=smp

Major Driver Impacting Market Growth

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. For instance, in December 2023, according to the Centers for Medicare & Medicaid Services, a US-based federal agency, in 2022, US healthcare spending increased by 4.1% to $4.5 trillion, or $13,493 per person. Health spending accounted for 17.3% of the country’s Gross Domestic Product. Therefore, the rise in healthcare expenditures is driving the growth of the drug discovery market.

Key Industry Players

Major companies operating in the drug discovery market report are 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.

The drug discovery market report table of contents includes:
1. Executive Summary

  1. Market Characteristics
  2. Market Trends And Strategies
  3. Impact Of COVID-19
  4. Market Size And Growth
  5. Segmentation
  6. Regional And Country Analysis

………..

  1. Competitive Landscape And Company Profiles
  2. Key Mergers And Acquisitions
  3. Future Outlook and Potential Analysis

    Contact Us:

The Business Research Company

Europe: +44 207 1930 708

Asia: +91 88972 63534

Americas: +1 315 623 0293

Email: info@tbrc.info

Follow Us On:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

Twitter: https://twitter.com/tbrc_info

Facebook: https://www.facebook.com/TheBusinessResearchCompany

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Blog: https://blog.tbrc.info/

Healthcare Blog: https://healthcareresearchreports.com/

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Good PR News

Recent Posts

Medical Terminology Software Market Share, Growth Opportunities, Demand Factors Report To 2033

The medical terminology software global market report 2024 from The Business Research Company provides comprehensive…

13 hours ago

Apples Market Expansion 2024-2033: Growth Drivers and Dynamics

The apples global market report 2024 from The Business Research Company provides comprehensive market statistics,…

13 hours ago

IP Video Surveillance And VSaaS Market Growth Analysis, Latest Trends And Business Opportunity 2024 To 2033

The ip video surveillance and vsaas global market report 2024 from The Business Research Company…

13 hours ago

Change And Configuration Management Market Expansion 2024-2033: Growth Drivers and Dynamics

The change and configuration management global market report 2024 from The Business Research Company provides…

13 hours ago

Generative AI In Gaming Market Share Analysis, Leading Players, Growth, Trends, And Forecast To 2033

The generative ai in gaming global market report 2024 from The Business Research Company provides…

13 hours ago

Electric Blankets Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033

The electric blankets global market report 2024 from The Business Research Company provides comprehensive market…

13 hours ago