The global drug discovery market accounted for USD 9.2 billion in 2019. The drug discovery market is projected to grow at a CAGR of 12.0% during the forecast period.
COVID-19 has affected all the business over the globe. Many leading biotechnology and pharmaceuticals firms have collaborating in order to expedite the research and development process so that they can come up with a vaccine for corona virus or therapeutics to combat corona virus. The strategies and initiatives adopted by different firms are likely to accelerate drug discovery market growth during forecast period.
For more details, visit: Global Drug Discovery Market By Drug Type (Biologics, Small Molecule), By Type (Biology Services, Medical Chemistry Services, Others), By Therapeutic Area (Oncology, Neurology, Others), By Region–Forecast & Opportunities to 2026
According to Pharmaceutical research and manufactures of America (PhRMA), the expenditure in research and development has been increased immensely in the drug discovery segment. This is likely to give boost to the drug discovery market in coming future and many inventions of many drugs are expected in coming years.
Based on the type, the drug discovery market has been segmented into biologics drugs and small molecule drugs. The small molecule drugs segment is accounted for the largest market share in 2019. The small molecule drugs segment is expected to register growth at highest CAGR during the forecast period. The growth in small drugs segment is attributed by its various merits such as well-defined molecules, simple structure and they are easy to characterize. Because of this features small-drugs can quickly enter cells, affect molecules and make cancer cell die.
Based on therapeutic area, the drug discovery market is segmented into oncology, neurology, cardiovascular diseases, infectious & immune system diseases, digestive diseases and other therapeutic diseases. The oncology market is estimated to register growth at highest CAGR during the forecast period. The growth in oncology segment can be attributed by the increasing number of cancer patients. This has lead to growing demands of cancer therapy. Thus, drives the oncology market in drug discovery market.
On the basis of type, the drug discovery market is segmented into biology services, drug metabolisms & pharmacokinetics (DMPK) and medical chemistry services. The medical chemistry services segment is estimated to register growth at highest CAGR during the forecast period. Factors such as widespread use of medical chemistry services in many phases of preclinical drug discovery market to deliver robust candidates. Medical chemistry is used in biotechnology companies, academics and large pharmaceuticals companies have also attributed market growth.
The North America region accounted for maximum market share in 2019 in drug discovery market. The rising R&D expenditure by many firms, presence of well-established CROs and availability of technologically advanced instruments, techniques and facilities for drug discovery market has driven growth in North America Region.
The key market players in drug discovery market are Charles River Laboratories, Thermo Fisher scientific, Albany Molecular Research Inc., Evotec AG, Domainex, Laboratory Corporation of America Holdings, GenScript Biotech Corp., Pharmaceutical Prduct Development, Piramal Enterprises Ltd., WuXi App, jubilant Biosys Ltd., Eurofins Scientific SE, Aligent Technologies, Bruker Corp, Shimadzu Corp. and Selvita S.A.
- What are the expected industry trends over the next three to five years?
- Which of the drug discovery type is likely to lead by 2025?
- Which of the therapeutic area segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?