The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s drug discovery market report forecasts the drug discovery market size to grow to $158.67 Billion by 2027, with a CAGR (compound annual growth rate) of more than 12%.

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Drug Discovery Market Size Forecast
The global drug discovery market is expected to 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 drug discovery market size is expected to grow to $158.67 billion in 2027 at a CAGR of 12.7%.

North America held the largest drug discovery market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Drug Discovery Market Driver ­– Rise In The Healthcare Expenditure
For instance, In 2020, the US National Healthcare Expenditure (NHE) grew by 9.7% to $4.1 trillion, accounting for 19.7% of the U.S. Gross Domestic Product (GDP). Therefore, rising healthcare expenditure is expected to propel the drug discovery market.

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Key Drug Discovery Market Trend – Technological Advancement
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.

Drug Discovery Market Segment
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

Drug Discovery Market Major Players and Strategies
Major players in the drug discovery market are Pfizer Inc., GlaxoSmithKline PLC, Merck & Co. Inc., Agilent Technologies Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Bayer AG, Abbott Laboratories Inc., AstraZeneca PLC, Shimadzu Corp., Evotec SE, Boehringer Ingelheim, Inc., Novartis, Johnson & Johnson, and WIL Research Laboratories.

In October 2021, Inotiv, a US-based contract research organization that focuses on nonclinical and analytical drug discovery and development services, acquired Plato BioPharma for $15 million. Through this acquisition, Inotiv intends to execute its strategy of developing a comprehensive range of contract research services spanning the entire drug discovery and preclinical development process. Plato BioPharma is a US-based company specialising in vivo pharmacology research and drug discovery in the cardiovascular, renal, pulmonary, and hepatic therapeutic areas.

The Drug Discovery Global Market Report 2023 covers regional data on drug discovery market size, drug discovery market trends and drivers, opportunities, strategies, and drug discovery market competitor analysis. The countries covered in the drug discovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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.

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