The most recent market dimension data for the year 2023 has been incorporated into the global market reports by The Business Research Company, and these have been projected until 2032.

According to The Business Research Company’s Global Market Report for Drug Discovery in 2023, there is anticipated substantial expansion in the drug discovery market within the projected timeframe.

Key takeaways from the drug discovery market projection are as follows:

1. Market Size

The worldwide drug discovery market witnessed an escalation from $85.42 billion in 2022 to $98.48 billion in 2023, demonstrating a compound annual growth rate (CAGR) of 15.3%. Forecasts propose that the drug discovery market will further expand to $158.67 billion in 2027, holding a CAGR of 12.7%.

2. Primary Driver

The projected trajectory of the drug discovery market is substantially influenced by the surge in healthcare expenditures. To illustrate, in 2020, the US National Healthcare Expenditure (NHE) burgeoned by 9.7% to reach $4.1 trillion, constituting 19.7% of the US Gross Domestic Product (GDP). This rise in healthcare spending is thus predicted to be a significant catalyst for the drug discovery market’s growth.

View More On The Drug Discovery Market Report 2023 – https://www.thebusinessresearchcompany.com/report/drug-discovery-global-market-report

3. Key Trend

A pivotal trend observed in the drug discovery sector is the continual advancement of technology. Enterprises within this industry are introducing various innovative technologies, encompassing AI, imaging technology, and others, to expedite the drug discovery process. Imaging technology, for instance, facilitates the visualization, characterization, and quantification of non-invasive biological activities in response to medications within organisms. These methodologies, utilizing either probes or tissue strengths, hold crucial implications for comprehending diseases and identifying novel treatments. For example, in October 2020, the CU Skaggs School of Pharmacy and Pharmaceutical Sciences, a component of the US-based medical institution Colorado Anschutz, introduced an innovative drug discovery technology integrating robotic screening and imaging, effectively halving the screening time for novel drug therapies and enabling efficient assessment of hundreds of thousands of potential disease therapies.

4. Dominant Region

In 2022, North America held the foremost position in the drug discovery market.

5. Major Players

Key participants in the drug discovery market comprise 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.

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Key Drug Discovery Market Segments
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

The Drug Discovery Global Market Report 2023  furnishes comprehensive insights into market dimensions, trends, drivers, opportunities, strategies, and company analyses. Covered nations include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, with the main seven regions encompassing Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Drug Discovery Services Global Market Report 2023
AI In Pharma Global Market Report 2023
Research Antibodies And Reagents Global Market Report 2023

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