Global Drug Discovery Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Drug Discovery Market from 2024 to 2033?
In recent years, there has been significant expansion in the market size of drug discovery. The projections suggest that the market, which is valued at $98.01 billion in 2023, has an estimated growth to $111.48 billion in 2024. This corresponds to a compound annual growth rate (CAGR) of 13.7%. Advancements in genomics and proteomics, increasing incidence of chronic illnesses, and the emergence of biopharmaceuticals have been key contributors to growth during the historic period.
In the coming years, the drug discovery market size is predicted to experience swift expansion. It is projected to increase to $192.2 billion by 2028, growing at a compound annual growth rate (CAGR) of 14.6%. This growth during the forecast period can be traced back to the implementation of precision medicine, a concentration on rare diseases, and the proliferation of personalized therapies. Notable trends during the forecast period feature collaborative models for drug discovery, an emphasis on rare diseases and orphan drugs, integration of various types of omics data, the swift adoption of organoids and 3D cell culture models, and progress in virtual screening.
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What Factors Are Encouraging Growth in the drug discovery Market?
The spending on healthcare is projected to boost the drug discovery sector. Countries globally are allocating a significant portion of their GDP for healthcare measures which encompass hospital care, services provided by physicians and clinicians, other professional services, dental assistance, other forms of health, residential and personal care, home-based healthcare, nursing care facilities and prescription drugs among others. Drug discovery forms a critical component of the healthcare expenses as it is vital for treating diseases and for the extension of life. There is a steady increase in the demand for new drugs to combat newly detected diseases. As per the Centers for Medicare & Medicaid Services, a federal agency based in the US, in 2022 there was a 4.1% increase in the spending on healthcare in the US, amounting to $4.5 trillion or $13,493 per individual. This constituted 17.3% of the nation’s GDP. It is this increase in healthcare expenditure that is propelling the drug discovery market’s growth.
Which Segments Play a Vital Role in the Drug Discovery Market?
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
What Trends Are Driving Change in the Drug Discovery Market?
Advancements in technology are a major trend influencing the drug discovery market. Firms within this sector are introducing new technologies like AI, imaging technology, etc., to expedite the drug discovery process. Imaging technology is particularly significant as it allows for the visualisation, characterisation and quantification of biological activities within organisms in response to drug treatment, without any invasive procedures. Such practices, which utilise either probes or the tissue itself, are vital in understanding diseases and creating new cures. For example, in May 2023, Google Cloud introduced two AI-based tools – the Target and Lead Identification Suite and the Multiomics Suite, aimed at speeding up drug discovery and precision medicine. These mechanisms are tailor-made to propel the progress of biotech and pharmaceutical firms in drug discovery and precision medicine. The Target and Lead Identification Suite facilitates the recognition of amino acids and proteins functions, while the Multiomics Suite expedites the discovery and interpretation of genomic data, thus aiding precision treatments design.
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What Regions Are Contributing Significantly to the Growth of the Drug Discovery Market?
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.
The Drug Discovery Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the drug discovery market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Drug Discovery Market Include
1. Drug Discovery Market Executive Summary
2. Drug Discovery Market Segments
3. Drug Discovery Market Size And Template Market Growth Rate
4. Key Drug Discovery Market Trends
5. Major Drug Discovery Market Drivers
……
25. Key Mergers And Acquisitions In The Drug Discovery Market
26. Top Drug Discovery Companies
27. Drug Discovery Market Opportunities And Strategies
28. Drug Discovery Market, Conclusions And Recommendations
29. Appendix
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