According to the latest report published by Acute Market Reports “Drug Discovery Technologies Market - Growth, Future Prospects and Competitive Analysis, 2021-2029,” the global drug discovery technologies market was valued at US$ 21.6 Bn in 2020, expanding at a CAGR of 12.1%.
Browse the full report Drug Discovery Technologies Market - Growth, Future Prospects and Competitive Analysis, 2021–2029 report at https://www.acutemarketreports.com/report/drug-discovery-technologies-market
Market Insights
Drug discovery is a complex process involving multiple stages and requiring extensive time and resources in identification of drug compound and validation for the specific disease treatment. As per the sequential orders, phases of drug discovery are selection and validation of targets, finding out hit, optimization of lead and pharmacological profiling. Funding from governments and pharmaceutical manufacturers helps to carry out drug discovery research in academic, pharmaceutical or biotechnology research laboratories.
Chronic diseases such as heart disease, diabetes, cancer, stroke, chronic respiratory disease are estimated to be the leading cause of deaths worldwide; as per the data of the World Health Organization (WHO), 60% of deaths are caused by chronic diseases. The drug discovery technologies market is majorly influenced by the increasing number of acute and chronic disease worldwide. The field of drug discovery is witnessing major developments since the trend in disease cure has shifted towards large molecule proteins and biopharmaceuticals from small chemical compounds. Recent inclination towards precision medicine and related research has significantly driven the drug discovery technologies market. Implementation of artificial intelligence tools like Watson IBM for drug discovery is expected to fuel the market growth by speeding up the research and leading to new insights. Collaboration between Pfizer and Watson IBM for immune-oncology drug discovery and tie-up between GlaxoSmithKline and Exscientia for identification of drugs molecule to cure up to 10 different disease are expected to bring out promising therapeutics in treatment. Recently, Sirenas received grant of US $1.68 million from the Bill & Melinda Gates Foundation to enhance drug discovery utilizing computational technology called ATLANTIS. Such funding has a positive impact on the drug discovery technologies market growth by driving the overall research. Merger activities of pharmaceutical companies has brought about increasing R&D productivity as a result of combining knowledge and supporting research capabilities. Rising popularity of drug repositioning using bioinformatics also boosted the growth of drug discovery technologies market.
This market gets affected by the huge failure rate of drugs at clinical trial due to inadequate target validation at basic research, absence of thorough preclinical testing of drugs in modern model frameworks, poor communication and coordination among researchers, drug developers and clinicians; and absence of solid responder speculations preceding entering the clinic and all through the procedure of clinical development. The future drug discovery technologies market is expected to witness positive growth as few organizations have started working to overcome the aforementioned barriers.
On the basis of technology type, high throughput screening is widely used in research with increasing demand for automated and computerized facilities. On the regional basis, in the year 2020, North America dominated the drug discovery technologies market followed by Europe. The increasing investment of U.S. based foundations in drug discovery and increasing drug approval by the U.S. Food and Drug Administration (USFDA) have contributed immense growth to the market.
Market Competition Assessment:
The key industry players of drug discovery technologies market include Abbott Laboratories, Inc., Novartis AG, Eli Lily, Affymetrix Inc, AstraZeneca plc., Boehringer Ingelheim, Inc., Bayer Healthcare AG, GlaxoSmithKline LLC., Pfizer Inc., Sanofi, Albany Molecular Research Inc., Luminex Corporation, and other notable players.
Key Market Movements:
