Drug discovery is a process wherein new drugs are identified for any disease indication. Developing drug from the stage of discovery to market approval is a lengthy process which contribute to significant costs to the developers. Main focus of R&D is into identification of a target and discovery of some chemical candidates which can activate or block the target. The main reasons of drug failure are lack of efficacy and safety of discovered drug candidate, leading to financial losses to the companies. To inhibit such contingencies, the status of efficient drug discovery process have become critical in the field of drug development.
Major market drivers of drug discovery is globally expanding population, rising prevalence of diverse range of disease encompassing neurology, cardiovascular, oncology and other chronic disease areas. Some tropical infectious diseases are still in need of appropriate medical interventions. Pharmaceutical solutions are required to meet this challenge and also to overcome severe issues like antibiotic resistance. Number of ways are identified and being explored to strengthen the drug discovery technologies market in future years by facilitating patented innovation in free access platform, developing new metrices for capturing data of open research and reforming regulatory guidelines by assigning particular designation for products. Increasing research funding from governmental organizations and pharmaceutical manufacturers and patent expiration of marketed drugs are the major reasons behind the smooth progress of drug discovery technologies market worldwide. Introduction of new technologies is expected to escalate the market growth in coming years by efficiently identifying promising drug candidates and reducing the chances of failure.
Utilizing advanced tools such as text mining and machine learning to streamline the course of finding and developing new drug is predicted to boost the future drug discovery technologies market. The adoption of artificial intelligence tool and IT solution in drug discovery for speeding up research process is likely to influence overall drug discovery technologies market growth and industry landscape. However, overall huge expenses of drug discovery, delayed processing of stringent government regulations act as restraining factors to the market growth.
The purpose of this research study titled ‘Drug Discovery Technologies Market - Growth, Future Prospects, and Competitive Analysis, 2023 – 2030’ is to provide investors, developers, industry experts, company executives and with exhaustive analysis to enable them to take vital strategic initiatives and decisions related to the prospects in the global drug discovery technologies market. This report encompasses key market dynamic factors of drug discovery such as driving forces, restraining factors, and major opportunities. This research report also delivers the predominant and future trends in the drug discovery technologies market which is projected through 2030 along with CAGR for the period of 2023-2030.
This report categorizes the global drug discovery technologies market in terms of technology type and geographical distribution. On the basis of drug discovery technologies type, the market has been segmented into high throughput screening, biochips, bioinformatics, pharmacogenomics and pharmacogenetics, combinatorial chemistry, nanotechnology, spectroscopy, metabolomics and others (RNAi, proteomics, epigenetics, and chromatography). This research report offered cross-sectional analysis of each and every segment with base year (2020) data to gain better understanding of the market and forecasted through 2029 with CAGR considering 2023-2030.
This report includes detailed profiling of major players of drug discovery technologies market with thorough explanation of competitive assessment tools like major agreements, acquisition and merger activities, partnerships and collaborations, market attractiveness assessment and competitive landscape analysis. The major players profiled in this report are 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., and Luminex Corporation.
High throughput screening (HTS) is the leading segment of drug discovery technologies market. The increasing popularity of HTS is due to its high throughput, higher efficiency, rapid assessment of the biological activity of any drug-like compound and identification of ligand for pharmacological targets. However, the expensive screening process and requirement of specialized laboratory might act as challenging factors for the market. Increasing adoption of biochip technology in drug discovery with the objective of speeding up the drug discovery process, cutting down the attrition rate and minimizing the timeline of pipeline drugs. Advancement in biochip with increasing flexibility of array technology opened up the door of immense opportunity for drug discovery. Bioinformatics technology has been driving the drug discovery market by accelerating drug target identification, screening drug candidate, anticipating drug resistance and characterizing probable side-effects. Expanding pressure to produce huge number of drugs in a brief timeframe with minimal risk has brought about intense interest in bioinformatics. Presently, the demand for artificial intelligence platforms is on rise, as they enable researchers to effectively identify drug target or screen drug repositioning, which further is expected to stimulate the drug discovery technologies market growth. Nanotechnology is playing a stellar role in drug discovery technologies market by developing enhanced drug formulations, drug delivery systems, while overcoming challenges like inadequate throughput and unreliable data.
Geographically, the global drug discovery technologies market is cumulative to North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
In the base year 2021, North America is estimated to be the most significant market for drug discovery technologies as the region is the hub of all major drug manufacturing companies. The adoption of recent advanced technologies is higher in North America, which in turn acts as driving force of the market growth. Increasing expenditure on R&D and promising policies encourage pharmaceutical companies to develop drugs. The United States being the leader in medical research produced more than half of drug molecules in the last decade. Launching of the fast-track scheme for drug approval, PRIME initiative by the European Medicine Agency is expected to augment drug discovery technologies market in this region. Increasing initiatives for collaborative research projects and networking among industrial and academic experts, large pharmaceutical companies and medium or small sized enterprises are expected to support pharmaceutical development in Europe. European Lead Factory is a platform aiming to escalate drug discovery in Europe by providing access to academic institutions, small and medium enterprises with more than 500,000 novel chemical compounds and boost the drug discovery activities. Asia Pacific is a region of 60% of the world’s population. This region is expected to witness substantial growth due to the large targeted population as it offers a pool of potential clinical trials. Rising disease prevalence, increasing funding for research activities and improved regulatory guidelines regarding the clinical research are few of the major drivers of the drug discovery technologies market in Asia Pacific.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Drug Discovery Technologies market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
