Drug Discovery Market worth USD 92,374.2 million by 2027

The Market Statsville Group (MSG) publishes the new report on the " Drug Discovery Market by Drug Type (Biologic Drugs, Small Molecule Drugs), by Technology (High Throughput Screening, Pharmacogenomics, Combinatorial Chemistry, Nanotechnology), by End User, and Region - Global Trends, Market Share, and Forecast to 2027". The global drug discovery market size was valued at USD 54,894.1 million in 2020 and is expected to reach USD 92,374.2 million by 2027, registering a CAGR of 8.49%, from 2021 to 2027. The growing burden of chronic diseases and the rising healthcare expenditure, and the upcoming patent expiration of blockbuster drugs are the major factors driving the drug discovery market's growth over the coming years. According to the Global Alliance for Chronic Diseases (GACD) 2018, one in ten individuals is predicted to have type 2 diabetes by 2035 worldwide. It is predicted to be the 7th leading cause of death by 2030. Additionally, as per the World Health Organization 2020, major chronic diseases such as cardiovascular diseases (CVD), cancer, chronic obstructive pulmonary disease, and type 2 diabetes are estimated to account for 73% of all deaths and 60% globally burden of diseases in 2020.

Global Drug Discovery Market Segmentation

The overall drug discovery market has been segmented into the drug type, technology, end user, and region.

• By Drug Type (Small Molecule Drugs, Biologic Drugs)
• By Technology (High Throughput Screening, Pharmacogenomics, Combinatorial Chemistry, Nanotechnology, Other Technologies)
• By End User (Pharmaceutical Companies, Contract Research Organizations (CROs), Other End Users)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

High Throughput Screening, by technology, is estimated to hold the largest market share during the forecast period

Based on technology, the global drug discovery market is segmented into high throughput screening, pharmacogenomics, combinatorial chemistry, nanotechnology, and other technologies. The high throughput screening segment generated the highest revenue of USD 20,136.8 million (36.7% market share) in 2020, and it is expected to register a significant CAGR of 8.06% from 2020 to 2027. With the increasing COVID-19 pandemic, the infection is found spreading at an alarming rate and has created an unprecedented health emergency and therefore high-throughput screening efforts have led to the identification of diverse lead structures, including natural product-derived molecules.

Furthermore, the adoption of automated high-throughput screening and ultra-high-throughput screening techniques to screen huge chemical libraries to meet the needs of ever-increasing drug target molecules. For instance, an automated HTS system can typically help screen 10,000 to 100,000 target compounds per day and uHTS more than 100,000 compounds per day. Hence, the growth of the market studied can be attributed to the significant advances in combinatorial chemistry and in the field of genomics.

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North America accounts for the largest market share during the forecast period in the Drug Discovery market

Based on the regions, the global drug discovery market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 42.6% in the global drug discovery market and was anticipated to maintain its dominance throughout the forecast period. With the emergence of new forms of diseases, companies have been investing and manufacturing

pharmaceuticals. For example, as per the Emerging Therapeutic Targets for Hepatitis Delta Virus Infection in 2018, hepatitis delta (a severe form of viral hepatitis infection) impacts an estimated approximately 70,000 to 100,000 patients in the United States. Thus, companies, like Eiger Biopharmaceuticals, focus on the development and commercialization of targeted therapies, developing a diverse portfolio of well-characterized drugs for rare and ultra-rare diseases, such as Lonafarnib and Interferon Lambda for Hepatitis Delta, Ubenimex for Lymphedema, and Exendin 9-39 for Post-bariatric Hypoglycemia. Such factors will lead to the market share for North America in the global drug discovery market over the forecast period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the drug discovery market. It also consists of the profiles of leading companies such as Pfizer Inc., GlaxoSmithKline PLC, Merck & Co. Inc., Agilent Technologies Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Bayer AG, Abbott Laboratories Inc., Thermo Fisher Scientific Inc., and Shimadzu Corp, among others. The key players' increasing research and development activities for the launch of innovative drugs with advanced features and strategic alliances are expected to drive the market growth.

Browse complete report: https://www.marketstatsville.com/drug-discovery-market

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