PUBLISHER: Inkwood Research | PRODUCT CODE: 1069200
PUBLISHER: Inkwood Research | PRODUCT CODE: 1069200
The North America drug discovery market is estimated to register a CAGR of 6.14% during the forecast period, 2022-2030. The surging demands are accredited to the growing prioritization of several therapeutic areas like rare diseases and women's health.
The United States and Canada are assessed for the North America drug discovery market growth analysis. In Canada, the drug discovery and development market is comparatively small but is projecting gradual growth in terms of relevance and developments at multiple levels. For instance, Sunshine Biopharma, a pharmaceutical company in Canada, is engaged in the research, development, and commercialization of antiviral and oncology drugs.
Also, several Canadian-based biotechnology companies' and academic institutions' inventions and concepts have facilitated the development of essential drug delivery products that have improved the landscape of drug therapy in treating cancer and infectious diseases. Additionally, through partnerships, pharmaceutical companies' extensive R&D activities enable additional investments in small and medium-sized enterprises (SMEs) and venture funds. Besides, pharmaceutical sales in Canada doubled between 2001 and 2015, with hospitals and retail sales representing 12.5% and 87.5% of the total pharmaceutical sales, respectively. Such developments contribute to market growth.
Some of the leading companies in the market are: Icon Plc, Merck & Co Inc, Johnson & Johnson, IQVIA Holdings Inc, etc.