PUBLISHER: Inkwood Research | PRODUCT CODE: 1069201
PUBLISHER: Inkwood Research | PRODUCT CODE: 1069201
The United States drug discovery market is expected to register a CAGR of 6.26% during the forecast period, 2022-2028. The country is one of the lucrative drug discovery and development markets with the presence of several industry players.
In the United States, cancer and heart disease have been leading death causes for over a decade. Also, the rising prevalence of chronic diseases like diabetes, the increasing product launches by key players, and the growing use of drug delivery devices for disease management boost growth opportunities. For instance, as per the National Diabetes Statistics Report, there were almost 23 million people in the US in 2017. Therefore, the high prevalence of diabetes enables several drug delivery systems for treating diabetes patients.
Further, as per the American Cancer Society, around 1.8 million new cases were expected to be diagnosed in 2020. Additionally, there has been a surge in the usage of advanced technologies like combinatorial chemistry for better drug candidate identification, bioinformatics, and high throughput. Accordingly, drug discovery has evolved considerably with emerging technologies, rendering the process less time-consuming and more refined & accurate. Such prevailing health conditions and their overall impact lead to research institutes and pharma companies directing their research efforts to varied therapeutic areas to offer viable solutions.
Some of the prominent firms in the market include: Johnson & Johnson, Merck & Co Inc, Pfizer Inc, Agilent Technologies Inc, IQVIA Holdings Inc, Charles River Laboratories International Inc, etc.