PUBLISHER: Inkwood Research | PRODUCT CODE: 1069202
PUBLISHER: Inkwood Research | PRODUCT CODE: 1069202
The global drug discovery market is projected to register a CAGR of 6.58% during the forecast period, 2022-2030. The increasing R&D efforts for multiple diseases cure and the technological advancements are the primary factors propelling the market growth.
Drug discovery entails identifying the potential new medicines in a vast range of scientific disciplines like pharmacology, chemistry, and biology. The drug discovery process landscape has witnessed radical changes with innovative methods and technologies for drug development. This has enabled research organizations and pharmaceutical companies to find solutions and cures for several diseases and health conditions. In addition, companies are introducing nanotechnology, biochips, automated processes, cloud computing, and artificial intelligence.
At the same time, the process of new drug discovery and development needs almost 10-15 years, encompassing preliminary research to introducing drugs to the market. Also, there are risks associated with any development phase that must be considered.
Geographically, the European and North American countries have excelled for decades in drug discovery, majorly attributed to awareness programs, government & CRO initiatives, pharmaceutical companies, etc. The market growth restraining factors include project feasibility & success rate, highly regulated market, and time-consuming process.
The global drug discovery market growth analysis includes the geographical assessment of North America, Europe, Asia-Pacific, and Rest of World. North America is the leading region with regard to the highest revenue share, mostly attributed to advancements in various technologies.
The intense competitive rivalry is due to the collaborations, partnerships, and fund projects among new market players. Some of the leading companies in the market include Roche AG, Eli Lilly and Company, Johnson & Johnson, Novartis AG, etc.