Market Research Report
Global Drug Discovery Market-Technologies, Market share and Industry Forecast to 2024
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||345951|
|Published||Content info||240 Pages
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|Global Drug Discovery Market-Technologies, Market share and Industry Forecast to 2024|
|Published: March 21, 2016||Content info: 240 Pages||
The market for the global drug discovery is highly affected due to the scientific and technological changes and advancements that are continuously taking place around the world. This market contributes highly in the growth of whole pharmaceutical industry as they help in introduction of new drugs. The global drug discovery market is projected to grow impressive during the forecasted period growing at a CAGR of 9% during 2017-2024. Adoption of global drug discovery market is driven by following factors, such as rising incidences of chronic diseases, rising demand for novel drug discovery technologies and advancement in field of biotechnology. The factors the restrain the growth of the global drug discovery market are the slow growth and development of new drugs may hamper the growth of this market. Also, the expiry of patents of the major drugs and the huge cost and time factor that is involved in the drug discovery hamper the growth of the global drug discovery market.
North America leads the global market for drug discovery due to the presence of manufacturing and research facilities in the region; also, it is the largest consumer of the branded drugs. This region is most lucrative as large number of leading pharmaceutical company's presence. North America countries such as U.S. and Canada have formulated policies for encouraging investors for research in drug development and discovery. Asia Pacific market is driven by rise in the number contract research organizations. Asia-pacific is fastest growing region due to the presence of skilled labor at affordable cost, rise in disposable income and favorable government policies are also contributing in the market growth.
Global drug discovery market involves the process by which medications are discovered. These drugs are discovered by identifying the active ingredient by serendipitous discovery. The report scope of global drug discovery market covers segmentation analysis of drug type, technology, service and end-user. Drug type segment of global drug discovery market includes: small molecule drug and biologics drug. Technology segment of global drug discovery market includes: high throughput screening, biochips, bioinformatics, pharmacogenomics and pharmacogenetics, combinatorial chemistry, nanotechnology, spectroscopy, metabolomics and other technologies. Service segment of global drug discovery market includes: Drug Metabolism and Pharmacokinetics (DMPK) services, pharmaceutical services, chemical services and biological services. End-user segment of global drug discovery market includes: research institutes, pharmaceutical companies, biotechnology companies and other end users.
Major players present in the market includes Pfizer (U.S.), GlaxoSmithKline PLC (UK), Johnson and Johnson (U.S), Bayer (Germany) and others. Further, presence of these major players in the market is expected to increase the opportunity for innovation in the field of global drug discovery market. Mergers & acquisitions, product launches, etc. are the major strategies adopted for expansion of business in global drug discovery market.