The Europe drug discovery market in 2016 was worth $9952 million. The market is expected to reach $19300 million by 2024 at a CAGR of 8.6% between 2016 and 2024. Aging population, rise in healthcare spending and increase in lifestyle oriented diseases and fatalities are some of the factors driving the drug discovery market in the Europe region.
The drug discovery market by technology is segmented into QPCR, DNA Microarrays, Protein Microarrays, High–throughput screening, mass spectrometer, GEL Electrophoresis, Chromatograph, Protein and Nucleic Acid Isolation and other technologies. The countries analyzed in the Europe drug discovery market are UK, France, Germany, Spain, Italy and rest of Europe. The entry of new companies in the market and substitute products poses a threat to the Europe drug discovery market.
Discovery of new drugs being delayed due to government regulations is a big restraint. Also, the drug market is shifting from branded to generics drugs which limit the growth of the drug discovery market in this region.
Major players in the Drug Discovery markets are Sanofi, Johnson And Johnson, AstraZeneca PLC, Bayer AG, BoehringerIngelheim, Pfizer, INC., Glaxosmithkline LLC, Eli Lily, Merck & Co. INC., Roche Holding AG. Sanofi, formerly Sanofi-Aventis,