Global Drug Discovery Market - Segmented by Type of Power Source, Product, and Application - Growth, Trends, and Forecast (2018 - 2023)
The global drug discovery market is expected to register a CAGR of approximately 8.0% during the forecast period, of 2018-2023. Due to the favorable regulatory framework by the governments in the region, North America dominates the market.
Rise in Technology Advancements and Innovations
In the recent past, drug discovery has evolved significantly with emerging technologies, helping the process to become more refined, accurate, and less time consuming. Due to automation, multi-detector readers, imaging hardware and software, high-throughput screening is one of the most widely used drug discovery technologies. There are several other evolving technologies, such as mass spectroscopy, protein and nucleic acid isolation, proteomics, RNAi, nanotechnology, and others, which contribute to advancements and innovations in drug discovery. The pharmaceutical and biotech companies are increasing their collaboration with contract development and manufacturing organizations, thus playing a crucial role in the development and innovation of new drugs.Other factors contributing to the growth of this market are - rising prevalence of a wide range of diseases (such as cardiovascular and CNS-related disorders), rising healthcare expenditure, and upcoming patent expiration of blockbuster drugs.
Huge Capital Investment with Low Profit Margins
Every drug discovery and development requires a significant investment and involves long time frames, which often lead to lower profit margins for the companies, by the time a drug is marketed. The excessive cost can also be attributed to the high rate of a drug candidate’s failure, between initial drug discovery process to clinical trial phases, which restricts the growth of this market. Apart from that, there are strict regulatory approval processes across each region, which follow rigid mechanisms, thus impeding this market.
North America to Dominate the Market
The global drug discovery market has been segmented by drug type, technology, service, end user, and geography. By geography, the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Geographically, North America is the most lucrative region in the market, due to the presence of a high number of top pharmaceutical and biotech companies in this region. The favorable regulatory framework and encouraging regulatory policies for investors to research and develop new drugs augment the growth of this market. Other factors, such as high-income population and healthy returns on investments for innovative technologies, are integral to the above factors. Asia-Pacific is expected to register a healthy growth rate, due to rising disposable incomes, economic growth, and increasing investment by the regional pharmaceutical and biotechnology industry.
Key Developments in the Market
- January 2018 - Merck launched Zinplava (bezlotoxumab) in the United Kingdom, for the prevention of recurrence of Clostridium difficile infection in adults, at a substantial risk of recurrence of CDI.
- January 2018 - BioCryst Pharmaceuticals Inc. and Idera Pharmaceuticals Inc. planned for a definitive merger agreement to develop drugs for patients with rare diseases.
- January 2018 - AstraZeneca and Imperial College London collaborated to investigate biological drivers for respiratory diseases, such as asthma and chronic obstructive pulmonary disease.
Major Players - Pfizer Inc., GlaxoSmithKline LLC, Merck & Co. Inc., Agilent Technologies Inc., Eli Lilly and Company, F Hoffmann-La Roche Ltd, Bayer AG, Abbott Laboratories Inc., AstraZeneca PLC, and Shimadzu Corp., among others.
Reasons to Purchase the Report
- Analyzing the global drug discovery market, with region-specific assessments and competition analysis, on global and regional scales.
- Analyzing various perspectives of the industry, with the help of Porter’s five forces analysis.
- The treatment type that is expected to dominate the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in Excel).
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