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The Global Drug Discovery Market to Showcase Growth at a CAGR of ~8% by 2027 | DelveInsight
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New York, USA, March 21, 2023 (GLOBE NEWSWIRE) — The Global Drug Discovery Market to Showcase Growth at a CAGR of ~8% by 2027 | DelveInsight
The drug discovery market is expanding rapidly, owing primarily to the rising prevalence of chronic and rare diseases such as cancer, cardiovascular disease, diabetes, and sickle cell anemia, among others. Furthermore, increasing R&D expenditure and investments in the development of novel drug molecules, the presence of a robust number of pipeline products across the globe, a surging number of biologics and generic drugs, increasing new drug launches and approvals, the presence of key players and CRO’s in the market, and others will create a demand for drug discovery services in the market.
DelveInsight’s Drug Discovery Market Insights report provides the current and forecast market analysis, individual leading drug discovery companies’ market shares, challenges, drug discovery market drivers, barriers, and trends, and key drug discovery companies in the market.
Key Takeaways from the Drug Discovery Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global drug discovery market during the forecast period.
- Notable drug discovery companies such as Existencia, Evotec, Curia Global, Inc., Laboratory Corporation of America Holdings., GenScript, Thermo Fisher Scientific Inc., Charles River Laboratories., WuXi AppTec, Dalton Pharma Services, Oncodesign, Jubilant Biosys Ltd., IBM Corporation, Numedii Inc, Deep Genomics, NVIDIA Corporation, Pharmaron, Domainex, TCG Lifesciences Pvt. Ltd., Cloud Pharmaceuticals Inc, Alphabet Inc (DeepMind), and several others are currently operating in the drug discovery market.
- In March 2023, Iktos, a company that specializes in artificial intelligence for new drug discovery, announced the completion of a € 15.5 million Series A financing led by new investors M Ventures and Debiopharm Innovation Fund, with participation from Omnes Capital.
- In February 2023, Lantern Pharma Inc., a clinical stage biopharmaceutical company that uses its proprietary RADR® artificial intelligence (“AI”) and machine learning (“ML”) platform to transform the cost, pace, and timeline of oncology drug discovery and development, announced product roadmap expansions and updates that will enhance its oncology drug discovery capabilities.
- In December 2022, TG Therapeutics, Inc. got approval for BRIUMVI™ (ublituximab-xiiy) injection, a new drug molecule for treating relapsing forms of multiple sclerosis.
- In September 2022, CytoReason entered a multi-year partnership with Pfizer to use CytoReason’s artificial intelligence technology for Pfizer’s drug development program.
- In January 2022, Evotec and Boehringer Ingelheim formed a target, and drug development collaboration focused on iPSC-based disease modeling for ophthalmologic illnesses.
To read more about the latest highlights related to the drug discovery market, get a snapshot of the key highlights entailed in the Global Drug Discovery Market Report
Drug Discovery Overview
Drug discovery is the process of discovering novel candidate pharmaceuticals in the fields of medicine, biotechnology, and pharmacology. Historically, medications were discovered by identifying the active ingredient in traditional cures or by chance, as was the case with penicillin. Chemical libraries of synthesized small molecules, natural products, or extracts were screened in intact cells or complete organisms to identify compounds with a desirable therapeutic effect in a method known as classical pharmacology. After the human genome was sequenced, which enabled quick cloning and synthesis of large quantities of purified proteins, it became common practice to use high throughput screening of sizable compound libraries against isolated biological targets that are hypothesized to be disease-modifying, a process known as reverse pharmacology.
Drug Discovery Market Insights
North America dominated global drug discovery in 2021 and will continue to do so throughout the forecast period of 2022–2027. This can be attributed to the region’s increasing demand for drug discovery among patients due to the region’s increasing prevalence of various chronic diseases. Furthermore, various strategic steps by key players are expected to boost the drug discovery market in North America. For example, CytoReason entered a multi-year partnership with Pfizer in September 2022 to use CytoReason’s artificial intelligence technology in Pfizer’s drug development program. Collaborations between key market players in the United States to implement AI technology in drug discovery are expected to drive the growth of the drug discovery market in this region.
Moreover, biosimilars have great potential in the region because they are more expensive, more effective, and have fewer side effects. TG Therapeutics, Inc. received approval in December 2022 for BRIUMVITM (ublituximab-xiiy) injection, a new drug molecule used to treat relapsing forms of multiple sclerosis. Many other new drug entities, such as lenacapavir, adagrasib, olutasidenib, and others, were approved by the US FDA in 2022.
To know more about why North America is leading the market growth in the drug discovery market, get a snapshot of the Drug Discovery Market Outlook
Drug Discovery Market Dynamics
The high capital investment in the drug discovery and development process may be one of the key factors influencing the growth of the drug discovery market. Following the conventional method of drug discovery and development consumes 12-14 years before a final product reaches the market for end users. Another factor driving the drug discovery market is the increasing prevalence of chronic diseases such as cancer, cardiovascular disease, diabetes, hemoglobin diseases, and rare diseases. Moreover, the rapid growth of the pharmaceutical industry is also expected to drive the drug discovery market in the coming years. The biopharmaceutical industry is rapidly expanding due to increased government and corporate investments in developing new medicines to treat chronic diseases. Furthermore, favorable government regulations, combined with the active role of authorities such as the FDA and EMA, are fueling drug discovery market growth.
However, large capital investments with low profit margins, stringent government regulations approval process, and other factors may slow the growth of the drug discovery market.
Additionally, during the COVID-19 pandemic, the drug discovery market was positively impacted. During the COVID-19 pandemic, almost all countries’ healthcare systems invested heavily in research and development to combat the virus. In clinical trials, various potential compounds from the CHEMBL, ZINC, and FDA-approved drugs and molecules were screened. In addition, research teams around the world were identifying new molecules or drugs for the treatment of COVID-19 by screening both novel and existing drugs for their ability to alleviate symptoms and halt viral replication. As a result of the increased demand for research and development for COVID-19 drugs and vaccines, the demand for the drug discovery market increased significantly, propelling the drug discovery market growth.
Get a sneak peek at the drug discovery market dynamics @ Drug Discovery Market Dynamics Analysis
| Report Metrics | Details |
| Coverage | Global |
| Study Period | 2019–2027 |
| Base Year | 2021 |
| Drug Discovery Market CAGR | ~8% |
| Projected Drug Discovery Market Size by 2027 | USD 97 Billion |
| Key Drug Discovery Companies | Existencia, Evotec, Curia Global, Inc., Laboratory Corporation of America Holdings., GenScript, Thermo Fisher Scientific Inc., Charles River Laboratories., WuXi AppTec, Dalton Pharma Services, Oncodesign, Jubilant Biosys Ltd., IBM Corporation, Numedii Inc, Deep Genomics, NVIDIA Corporation, Pharmaron, Domainex, TCG Lifesciences Pvt. Ltd., Cloud Pharmaceuticals Inc, Alphabet Inc (DeepMind), among others |
Drug Discovery Market Assessment
- Drug Discovery Market Segmentation
- Market Segmentation By Workflow: Target Identification & Screening, Target Validation & Functional Informatics, Lead Identification & Candidate Optimization, Preclinical Development, and Others
- Market Segmentation By Drug Type: Small Molecule Drugs and Biologic Drugs
- Market Segmentation By Technology: High Throughput Screening, Pharmacogenomics, Combinatorial Chemistry, Nanotechnology, and Others
- Market Segmentation By Service Provider: Pharmaceutical Companies, Contract Research Organizations (CROS), and Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Which MedTech key players in the drug discovery market are set to emerge as the trendsetter explore @ Drug Discovery Companies
Table of Contents
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Key Factors Analysis |
| 5 | Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Drug Discovery Market |
| 7 | Drug Discovery Market Layout |
| 8 | Global Company Share Analysis – Key 3-5 Companies |
| 9 | Drug Discovery Market Company and Product Profiles |
| 10 | Project Approach |
| 11 | About DelveInsight |
Interested in knowing the drug discovery market by 2027? Click to get a snapshot of the Drug Discovery Market Trends
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DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance.
