Drug Discovery Market Size to Hit US$ 161.76 Billion by 2030
According to Precedence Research, the global drug discovery market size is projected to hit US$ 161.76 billion by 2030 and is growing at a noteworthy CAGR of 8.9% from 2021 to 2030.
Increasing healthcare expenditure of the consumers, rising investments towards the discovery and development of new drugs, growing prevalence of chronic diseases, and favorable government policies promoting drug discovery activities are the prominent factors that contributes to the growth of the global drug discovery market.
The rapidly growing biopharmaceutical industry, rising investments in research and development, growing volume of clinical trials, and the active participation of the regulatory authorities in product approvals are some of the significant drivers of the drug discovery market. The globe is witnessing an increased prevalence of chronic diseases such as cancer, diabetes, respiratory diseases, neurological disorders, and cardiovascular diseases. This is resulting in the burgeoning demand for innovative drugs among the patients. The rising penetration of the healthcare insurances and the favorable reimbursement policies is fueling the adoption of the new life-saving drugs, which is ultimately spurring the growth of the drug discovery market across the globe.
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- Depending on the drug type, the small molecules was the dominating segment in 2020. The demand for the small molecule drugs is high owing to effectiveness in the treatment of diseases. The small molecule and lightweight of the molecules can effectively target the affected cells and treat them with low side effects. The increased awareness regarding the benefits of the small molecule drug has led to the dominance of this segment across the globe.
- By end user, the pharmaceutical companies segment dominated the global market in 2020. This growth is simply attributed to the increased demand for the drug discovery services. The increased investments by the biopharmaceutical companies for the development of new drugs to cure the previously untreatable diseases has significantly fostered the growth of this segment across the globe.
- Based on the technology, the nanotechnology is anticipated to be the fastest-growing segment during the forecast period. The rising adoption of the nano-biotechnology in the development of drugs is significantly fostering the growth of this segment.
- North America was the leading drug discovery market in 2020. North America is the home to several top pharmaceutical companies and the growing presence of numerous contract manufacturers and contract research organizations are supplementing the growth of the North America drug discovery market. The government in US supports the development of the biopharmaceutical industry. US holds the maximum number of property rights for the majority of the newly developed drugs. The FDA plays a crucial role in the clinical trials and product approvals that also contributes to the growth of the drug discovery market.
- Asia Pacific is anticipated to witness the highest CAGR during the forecast period. The rising FDIs from the top pharma companies in this region owing to the availability of factors of production at cheap rates is fostering the market growth. Moreover, the government policies supports the development of pharma industries and the availability of several top research organizations positively contributes to the growth of the Asia Pacific drug discovery market. The rising prevalence of chronic diseases is further encouraging the investments in the drug discovery activities. The presence of huge population is offering a lucrative growth opportunity to the market players owing to the rapidly rising demand for the various drugs in the region.
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Future of Drug Discovery Market
The growing number of drug approvals of the biologics in the developed regions is expected to shape the future of the drug discovery market. There were around 53 drug approvals in 2020 in US. In the last three years, US FDA approved around 16 drugs. Therefore, the rising success rates of drug approvals is attracting more investments in the drug discovery.
COVID-19 Impact Analysis:
- The COVID-19 pandemic had a positive impact on the global drug discovery market in 2020.
- The investments were increased for the development of various drugs and vaccines to fight against the COVID-19 infection.
- The increased outsourcing of services top CROs and CMOs supported the growth of the drug discovery market during the pandemic.
Key Developments in the Marketplace:
- In November 2020, Genentech entered into a collaboration with Genesis Therapeutics for multi-target drug discovery powered by the adoption of AI technology that facilitated in the identification of drug candidates.
- In 2019, Biocon partnered with Mylan to launch a cancer drug called Ogivri, a biosimilar to Herceptin.
- In January 2020, Bayer and Exscientia, an artificial intelligence drug discovery company, collaborated to developa cardiovascular and an oncology related drugs.
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By Drug Type
- Small Molecule
- Large Molecule
By End User
- Pharmaceutical Companies
- High Throughput Screening
- Combinatorial Chemistry
- Other Technologies
- North America
- Asia Pacific
- Latin America
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