Drug Discovery Market by Drug Type (Biologic Drugs, Small Molecule Drugs), Technology (Bioanalytical Instruments, Biochips, Bioinformatics), Therapeutic Area, End User - Global Forecast 2024-2030

Drug Discovery Market by Drug Type (Biologic Drugs, Small Molecule Drugs), Technology (Bioanalytical Instruments, Biochips, Bioinformatics), Therapeutic Area, End User - Global Forecast 2024-2030

The Drug Discovery Market size was estimated at USD 62.38 billion in 2023 and expected to reach USD 71.12 billion in 2024, at a CAGR 14.10% to reach USD 157.13 billion by 2030.

Drug discovery is a multifaceted and intricate process that encompasses the identification of novel compounds, the elucidation of their biological targets, and the determination of their therapeutic potential for the treatment of diseases. This process is fundamental to developing new medicines and involves a collaborative effort among scientists from various disciplines, including biology, chemistry, pharmacology, and medicine. Rising research and development (R&D) expenditure in the pharmaceutical and biopharmaceutical industry and favorable government support for developing drug discovery platforms are propelling the market growth. In addition, the increasing need to manage large amounts of data generated during preclinical studies is fueling market growth. The necessity of extensive capital for drug discovery and development and stringent norms for animal usage in drug discovery are hampering market growth. Technological advancements and innovations in drug discovery and the growing use of AI cloud to create a streamlined and automated approach to drug discovery are expected to be poised for significant growth in drug discovery.

Regional Insights

Americas represents a robust drug discovery infrastructure with significant investments in R&D, a strong presence of pharmaceutical giants, and a conducive regulatory environment. Increasing investment in healthcare infrastructure and growing need for medical innovation to address local health concerns are accelerating the need for drug discovery solutions in the Americas. In Europe, the need for drug discovery is fueled by advanced healthcare systems, substantial government and private funding, and a strong focus on innovation and collaboration across countries. The Middle East and Africa exhibit growing need, with increased healthcare spending and initiatives to foster local pharmaceutical industries. The Asia-Pacific region is rapidly emerging as a significant player in the drug discovery market due to its large population, increasing economic prosperity, improvements in healthcare infrastructure, rising healthcare awareness, and government initiatives to support the biotechnology and pharmaceutical sectors.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Drug Discovery Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rising R&D Expenditure in the Pharmaceutical & Biopharmaceutical industry
    • Increasing Need to Manage Large Data Generated During Preclinical Studies
    • Favorable Government Support For the Development of Drug Discovery Platforms
    • Market Restraints
      • Requirement of Extensive Capital for Drug Discovery and Development
      • Market Opportunities
        • Technological Advancements and Innovations in Drug Discovery
        • Use of AI Cloud to Create a Streamlined and Automated Approach in Drug Discovery
        • Market Challenges
          • Stringent Norms for the Animal Usage in Drug Discovery
          • Market Segmentation Analysis
            • Drug Type: Growing need for small molecule drugs with branded and generic products
            • Technology: Growing utilization of bioanalytical instruments and high throughput screening for initial drug discovery phases
            • Therapeutic Area: Increasing need of drug discovery for the development of oncology drugs
            • End User: Growing drug discovery use across pharmaceutical and biotechnology companies for developing new and improved drugs
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Drug Discovery Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Drug Discovery Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Evommune and Accutar Biotechnology Announce AI Drug Discovery Collaboration
              
              Evommune, Inc. collaborated with Accutar Biotechnology, Inc., specializing in AI-driven drug discovery, to co-develop therapies for debilitating dermatological conditions. This strategic collaboration intends to leverage Accutar's AI platform to accelerate Evommune's drug discovery and development process, circumventing traditional bottlenecks and paving the way for innovative treatments.
              
              IGC Pharma signs agreement to adopt AI solutions into drug discovery
              
              IGC Pharma signed an agreement with the University of Los Andes in Colombia to develop and adopt generative artificial intelligence (AI) solutions to detect, develop, and trial new drugs. Under the agreement, the company leverages generative AI to streamline the efficiency of its clinical trials, improve early Alzheimer’s disease detection approaches, and enhance drug interaction assessments.
              
              University of Tsukuba and Astellas Confirm a Strategic Partnership
              
              Astellas Pharma Inc. partnered with the University of Tsukuba to integrate targeted protein degradation technology into their portfolio, a pivotal step that enhances their research capabilities. The implementation of this innovative approach aims to transcend the limitations of traditional drug development by strategically degrading disease-causing proteins.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Drug Discovery Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Drug Discovery Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, Agilent Technologies, Inc., Alacrita Holdings Limited, Astex Pharmaceuticals by Otsuka Pharmaceutical Co., Ltd., Astrazeneca PLC, Atomwise, Inc., BenevolentAI, Bio-Rad Laboratories, Inc., BioSymetrics Inc., Charles River Laboratories International, Inc., Chembridge Corporation, Cloud Pharmaceuticals, Inc., Dalriada Drug Discovery, Deciphera Pharmaceuticals, Inc., Evotec SE, F. Hoffmann-La Roche Ltd., GENFIT SA, Incyte Corporation, International Business Machines Corporation, Intra-Cellular Therapies Inc., Merck KGaA, Microsoft Corporation, NVIDIA Corporation, PerkinElmer, Inc., Pharmacelera SL, Piramal Group, Recursion Pharmaceuticals, Inc., Schrödinger, Inc., Shimadzu Corporation, and Thermo Fisher Scientific Inc..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Drug Discovery Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Drug Type
              • Biologic Drugs
              • Small Molecule Drugs
              • Technology
                • Bioanalytical Instruments
                • Biochips
                • Bioinformatics
                • Combinatorial Chemistry
                • High Throughput Screening
                • Nanotechnology
                • Pharmacogenomics
                • Therapeutic Area
                  • Cardiovascular Disease
                  • Digestive System Diseases
                  • Infectious & Immune system Diseases
                  • Neurology
                  • Oncology
                  • End User
                    • Academics & Research Institutes
                    • Contract Research Organizations
                    • Pharmaceutical Companies
                    • Region
                      • Americas
                        • Argentina
                        • Brazil
                        • Canada
                        • Mexico
                        • United States
                          • California
                          • Florida
                          • Georgia
                          • Illinois
                          • Indiana
                          • Michigan
                          • New York
                          • North Carolina
                          • Ohio
                          • Pennsylvania
                          • Texas
                          • Asia-Pacific
                            • Australia
                            • China
                            • India
                            • Indonesia
                            • Japan
                            • Malaysia
                            • Philippines
                            • Singapore
                            • South Korea
                            • Taiwan
                            • Thailand
                            • Vietnam
                            • Europe, Middle East & Africa
                              • Denmark
                              • Egypt
                              • Finland
                              • France
                              • Germany
                              • Israel
                              • Italy
                              • Netherlands
                              • Nigeria
                              • Norway
                              • Poland
                              • Qatar
                              • Russia
                              • Saudi Arabia
                              • South Africa
                              • Spain
                              • Sweden
                              • Switzerland
                              • Turkey
                              • United Arab Emirates
                              • United Kingdom
                              
                              
                              Please Note: PDF & Excel + Online Access - 1 Year