Small molecule drugs have advantages over large molecule drugs such as higher oral bioavailability and better tissue penetration. These can be administered via various routes including oral, intravenous and others. Growing investment in R&D activities by pharmaceutical and biotech companies coupled with rising demand for generics can drive the market growth. However, high attrition rates during clinical trials can hamper the market growth. Several startups also leverage technologies such as artificial intelligence and machine learning to enhance the drug discovery process and reduce failure rates.
Market Dynamics:
Global small molecule drug discovery market growth is driven by rising pharmaceutical R&D spending, increasing demand for generic drugs, and growth of contract research and manufacturing services industries. However, high clinical failure rates of drug candidates and stringent regulations can hamper the market growth. Growing application of AI and machine learning in drug development offers new opportunities for the market players. Pharma companies are increasingly adopting such technologies to speed up the discovery process and optimize molecular designs. This can lower attrition rates. North America dominates the market currently, owing to presence of major players and high healthcare expenditure. Asia Pacific is anticipated to emerge as the fastest growing market in the near future.
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