Drug Discovery Market To Reach USD 171.6 Billion By 2032 | DataHorizzon Research
The drug discovery market size valued at USD 97.2 Billion in 2023 and is anticipated to reach USD 171.6 Billion by 2032 at a CAGR of 6.5%.
Fort Collins, Colorado, May 03, 2024 (GLOBE NEWSWIRE) -- *
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*The drug discovery industry has been experiencing a flourishing growth*
The *drug discovery industry* is a vital component within the pharmaceutical and biotechnology sectors and plays a pivotal role in introducing novel drugs to the market. It comprises various companies and organizations that offer essential services and assistance during the initial phases of drug discovery and development. In the face of increasing pressures on the pharmaceutical industry to streamline drug development while maintaining cost-effectiveness, the drug discovery services market is poised for sustained growth.
One of the significant trends shaping the drug discovery services market is the widespread adoption of artificial intelligence (AI) and machine learning technologies. These cutting-edge tools are revolutionizing drug discovery processes, enabling more efficient and targeted efforts. As a result, timelines are accelerated, and success rates are improved, demonstrating the transformative potential of these technologies in the market. Additionally, there is a notable trend toward increased outsourcing of drug discovery services by pharmaceutical and biotech companies. Outsourcing allows firms to access specialized expertise and resources while focusing on their core competencies, enhancing efficiency, and reducing overhead costs.
Moreover, the drug discovery services market increasingly emphasizes personalized medicine and targeted therapies. This entails developing drugs tailored to individual patient characteristics and disease profiles, leading to more effective treatments with fewer adverse effects. These key trends underscore the dynamic nature of the drug discovery services market and its pivotal role in driving innovation and progress within the pharmaceutical and biotechnology industries.
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*Segmentation Overview:*
*The drug discovery market has been segmented into drug type, technology, end-user, and region.*
*Chemistry registered a massive growth in 2023.*
· The chemistry services emerged as the largest sub-segment in 2023. Chemistry services encompass a wide range of activities, including medicinal, synthetic, and analytical chemistry, which are essential for the design, synthesis, and optimization of drug candidates.
*Hit-to-lead identification is the leading segment in 2023*
· Hit-to-lead identification will emerge as the largest sub-segment in 2023. This critical step in drug discovery involves screening large compound libraries to identify promising lead compounds that exhibit desired biological activity and drug-like properties.
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*Drug Discovery Market Report Highlights:*
· The drug discovery market growth is anticipated at a* CAGR of 6.5% by 2032.*
· The drug discovery services market is also driven by technological advancements and the adoption of collaborative research models.
· North America is currently the largest regional market for drug discovery services. According to a report by the U.S. Department of Health and Human Services, in 2020, the United States accounted for over 57% of global spending on pharmaceutical research and development.
· Some prominent players in the drug discovery market report include Thermo Fisher Scientific, Charles River Laboratories, WuXi AppTec, Evotec SE, Albany Molecular Research Inc. (AMRI), Eurofins Scientific, Covance (a subsidiary of LabCorp), Syngene International Ltd., Domainex Ltd., Jubilant Biosys Ltd., Genscript Biotech Corporation, and Selvita S.A.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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