The global drug discovery technologies market accounts for a valuation of US$ 59 billion in 2022 and is slated to increase at a CAGR of 8.4% over the next four years. These insights have been released in the latest drug discovery technologies market research survey performed by analysts at Fact.MR, a market research and competitive intelligence provider.
Rising incidence of chronic diseases has led to increased demand for drugs and this trend is expected to be rife over the forecast period and drive overall drug discovery technologies market growth. Rising focus on healthcare has resulted in increased spending in the research and development sector, which is expected to fuel demand for drug discovery technologies across the world.
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However, high costs and stringent regulatory norms regarding drug development are expected to have a hindering effect on overall market potential.
Drug discovery technology companies are expected to launch novel products with advanced capabilities to boost the efficiency of the drug development process, and there will be increased demand for biologic drugs.
- In July 2022, Curi Bio, a renowned developer of human stem cell-based platforms for drug discovery, announced the launch of a discovery platform for therapeutics. The Mantarray™ Platform enables the discovery of new therapeutics by facilitating the analysis of 3D Engineered Muscle Tissues (EMTs).
Segments of Drug Discovery Technologies Industry Research
- By Drug Type :
- Small Molecule Drugs
- Biologic Drugs
- By Technology :
- High Throughput Screening
- Bioanalytical Instruments
- Nanotechnology in Drug Discovery
- Other Technologies
- By End User :
- Pharmaceutical Companies
- Biopharmaceutical Companies
- Biotechnology Companies
- Research Institutes
- Other End Users
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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Key Takeaways from Market Study
- Currently, the global drug discovery technologies market stands at US$ 59 billion.
- From 2022 to 2026, demand for drug discovery technologies is set to evolve at a CAGR of 8.4%.
- By 2026, the drug discovery technologies market is set to reach US$ 81.5 billion in value.
- Increasing incidence of chronic diseases, rising investments in R&D activities, growing demand for drugs, and technological advancements are prime factors expected to drive drug discovery technologies market growth.
- In 2022, the U.S. drug discovery technologies market accounts for a revenue of US$ 17 billion.
- High costs and strict regulatory mandates are expected to have a restraining effect on market potential over the coming years.
- The China drug discovery technologies market is projected to expand at a CAGR of 10% to reach US$ 12 billion by 2026.
- The market for drug discovery technologies in Germany is set to evolve at a CAGR of around 7% over the forecast period.
Drug discovery technology providers are expected to widen their research scope by investing in more R&D activities. Market players are expected to adopt various strategies such as collaborations and partnerships to fast-track the launch of new products and widen their research scope.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global drug discovery technologies market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2026.
The study divulges essential insights on the market on the basis of type (small molecule drugs, biologic drugs), technology (high throughput screening, genomics, biochips, pharmacogenomics, bioanalytical instruments, bioinformatics, nanotechnology in drug discovery, other technologies), and end user (pharmaceutical companies, biopharmaceutical companies, biotechnology companies, research institutes, other end users), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).