The most recent study conducted by Report Ocean, titled “Global Drug Discovery Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Drug Discovery. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Drug Discovery Market is valued at approximately at USD 53.85 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 8.3% over the forecast period 2021-2027. Drug discovery is the process of identifying & discovering new potential medications. Drug Discovery market is highly dependent on pharmaceutical and biopharmaceutical industries growth as well as presence of various diseases around the world. The global Drug Discovery market is being driven by growing approval of new drugs which provide favorable scenario for drug discovery. For instance, in January 2020, Food and Drug Administration of U.S. approved Palforzia to treat allergic reactions, including anaphylaxis for children. Also, in November 2021, FDA approved Keytruda for treating kidney cancer.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Another important driving factor is the rising exports of pharmaceutical, as the demand for drugs continues to increase for treating diseases around the world. According to the Ministry of Chemicals & Fertilizers, there has been increase in exports of pharmaceuticals in India from USD 14900 million in 2017-18 to USD 19640 million in 2019-20, the same increased for Japan according to United Nations Conference on Trade and Development from USD 2.57 million in 2017-18 to USD 1.43 million in 2019-20.
Furthermore, the rising prevalence of diseases such as cancer, cardiovascular diseases along with rising research & development activities related to pharmaceuticals and increasing healthcare expenditure worldwide will provide new opportunities for the global Drug Discovery Market. However, stringent government regulations and high costs related to drug discovery may impede market growth over the forecast period of 2021-2027.
The regional analysis for the global Drug Discovery Market is based on the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region across the world in terms of market share owing to high research & development spending on pharmaceuticals and presence of well-established companies. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2021-2027 due to large scale production of pharmaceutical drugs and increasing healthcare expenditure in the region.
Major market players included in this report are:
Pfizer Inc.
GlaxoSmithKline PLC
Merck & Co. Inc.
Agilent Technologies Inc.
Eli Lilly and Company
F. Hoffmann-La Roche Ltd.
Bayer AG
Abbott Laboratories Inc.
AstraZeneca PLC
Shimadzu Corp.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Drug Type:
Small Molecule Drugs
Biologic Drugs
By Technology:
High Throughput Screening
Pharmacogenomics
Nanotechnology
Others
By End User:
Pharmaceutical Companies
Contract Research Organizations (CROs)
Others
By Region:
North America
U.S.
Canada
Europe
UK
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Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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