Apr 19, 2021 (Market Insight Reports) -- Selbyville, Delaware According to the research report titled 'GLOBAL Drug Discovery Market 2019-2028', available with Market Study Report LLC, worldwide drug discovery market size to record a yearly growth rate of 6.5% CAGR throughout 2019-2028.
As per the report findings, spike in lifestyle disease cases, booming aging population, rising healthcare expenditure and technological advancements are supporting global drug discovery market growth. Further, huge investments by healthcare sector in developing big data analytical capabilities, and growing demand for specialty medicines are presenting new opportunities for growth.
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Elaborating on the factors hindering global drug discovery industry expansion, setbacks in product launches and slow development rate due to presence of generic drugs are the major challenges for the industry. Moreover, poor reimbursement scenario in developing nations and strict government regulations are negatively impacting global drug discovery market outlook.
Based on drug type, global drug discovery market is categorized into biologic drug and small molecule drug. In terms of technology, biochips, high throughput screening, bioinformatics, combinatorial chemistry, pharmacogenomics and pharmacogenetics, nanotechnology, metabolomics, spectroscopy, and others. Moving on, the service segmentation includes biological services, drug metabolism and pharmacokinetics services, and chemical services. Lastly, the end-user spectrum of the industry comprises contract research organizations, pharmaceutical companies, and others.
From a geographical perspective, key contributors to the overall drug discovery industry value are Asia Pacific (India, China, Japan, South Korea, Australia and New Zealand, ASEAN Countries), North America (U.S., Canada), Latin America (Latin America, Brazil), Middle East and Africa (Turkey, United Arab Emirates, Saudi Arabia, South Africa), and Europe (Russia, France, Germany, Spain, Italy, U.K.).
North America currently accounts for majority of the industry share, attributable to growing burden of lifestyle diseases, especially heart related ailments, along with increased healthcare spending, and technological advancements in cardiology.
Speaking of the competitive landscape, top contenders in global drug discovery industry sphere are Sanofi S.A., Pfizer, Inc., Novartis AG, Merck & Co., Inc., Johnson & Johnson, GlaxoSmithKline plc, F. Hoffmann-La Roche AG, Boehringer Ingelheim, Becton, Dickinson and Company, Bayer AG, AstraZeneca plc, Antares Pharma, Inc., Agilent Technologies, Inc., Eli Lilly and Company, Abbott Laboratories, and 3M Company.
Questions & Answers: Global Drug Discovery Market
Q1: What are the major growth driving factors of global drug discovery market?
A: Spike in lifestyle disease cases, booming aging population, rising healthcare expenditure and technological advancements are supporting global drug discovery market growth.
Q2: What are the growth prospects of North America drug discovery market?
A: Growing burden of lifestyle disease, especially heart related ailments, along with increased healthcare spending, and technological advancements in cardiology are projected to drive North America drug discovery market growth.
Q3: Which are the leading companies in global drug discovery market?
A: Top players in global drug discovery industry sphere are Sanofi S.A., Pfizer, Inc., Novartis AG, Merck & Co., Inc., Johnson & Johnson, GlaxoSmithKline plc, F. Hoffmann-La Roche AG, Eli Lilly and Company, Boehringer Ingelheim, Becton, Dickinson and Company, Bayer AG, and AstraZeneca plc among others.
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