Did you know the global drug discovery services market was valued at USD 16.77 Billion in 2022 and is expected to grow at a CAGR of 14.4 % during the forecast period? Yes, drug discovery works to continuously produce new medications as science progresses in order to treat and alleviate a wide range of illnesses, including some incurable diseases that still plague humanity.
However, have you ever wondered how a new medication or vaccine is developed? Drug discovery entails a wide range of steps and procedures, including conception, development, and approval. Well, in this blog, let’s discuss what drug discovery is, its market growth drivers, and insights.
What is Drug Discovery?
Drug discovery is the process of locating a material that can be used to treat and control ailments. The process of discovering a new medicine usually starts with a molecule displaying interesting biological characteristics or interacting with a biological target that is known to be important in the development of a disease.
What is Driving the Market Growth?
The key drivers of the drug discovery services market are anticipated to be the growing demand for new therapies for chronic ailments and the continuous advancements in the global healthcare sector.
Moreover, patients are under increasing stress due to chronic health disorders like dementia, diabetes, and cardiovascular disease, which also have a substantial socioeconomic impact. More than 40 million people die from these illnesses annually, accounting for seven out of 10 deaths globally. It is projected that this growth in chronic illnesses will boost funding for research and development as well as encourage further investigation into advanced medications. The increasing frequency of these chronic conditions is driving up demand for drugs, which opens up new business opportunities for drug discovery businesses.
Market’s Leading Countries
Leading biotechnology and pharmaceutical corporations are heavily represented in North America, which drives up demand for drug discovery services. The continent also boasts a well-established and robust research environment, which includes government support for scientific advancement, research centers, and esteemed academic institutions.
Furthermore, numerous variables contribute to the pharmaceutical industry’s growth in Asia Pacific. First off, businesses are being forced to provide treatments in these fields as a result of the rising incidence of chronic lifestyle disorders in the area. Second, the region’s biopharmaceutical industry is expanding, which has increased the chances for drug development services and fueled the drug discovery services market expansion. Finally, the market is anticipated to benefit greatly from the application of successful company methods and regional cooperation.
Recent Developments in the Market
- A complete relationship between Charles River Laboratories, a US-based corporation, and Pioneering Medicines, an effort under Flagship Pioneering, a US-based organization, was announced in February 2023. As part of this collaboration, access to the Logica AI platform will be made possible, with the aim of promoting small-molecule drug development.
- A joint venture between Evotec and Boehringer Ingelheim was launched in January 2022 with the goal of advancing the development of drugs for ophthalmologic illnesses through the use of iPSC-based disease modeling.
Wrap Up
The increasing prevalence of several ailments (such as cardiovascular and CNS-related conditions), rising healthcare costs, and the impending patent expiration of popular medications are the main drivers of the drug discovery services market expansion.