Global Drug Discovery Market Worth USD 68.68 By 2024

Mourya
Mourya
The report "GLOBAL DRUG DISCOVERY MARKET": Segmentation By Technology(Protein and Nucleic Acid Isolation, Chromatography, Gel Electrophoresis, Mass Spectrometry, High Through Put Screening and Others), By Service (Biological Services, Chemical Services, Pharmaceutical Services, Drug Metabolism and Pharmacokinetics Services), By End Users (Biopharmaceuticals, Biotech Companies, Pharmaceutical Companies, Research Institutes and Others), By Geography (Asia Pacific, North America, Europe, Middle East & Africa, South America), By Company Profile, Forecast (USD billion) And Estimation 2018-2024”. The drug discovery market value was estimated to be $33.99Billion in 2017 and is expected to reach $68.68  Billion by 2024 at a CAGR of 9.20%. Drug discovery is the process by which new candidate medications drugs were discovered through identifying the active ingredient from traditional remedies. Download a free sample report @ https://www.envisioninteligence.com/industry-report/drug-discovery-market/ Drug discovery and development market justify that drug discovery and development together is the complete process of identifying a new drug and bringing it to market. Discovery may involve screening of chemical libraries and identification of active ingredient from a natural remedy and development includes studies on microorganisms and animals and clinical trials. As per drug discovery market research, increasing research and development expenditure, the inclination of major pharmaceutical companies towards outsourcing to avoid hurdles and growing demand for outsourcing of analytical testing and clinical trial services are driving the growth of the market. The increasing opportunities in drug discovery outsourcing led to a huge growth in the drug discovery services market. Drug discovery technologies are mainly used for the research and the introduction of new drugs. Recently, with the development of technology, many new types of techniques include nanotechnology and RNA interference is being used for the purpose of drug discovery. This has created the opportunities for drug discovery technology manufacturers in the new segments. High-throughput screening is one of the most widely used technology through which a large number of potential biological modulators are assayed against a chosen set of defined targets. The drug discovery technologies market growth is mainly owing to the increasing incidences of diseases, patent expiries, pathogen resistance to old drugs and fierce competition among drug manufacturers. On the basis of geography, North America currently accounts for the major drug discovery market size followed by Europe owing to the existence and early adoption of highly developed technologies and supportive economy. Asia-Pacific is a promising market for drug discovery outsourcing and is expected to undergo rapid market growth owing to less stringent regulations and economical manufacturing costs in this region. Outsourcing of a drug discovery saves time, cost and efforts of the pharmaceutical and biological companies. The major factors that propel the drug discovery outsourcing market include rapid progressing technologies, reduced turn-around time, increasing strategic partnerships and development of biosimilars, biologics and orphan drugs are driving the market growth. Merck & Co. Inc., Eli Lily, GlaxoSmithKline LLC, Pfizer, Inc., AstraZeneca Plc., Johnson and Johnson and some others are the major key players in the global drug discovery market.