WELLESLEY, Mass., Feb. 13, 2018 (GLOBE NEWSWIRE) — In recent years, the drug discovery market has seen rapid progress with the potential to reach $85.8 billion in 2022, growing at a compound annual growth rate of 9.4% from 2017-2022.
The BCC Research report Drug Discovery Technologies examines all aspects of the drug discovery process, which consumes a major portion of drug development costs. Therefore, it’s imperative for companies to employ technologies that offer a high probability that their future drug product will be commercially successful. The advent of high-throughput and automated methods involving in-silico and computational approaches has transformed the field of drug discovery and development, and in just the last few years, this industry has undergone a major transition with increased demand for efficient, user-friendly and affordable products.
The report examines the drug discovery process and discovery tools, segmented by technology type, end user and application along with analysis of the various regulatory environments, new products and advancements, market projections and market share.
- Globally, the rise in research expenditure, deterioration in human health conditions and the need for novel and effective therapies have boosted the demand for drug discovery tools.
- North America held the biggest share of the drug discovery tools market during the reporting period, forecast to expand at a 10.9% CAGR through 2022.
- Countries comprising the emerging market are expected to see the value of their drug discovery sector rise at a CAGR of 8.6% to reach $29.2 billion by 2022.
“The global biopharmaceutical industry has witnessed a significant transition in the past few decades, in particular in the drug discovery and development space,” said BCC Research analyst and report author Shalini Shahani Dewan. “The industry is focusing on new technologies to solve mechanistic mysteries, in order to identify a drug candidate molecule for therapeutic use. Genomic and proteomic analysis are finding applications in the understanding of various factors that regulate the functioning of cells at the genetic level.”
Drug Discovery Market by End User
This updated report for the first time discusses the various end users of drug discovery tools. The end-user market is segmented into biopharmaceutical companies, research and academia, and others, which include contract research organizations. Biopharmaceuticals holds the largest share of the overall drug discovery tool market and is expected to reach $38.8 billion through 2022. The increase mainly reflects further interest in genetic research and drug development.
About BCC Research
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