Drug Discovery Technologies Market Key Manufacturers, Development Trends And Competitive Analysis 2024

Global Drug Discovery Technologies Market: Overview

Due to the prevalence of several life-threatening diseases and frequent inception of new health-related issues, it is essential to discover new, advanced, efficient drugs to combat the illness. Healthcare organizations across the world are actively looking for opportunities for drug discovery, which was historically done through identification of active ingredient from traditional remedies. However, in the recent past, the field of drug discovery has evolved considerably with technologies such as mass spectrometry, NMR, micro plate readers, chemotherapy, proteomics (2DGE, two hybrid systems, isotope encoding and activity based assays), RANi (siRNA, miRNA, ddRNAi, and short hairpin RNAs), microfluidics, gel electrophoresis, protein and nucleic acid isolation, DNA and protein microarrays, and nanotechnology, which includes atomic force microscopy, nano mass spectroscopy, and dip pen nanolithography. Drug discovery process have now become more refined and accurate, as well as significantly less time consuming.

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It has been observed that high-throughput screening (HTS) is one of the most widely used drug discovery technologies. Through this technology, a large number of potential biological modulators are assayed against a chosen set of defined targets. HTS technology enables building a portfolio of biologically relevant compounds quickly. Advancement in HTS technology such as reliable automation, multidetector readers, imaging hardware and software, and database and pattern recognition software will lead to the increased usage of the technology in future.

Drug discovery technologies play a major role in overall growth of the pharmaceutical industry because they significantly contribute to the easy introduction of blockbusters and innovative drugs. Diverse diseases such as cancer, CVD and CNS disorders such as Parkinson’s and Alzheimer’s have generated ample opportunities in the market for drug discovery technologies, which is estimated for a healthy growth rate during the forecast period of 2016–2024.

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Global Drug Discovery Technologies Market: Trends and Opportunities

The market is primarily driven by rising geriatric population across the globe as people aged over 60 years are more prone to chronic diseases. The demand for efficient drugs, especially from the rising population of affluent patients, is another factor pushing the global market for drug discovery technologies. Moreover, advances in the fields of biotechnology, molecular biology, nanotechnology, and genomics in the recent past have also paved way for increased investments in the field of drug discovery. Furthermore, patent expiries of several blockbuster drugs during the forecast period are also expected to make it a lucrative market for the existing players. New pharmaceutical companies also have an opportunity to venture into the global market for drug discovery technologies through generics.

As drug discovery plays an important role in the drug development cycle, pharmaceutical companies focus more on drug development technologies. However, drug discovery and development requires a huge investment and takes a long time, which leads to lower profit margins for the pharmaceutical companies. Pharmaceutical manufacturers usually face an impending surge of expiring patents regarding developed drugs, exacerbating the adverse effects of the long duration of the research cycle. This could hinder the market’s growth in the coming years.

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Global Drug Discovery Technologies Market: Region-wise Outlook

Geographically, the global market for drug discovery technologies can be segmented into the regions of North America, Europe, Asia Pacific, and Rest of the World. Currently, North America is the most lucrative market due to high concentration of world’s leading pharmaceutical companies. The governments in North American countries such as the U.S. and Canada have also formulated encouraging policies for the investors to research and develop new drugs. The demand for drug discovery technologies in the region of North America also gains from high-income population, collectively promising healthy potential returns on investments due to high adoption rate of new technologies. Asia Pacific holds immense promise as a market for drug discovery technologies due to rising disposable incomes, favorable long-term government policies, and aggressive investment by pharmaceutical industry in the region, which has skilled labor at affordable cost.

Companies mentioned in the research report

Some of the key players in the global drug discovery technologies market are Abbott Laboratories, Inc., Affymetrix Inc., Agilent Technologies, Inc., Bayer Healthcare AG, GE Healthcare Ltd., Albany Molecular Research Inc., Arqule Inc., Astrazeneca plc, Novartis AG, Luminex Corporation, and Molecular Discovery Ltd. Many of the key players are partnering to develop sophisticated drug discovery technologies and discover novel drugs for various ailments.