Kenneth Research has evaluated the current market opportunities in Drug Discovery Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Drug Discovery Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Drug discovery and development are key functions of pharmaceutical and biotechnology companies. Drug discovery programs are essential for the introduction of new drugs. As more number of patients are diagnosed with new symptoms and syndromes. Drug discovery programs are usually lengthy and involve target identification, target validation, clinical trials, registration and approval. The whole process takes 15 years before the drug is officially launched and marketed.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
It is important for the governments to make their processes more coherent and less time consuming. Also, policies should be made to make data sharing more efficient. Drugs discovery should be made cheaper by relaxing tax laws, decreasing duties on instrument exports, increasing government and private funding. Introduction of new drugs and changes in the laws can lead to reduced cost and pricing of new target drugs.
At present North American companies have the highest market share in the overall drug discovery market. Major drug discovery technology and service providers are established in the U.S. The market is driven by presence of manufacturing facilities and research labs of major drug manufacturers. North America is also the highest consumer of branded drugs. The assistance of government regulatory bodies and high level of awareness related to life threatening diseases also encourage drug manufacturers to work on target drug discovery.
Similar factors along with common regulations across Europe are responsible for a well-developed market. European research labs and institutes are driven by favourable environment provided by the European Union. Chinese, Japanese and Indian companies are providing contract research services to major pharmaceutical companies in the West. China is the leading Asian country as major international pharmaceutical companies are building their manufacturing facilities in China.
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Companies profiled include:
1. Sanofi
2. Johnson and Johnson
3. AstraZeneca
4. Bayer
5. BohringerIngheliem
6. Pfizer
7. GlaxoSmithKline
8. Eli Lily
9. Albany Molecular Research
10. Charles River Laboratories
11. Covance
12. Cyprotex
13. EVT innovate
14. Gen Script
15. Pharmaceutical Product Development
16. Quintiles
17. Viva Biotech
18. WIL research Laboratories
19. WUXI Apptech
This Research Report covers
1. Historical data
2. Revenue forecasts, growth rates and CAGR upto 2028
3. Industry Analysis
4. Competitive Analysis
5. Key geographic growth data
6. In-depth profiling of companies
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Key Answers Captured in Report?
- Which geography would have better demand for products/services?
- What are the strategies adopted by big players in the regional market?
- Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
- What is the current & expected market size in the next five years?
- What is the market feasibility for long term investment?
- What opportunity the country would offer for existing and new players in the market?
- What is the risk involved for suppliers in the geography?
- What factors would drive the demand for the product/service in the near future?
- What is the impact analysis of various factors in market growth?
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