Revolutionizing Drug Research: AI and Genomics Drive Faster, More Successful Drug Discovery for Life-Saving Treatments
BOSTON, Nov. 19, 2024 /PRNewswire/ -- "According to the latest study from BCC Research, the market for Drug Discovery Technologies is expected to grow from $111.9 billion in 2024 to $197.0 billion by the end of 2029, at a compound annual growth rate (CAGR) of 12.0% during the forecast period of 2024 to 2029."
This report provides an in-depth analysis of the drug discovery technologies market, exploring trends from 2023, with estimates for 2024 and projections through 2029. It highlights the significant potential of technologies such as high-throughput screening (HTS), bioanalytical instruments, cell-based assays, genomics, bioinformatics, and proteomics, and the emerging fields of metabolomics and nanotechnology. The market is segmented by technology and application, including areas such as oncology and cardiovascular diseases. It is analyzed across regions such as North America, Europe, and Asia-Pacific, focusing on the U.S., Germany, and China. The report also examines the competitive landscape, regulatory scenarios, and market drivers, restraints and opportunities, providing a forecast through 2029 and assessing the market shares and strategies of leading companies while identifying potential long-term impacts on the industry.
This report is particularly relevant right now because the drug discovery technologies industry plays such a critical role in addressing the urgent need for new medications to combat diseases. These technologies accelerate the identification of promising drug candidates, significantly shortening the drug development timeline, which leads to faster medical advances and improved patient outcomes. In a time when the demand for innovative treatments is at an all-time high, these technologies not only enhance the efficiency of drug discovery but also help reduce the excessive costs associated with drug development, thereby increasing access to essential treatments for patients worldwide.
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The following factors are driving the global market for drug discovery technologies:
Adoption of High Content Screening Techniques in Drug Discovery: High Content Screening (HCS) leverages automated microscopy and image analysis to gather quantitative data from cell populations. This technique allows for the efficient analysis of complex biological processes, making it a powerful tool for identifying potential drug candidates at high throughput.
Use of AI in Drug Discovery: AI is transforming drug discovery by rapidly analyzing vast datasets to identify promising drug candidates. With its ability to predict compound interactions, optimize drug design, and repurpose existing drugs, AI significantly reduces the time and cost associated with traditional methods, boosting the chances of finding effective treatments.
Rising Prevalence of Chronic and Infectious Diseases: The growing prevalence of chronic and infectious diseases worldwide is fueling the demand for innovative drug discovery technologies. With new treatments needed to tackle these health challenges, the role of advanced drug discovery techniques has become increasingly vital.
Growing Global Elderly Population: An aging global population leads to a higher prevalence of age-related conditions, such as Alzheimer's and osteoporosis. This demographic trend drives the demand for drug discovery technologies focused on developing treatments tailored to the needs of the elderly.
Growing Availability of Research Funds: Increased funding from governments, private organizations, and pharmaceutical companies supports the advancement of drug discovery technologies. Access to these research funds is essential for fostering innovation, research collaborations, and accelerating drug development.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2023 |
Forecast period considered | 2024-2029 |
Base year market size | $100.3 billion |
Market size forecast | $197.0 billion |
Growth rate | CAGR of 12.0% for the forecast period of 2024-2029 |
Segments covered | Therapeutics, Application, End User, and Region |
Regions covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Countries covered | U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, China, Japan, South Korea, Australia, and India |
Market drivers | • Adoption of HCS techniques in drug discovery. • Use of AI in drug discovery. • Rising prevalence of chronic and infectious diseases. • Growing global elderly population. • Availability of research funds. |
Interesting facts about the global market for drug discovery technologies:
- Despite the use of advanced instruments and sophisticated databases, the success rate in drug discovery technologies industry is low. Only about 10% of medications eventually receive FDA approval.
- This low success rate highlights the immense complexity of the human body, and the significant challenges involved in developing safe and effective pharmaceuticals.
The report addresses the following questions:
1.What is the projected market size and growth rate?
- The global market for drug discovery technologies was valued at $100.3 billion in 2023 and is projected to reach $197.3 billion by the end of 2029, at a 12.0% CAGR for the forecast period.
2.What factors are driving the growth of the market?
- The use of innovative drug discovery technologies will undoubtedly accelerate over the coming decades due to the growing adoption of HCS techniques and AI in drug discovery, the rising prevalence of chronic and Immunological diseases, the world's growing elderly population, and availability of research funds.
3.What segments are covered in the market?
- This report segments the market into technologies and applications. Technologies, include high-throughput screening, bioanalytical instruments, cell-based assays and reagents, genomics, bioinformatics, proteomics, and others, such as combinatorial chemistry, metabolomics, nanotechnology and system biology. These technologies are further sub segmented into oncology, cardiovascular, diseases, neurodegenerative diseases, and immunological diseases.
4.Which technology segment will dominate the market by the end of 2029?
- AI will dominate the drug discovery technologies market.
5.Which region has the highest market share?
- The North American market for drug discovery technologies was valued at $58.8 billion in 2023 and is estimated to reach $116.6 billion in 2029, at a CAGR of 12.1% during the forecast period.
Leading companies include:
- Agilent Technologies Inc.
- Bio-rad Laboratories Inc.
- Bruker
- Charles River Laboratories
- Danaher Corp.
- Illumina Inc.
- Promega Corp.
- Qiagen
- Revvity
- Thermo Fisher Scientific Inc.
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