Drug discovery technologies play a significant role in the field of pharmaceuticals as they heavily contribute to the introduction of drugs to the market. The application of drug discovery technologies have a significant opportunity in the launch of drugs for severe diseases such as cancer, cardiovascular diseases, Parkinson’s disease, central nervous system disorders and others. However, the slow growth in the introduction of blockbuster drugs could pose a major threat for the growth of this market.
The major technologies in the drug discovery market are proteomics, genomics, QPCR, DNA and protein microarrays, high-throughput screening, mass spectrometry, laboratory information management systems, microfluidics, gel electrophoresis, chromatography, and protein and nucleic acid isolation.
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As the global population ages, there is a growing pressure to keep the healthcare costs under control. Senior citizens are more prone to chronic diseases. It is in the nation’s best interests to keep its population healthy. In addition to this the pressure is paired with the government’s and administration’s responsibility to pay for healthcare. This situation will magnify in intensity if nothing is done to improve the status of treatment and prevention of diseases among the aging population.
Apart from facing these pressures, the pharmaceutical manufacturers also face an impending surge of expiring patents. This will result in reduced profits of pharma companies. The market players in this field have begun to respond to these factors by restructuring their strategies and bringing innovation in their products thus, improving their productivity and efficiency. Despite these measures, pharmaceutical companies face the fact that drug discovery and development consumes a huge amount of time and money. For instance, drug discovery and development from scratch may take around 15 years and costs about USD 500 million until it is introduced in the market.
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Drug discovery plays a significant role in the drug development cycle. This is the reason why pharma companies focus more on improvement in the early stages of drug development. It is expected that in the next few years, pharma companies will introduce breakthrough chemical entities and related technologies in the drugs market. Simultaneously, it is also expected that the latest technologies will gain foot-hold in the drug discovery market.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World