Global Drug Discovery Market Research Report Forecast : 2028
According to report, the Global Drug Discovery Market is expected to display a positive market trend over the forecast period of 2019-2028, exhibiting a CAGR of 6.50%.
The surge in lifestyle-oriented diseases and the advancements in technology are the main factors driving the growth of the global market. Along with this, the growing elderly population and the rising healthcare expenses are also adding to market growth.
Furthermore, significant investments made by the healthcare industry to improve big data analytical capabilities and the rise in demand for specialty medicines are creating opportunities for growth. On the other hand, the delay in product launches and the restricted rate of growth due to generic drugs are impeding the growth of the studied market. Further, poor reimbursement policies in emerging nations and stringent regulations by the government are creating challenges in the growth path.
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The global market for drug discovery covers the regions of Europe, North America, Latin America, the Asia-Pacific, and the Middle East and Africa.
North America is the leading region in the global market and holds the highest share. According to the World Health Organization (WHO), the rate of incidence of CVD, hypertension, CHD, stroke, and other heart-related diseases is the highest in this region.
The interventional cardiology market is forecasted to grow the fastest in majority of the developed and developing economies. The growing prevalence of lifestyle-oriented diseases, increased spending on healthcare, and technological advancement in the field of cardiology are the key factors responsible for driving the drug discovery market growth in North America.
Some of the companies having their presence in this market are Becton Dickinson & Company (BD), Agilent Technologies Inc, Abbott Laboratories Inc, Antares Pharma Inc, Eli Lily and Company,3M Company, Johnson & Johnson, Boehringer Ingelheim, Sanofi, Merck & Co Inc, AstraZeneca Plc, F Hoffmann-La Roche Ltd, Pfizer Inc, GlaxoSmithKline LLC, Bayer AG, and Novartis.
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Last Update : Oct 23, 2020
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