Global drug discovery market report from ResearchAndMarkets has highlighted that the drug discovery market is expected to see a constant growth in the coming years until 2023. As per the report, factors such as the rising prevalence of chronic diseases. increasing healthcare expenditure, and the upcoming patent expiration of drugs are contributing to the growth of the global drug discovery market.
The Increasing prevalence of various diseases has boosted the need for drug discovery and hence its market is booming at a global level. In the year 2017, the global drug discovery market stood at $38,356 million and it is expected to reach $70,097 million by 2023 with a growth of 9% CAGR. The global drug discovery market has also been affected by the scientific and technological advancements going on across the globe. Due to the increasing demand for new drugs, the use of drug discovery technologies and advancements has increased manifold times.
With the help of technology, the drug discovery process has become more accurate, refined and less time-consuming. The introduction of automation, multi-detector readers, imaging hardware and software, has been contributing significantly to the growth of the global drug discovery market on a large scale. The rise in the applications of small molecule drugs for treating chronic diseases has been contributing to increase their demand in the global market.
The Asia Pacific region has been witnessing the fastest growth rate because of the availability of skilled labor at an affordable rate. The contract research organization, Jubilant Biosys has been actively providing drug discovery services in collaboration with other healthcare companies in Asia and North America. In addition to this, the increasing disposable income and favorable government policies are the other factors leading to increased growth in this sector.
