The global drug discovery market size is calculated at USD 65.88 billion in 2024 and is predicted to reach around USD 160.31 billion by 2034, expanding at a CAGR of 9.3% from 2024 to 2034.
The drug discovery market refers to the production, distribution, and use of drug discovery, which is the process of identifying biologically active compounds that possess the potential to become therapeutic agents. The drug discovery process includes different phases, from ideation to development to approval. Drug discovery is required for treating a disease or illness for which no other treatment exists, and it provides additional benefits for prevailing treatments like fever drug-drug interactions, improved amenability, and higher therapeutic efficacy. Unmet medical needs and the rising prevalence of chronic diseases are driving the growth of the drug discovery market.
However, the factors challenging growth in the market include misunderstood underlying disease mechanisms, modeling limitations, data quality and standardization, data security and privacy concerns, high initial investments, and rising costs that can limit the growth of the market. The future scope of the market includes collaborative research, a shift toward personalized or precision medicine, integration of artificial intelligence and machine learning, reducing costs, cloud-based collaborations, and rising research and development expenditures will help the growth of the drug discovery market.
Published by Laxmi Narayan
For any questions about this dataset or to discuss customization options, please write to us at sales@statifacts.com
| Stats ID: | 7737 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Stats ID: | 7737 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
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