According to the recent research report titled ‘GLOBAL Drug Discovery Market 2019-2027’, available with Market Study Report, global drug discovery market is projected to record 8.28% CAGR over 2019-2027.
 

Increasing cases of lifestyle-oriented diseases, rising healthcare expenditure, technological advancements, and booming aging population are primarily fostering global drug discovery market growth. Mounting demand for specialty medicines and increasing investment by healthcare companies in enhancing big-data analytical capabilities are also adding significant traction to the industry progression.
 

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Speaking of the restraints, delay in product launches and rising adoption of generic drugs are hampering the remuneration scale of the industry. Moreover, strict government norms and poor reimbursements policies in emerging nations are hindering worldwide drug discovery industry expansion.
 

As per drug type, the market is split into biological drug and small molecule drug. Based on technology, the industry is divided into metabolomics, spectroscopy, spectroscopy, nanotechnology, combinational chemistry, pharmacogenomics & pharmacogenetics, bioinformatics, biochips, high throughput screening, and others.
 

Moving on to service, global drug discovery market is categorized into biological services, chemical services, and drug metabolism & pharmacokinetics (DMPK) services. Elaborating on end user scope, the industry is classified into contract research organizations (CROS), pharmaceutical companies, research institutes, and others.
 

On the regional front, Asia Pacific drug discovery industry is poised to amass notable gains through 2027, attributable to increasing GDP of several economies. Moreover, private and public sectors in countries such as India and China are increasingly investing to support drug discovery.
 

Top companies swaying global drug discovery market dynamics are Becton, Dickinson and Company (BD), Boehringer Ingelheim, Eli Lilly and Company, Sanofi S.A., Pfizer Inc., Novartis International AG, Merck & Co. Inc., Johnson & Johnson (J&J), GlaxoSmithKline LLC, F. Hoffmann-La Roche AG, Bayer AG, AstraZeneca plc, Antares Pharma Inc., Agilent Technologies Inc., Abbott Laboratories Inc., and 3M Company.