According to a research report titled ‘Global Drug Discovery Market 2019-2028’, available with Market Study Report, global drug discovery market is projected to expand at a compound annual growth rate of 6.5% over the forecast period 2019-2028.
 

As per report findings, technological advancements in pharmaceutical sector and increasing incidences of lifestyle-oriented diseases are driving the worldwide drug discovery industry towards growth. Rising geriatric population coupled with surging healthcare expenses are also adding substantial traction to the overall market development.
 

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Furthermore, significant investments by healthcare companies to enhance big data analytics prowess, as well as mounting demand for specialty medicines are expected to unlock new opportunities in the industry sphere.
 

On the other hand, strong presence of generic drugs and delays in launch of new products are hampering the market growth. Strict government regulations and poor reimbursement policies in emerging nations will also pose a challenge for industry players in the upcoming years.
 

Based on drug type, global drug discovery market is classified into biologic, and small molecule drug. By service, the business vertical is split into biological, chemical, and other services.
 

Moving on to technology, the industry segmentation comprises bioinformatics, high throughput screening, combinatorial chemistry, nanotechnology, metabolomics, biochips, pharmacogenomics & pharmacogenetics, spectroscopy, and other technologies.
 

Elaborating on the end-user spectrum, the market is arrayed into research institutes, contract research organizations (CROS), pharmaceutical companies and other end-users.
 

From a regional frame of reference, North America currently holds a majority of global drug discovery market share. This can be attributed to increased healthcare expenditure, rising prevalence of lifestyle-related illnesses, and technological advancements in the field of cardiology across the region.
 

For the record, the World Health Organization (WHO) reported that the incidence rate of CVD, CHD, hypertension, stroke, and cardiovascular diseases is the highest in North America. This factor along with rapid progression of the field of interventional cardiology is predicted to augment the industry growth in the region.
 

Considering the competitive landscape, Sanofi S.A., Pfizer Inc., Merck & Co. Inc.,  Novartis International AG, Johnson & Johnson, GlaxoSmithKline plc, Eli Lilly and Company, Boehringer Ingelheim International GmbH, Becton, Dickinson and Company, Bayer AG, AstraZeneca plc, Antares Pharma Inc., Agilent Technologies Inc., F. Hoffmann-La Roche AG, Abbott Laboratories, and 3M Company are the key players influencing global drug discovery market dynamics.