According to the research report titled “Global Small Molecule Drug Discovery Market by Therapeutic Area (Oncology, Central Nervous System, Cardiovascular, Respiratory, Metabolic Disorders, Gastrointestinal, and Other Therapeutic Areas), Process/Phase (Target ID/Validation, Hit Generation and Selection, Lead Identification, and Lead Optimization), Regional Forecasts 2021-2027”, available with MarketStudyReport, global small molecule drug discovery market, valued at approximately USD 32.15 billion in 2020, is anticipated to grow at a strong y-o-y growth rate of more than 8.05% over 2021-2027.
 

As per the report findings, small molecule pharmaceuticals market is majorly driven by growing medicine demand for treatment of chronic diseases.
 

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According to American Cancer Society, around 1.8 million new cancer cases were diagnosed worldwide in 2020, with roughly 606,520 cancer deaths. The rising prevalence of chronic diseases will continue to facilitate rapid expansion of industry through 2027.
 

However, high drug development costs may impede market expansion over the projection period, claims the study.
 

For the uninitiated, small molecules are those molecules that enter the cell membrane and work on a specific cellular organelle and protein. They can easily infiltrate cells due to their low molecular weight, hence, are preferred for targeted drug delivery. These chemicals outperform monoclonal antibodies and other large molecule medications due to their small size, ease of translation to oral form, and low cost.
 

From the regional aspect, as per the report, the global small molecule drug discovery industry size and scope is defined by assessing North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil).
 

North America currently dominates the market and is expected to continue exhibit a strong growth trend over the coming years. This can be ascribed to increased frequency of a variety of chronic illnesses, such as cardiovascular disease, cancer, and others, as well as rise in the number of novel small molecule approvals in the region. Furthermore, industrial businesses in the area are applying technologically enhanced technologies for the development of small-molecule drugs.
 

Considering the competitive landscape perspective, 21st Century Therapeutics Inc., Boehringer Ingelheim GmbH, Agilent Technologies Inc., GlaxoSmithKline PLC, Gilead Sciences Inc., Bristol-Myers Squibb Co., Johnson & Johnson, Acacia Pharma Gr Ltd., AstraZeneca PLC, and 4SC-Discovery AG are the leading contenders influencing global small molecule drug discovery market dynamics.