According to the recent research report titled ‘Small Molecule Drug Discovery Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Therapeutic Area ; Process/Phase; and Geography’, available with Market Study Report, global small molecule drug discovery market was worth USD 24,976.14 million in 2019 and is expected to reach USD 50,823.06 million by the year 2026, expanding with a CAGR of 9.5%.
 

Global small molecule drug discovery industry growth is majorly driven by easy approval of small molecule drugs, increasing demand for research & development by contract organizations, and widespread adoption of these drugs in treatment of chronic diseases.
 

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Availability of limited options for treatment of rare diseases is boosting the demand for small molecule drugs. Surging R&D expenditure by pharmaceutical firms for identification of new targets and lead applicants for small molecule drugs will positively influence the market size. However, hefty cost of drug discovery process is likely to impede the market growth during the analysis period.
 

Targeted drug transport involves passage of small molecules through cell membrane which then act on definite cellular organelle/protein. These molecules can enter cells due to their low molecular weight. Small molecules are better than large molecule drugs and monoclonal antibodies as they are smaller in size, cost-effective, and easily convertible to oral form.
 

Speaking of therapeutic area, small molecule drug discovery market is divided into oncology, cardiovascular, rare diseases, orthopedics, respiratory, immunology, central nervous system, and others. Oncology segment, as per the report, held major market share in 2019, while rare diseases segment is projected to record substantial growth over the analysis period.
 

Elaborating on phase/process type, the industry is bifurcated into target discovery, preclinical development, target validation, and lead generation & refinement. The report claims that lead generation & refinement segment held significant market share in the year 2019. Meanwhile, the target discovery segment is slated to grow modestly during the study period.
 

Major contenders in global small molecule drug discovery industry are AstraZeneca PLC, Boehringer Ingelheim International GmbH, Allergan Plc., Gilead Sciences Inc., Merck KGaA, Teva Pharmaceutical Industries Ltd., Johnson & Johnson Services