According to the research report titled ‘Small Molecule Drug Discovery Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Therapeutic Area; Process/Phase, available with Market Study Report, global small molecule drug discovery market was worth USD 24,976.14 million in the year 2019 and is predicted to expand with a CAGR of 9.5% during the forecast period. The industry is expected to be valued at USD 50,823.06 million by the year 2027.
 

Small molecule drugs are utilized in targeted drug delivery procedures in which they pass through the cell membrane and act on the specific protein or cellular organelle. Since they have low molecular weight, they can easily enter cells. Moreover, these molecules are affordable, easy convertibility, and compact in size as compared to other large molecule drugs.
 

Growing demand for small molecule drugs for treating numerous rare and chronic conditions is a major factor driving the market growth. Surging investments towards R&D activities among pharmaceutical companies in order to develop lead candidates and new targets for small molecules is further aiding the market expansion. However, high costs associated with drug discovery activities may act as a restraining factor to the overall growth of small molecule drug discovery industry.
 

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As per therapeutic area, the report divides the market into rare diseases, immunology, orthopedics, respiratory, cardiovascular, central nervous system, oncology, and others. Oncology segment accounted for a substantial share in the year 2019, while the rare disease segment is expected to register significant growth during the forecast period.
 

In terms of process/phase, small molecule drug discovery industry is split into preclinical development, lead generation & refinement, target validation, and target discovery. Although the lead generation & refinement segment held a majority share in 2019, target discovery segment is reckoned to witness a strong growth rate over 2026.
 

Allergan Plc., Boehringer Ingelheim International GmbH, Teva Pharmaceutical Ltd., Gilead Sciences Inc., Johnson & Johnson Services Inc., AstraZeneca Plc., GlaxoSmithKline Plc., Merck KGaA, Bristol-Myers Squibb Co. and Pfizer Inc. are the major contenders in global small molecule drug discovery industry.