Global drug discovery market

Posted by occams on May 3rd, 2018

Global Drug Discovery Market: Occam's provides holistic view on Global Drug Discovery Market with key insights on quality and in-dept analysis report from expertise.

http://www.occamsresearch.com/Drug-Discovery-Market/

The market for the global drug discovery is highly affected due to the scientific and technological changes and advancements that are continuously taking place around the world. This market contributes highly in the growth of whole pharmaceutical industry as they help in introduction of new drugs. The global drug discovery market is projected to grow impressive during the forecasted period growing at a CAGR of 14.2% during 2016-2023. Adoption of global drug discovery market is driven by following factors: such as rising incidences of chronic diseases, rising demand for novel drug discovery technologies and advancement in field of biotechnology.

There are many forces that drive the global drug discovery market, some of which include the increasing adoption of technology by the researchers in the development of new drugs. The market for HTS (High throughput screening) holds the largest market share, owing to the increased use of the cell based assays and robotics in the parallel screening of the compounds. The increasing geriatric population requires more healthcare facilities and hence demands new drugs to cope up with the various health issues which occur due to aging. The emergence of new diseases such as Ebola and H1N1 swine flu also forces the Pharma companies and research firms to work towards development of newer molecules and target drugs.

The factors the restrain the growth of the global drug discovery market are the slow growth and development of new drugs may hamper the growth of this market. Also, the expiry of patents of the major drugs and the huge cost and time factor that is involved in the drug discovery hamper the growth of the global drug discovery market.

Drug Discovery market is a highly regulated; hence face stringent regulations and approval issues from government authorities. Due to which companies are facing the issue of delayed product launches due to long and expensive approval process.