LONDON, March 30, 2017 /PRNewswire/ -- KEY FINDINGS
The global drug discovery market is projected to grow from $33997million in 2016 to $68683 million by 2024 growing at a CAGR of 9.19% during the forecast period. Major health disorders such as genetic disorders, mental health disorders, diabetes, cardiovascular and other diseases and their prevalence rates among the population drives the market.
The drug discovery market is segmented on the basis of technology and geography. The drug discovery market on the basis of technology is segmented into QPCR, DNA microarrays, protein microarrays, high-throughput screening, mass spectrometry, gel electrophoresis, chromatography, protein and nucleic acid isolation and other technologies. The drug discovery market by geography is segmented into North America, Europe, Asia-Pacific and Rest of the world.
The major market drivers for the growth of drug discovery market are aging population, increased expenditure on healthcare, and rise in lifestyle oriented diseases and fatalities. Contrarily, the delayed processing of government regulations, poor access to the healthcare services and the shift from branded drugs to generic drugs are factors that restraints the market growth.
North America holds a colossal market share in the global drug discovery market. NA also accounts for highest consumer of branded drugs. Europe accounts for the second largest market in the global drug discovery market. Asia-Pacific market is projected to grow during the forecast period due to increase in the number of contract research organizations in the region.
The leading players in the drug discovery market are Johnson And Johnson, Bayer AG Sanofi, AstraZeneca PLC, Pfizer, Merck & Co. INC., Boehringer Ingelheim, INC., Glaxosmithkline LLC, Eli Lily, Roche Holding AG. Sanofi, formerly Sanofi-Aventis.
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