According to the research report titled ‘Global Drug Discovery Market 2019-2028’, available with Market Study Report, global drug discovery market is expected to register a y-o-y growth rate of 6.50% during 2019-2028.
 

Increased pervasiveness of lifestyle diseases coupled with technological breakthroughs in this business domain are some of the key factors driving the growth of global drug discovery market. Growing geriatric population, escalating healthcare expenditure, widespread adoption of big data analytics in the healthcare sector are also adding traction to the overall market size.
 

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Several delay in product launches, poor reimbursement policies, and strict approval regulations could, however, act as restraining factors to global drug discovery market expansion.
 

As per drug type, the market is segmented into biologic drug and small molecule drug. In terms of technology, the industry is split into metabolomics, spectroscopy, nanotechnology, combinatorial chemistry, pharmacogenomics and pharmacogenetics, bioinformatics, biochips, and high throughput screening.
 

Moving on to service type, global drug discovery market is categorized into biological services, chemical services, drug metabolism and pharmacokinetic services, and others. The end-user analysis of this business space involves contract research organizations, pharmaceutical companies, research institutes, and others.
 

Regionally, North America currently holds the largest market share and is deemed to showcase similar growth trends in the ensuing years. High occurrence of cardiovascular diseases, stroke, hypertension and other disorders coupled with surging healthcare expenses are facilitating the overall business outlook in North America.
 

The prominent companies operating in global drug discovery market are Sanofi S.A., Pfizer Inc., Novartis AG, Merck & Co. Inc., Johnson & Johnson, GlaxoSmithKline LLC, F. Hoffmann-La Roche AG, Eli Lilly & Co., Boehringer Ingelheim, Becton, Dickinson & Co., Bayer AG, AstraZeneca plc, Antares Pharma Inc., Agilent Technologies Inc., Abbott Laboratories Ltd., and 3M Co. among others.