According to The Insight Partners' research, the Asia Pacific Small Molecule Drug Discovery Market was valued at US$ 8,637.1 Million in 2023 and is expected to reach US$ 18,861.6 Million by 2031, registering a CAGR of 10.3% from 2023 to 2031.
Flourishing pharmaceutical industry with surge in R&D activities and growing inclination toward outsourcing are among the critical factors attributed to Asia Pacific small molecule drug discovery market expansion.
The pharmaceutical industry is one of the most R&D-intensive industries in the world. Efforts are being made to achieve greater effectiveness and efficiency in fulfilling patients' needs. The cost of medicines has been a prime concern for pharmaceutical companies as they bank on their R&D activities to achieve intended cost targets. Over the last decade, the number of new small molecule drugs approved yearly has drastically increased. R&D expenditure is instrumental in companies' efforts to discover, examine, and produce new products; make upfront payments; improve existing outcomes; and demonstrate product efficacy and regulatory compliance before launch. These investments differ as per the need and demand for drug discovery. The cost includes materials, supplies used, and employee salaries, along with the cost of developing quality control. According to PhRMA Member Companies 2021 report, the top 15 largest pharmaceutical companies by revenue invested US$ 133 billion in R&D cumulatively, and ~44% of the total R&D investment was allocated to drug discovery. Thus, increasing R&D investments by companies are fueling the small molecules drug discovery market growth.
On the contrary, high drug development cost hampers the growth of Asia Pacific small molecule drug discovery market.
Asia Pacific Small Molecule Drug Discovery Market Segmentation Analysis:
- By Therapeutic Area, the Asia Pacific Small Molecule Drug Discovery Market is segmented into Oncology, Central Nervous System, Cardiovascular, Respiratory, Orthopedics, Immunology, Rare Diseases, and Other Therapeutic Areas. The Oncology segment is projected to expand at 10.5% CAGR during 2023 - 2031.
- By Process or Phase, the Asia Pacific Small Molecule Drug Discovery Market is segmented into Target Discovery, Target Validation, Lead Generation and Refinement, and Preclinical Development. The Lead Generation and Refinement segment is projected to expand at 10.0% CAGR during 2023 - 2031.
By country, the Asia Pacific Small Molecule Drug Discovery Market is categorized into Japan, China, India, South Korea, Australia, Rest of APAC. China is projected to expand at 9.7% CAGR during 2023 - 2031.
Key players operating in the Small Molecule Drug Discovery Market are GSK Plc, Charles River Laboratories International Inc, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Co, Merck KGaA, ICON Plc, Revvity Inc, Danaher Corp, Thermo Fisher Scientific Inc., and Oncodesign Services, among others.
- Sep 2023, Charles River Laboratories International, Inc. and Related Sciences ("RS"), a data science-driven drug discovery firm, launched a multi-program collaboration agreement to apply Logica across several previously undrugged targets in the RS portfolio. Logica is an Artificial Intelligence (AI) powered drug solution that translates biological insights into optimized assets.
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