Report : Small Molecule Drug Discovery Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Therapeutic Area (Oncology, Central Nervous System, Cardiovascular, Respiratory, Orthopedics, Immunology, Rare Diseases, and Other Therapeutic Areas); Process/Phase (Target Discovery, Target Validation, Lead Generation and Refinement, and Preclinical Development); and Geography
Rare Diseases Segment to Grow at Faster Pace during Forecast Period
According to the latest study on "Small Molecule Drug Discovery Market Forecast to 2027– COVID-19 Impact and Global Analysis by Therapeutic Area and Process/Phase", the global small molecule drug discovery market was valued at US$ 24,976.14 million in 2019 and is projected to reach US$ 50,823.06 million by 2027; it is expected to grow at a CAGR of 9.5% during 2020–2027. The report highlights trends prevailing in the global small molecule drug discovery market and the factors driving market along with those that act as hindrances.
Based on therapeutic area, the global small molecule drug discovery market is segmented into oncology, central nervous system, cardiovascular, respiratory, orthopedics, immunology, rare diseases, and other therapeutic areas. The oncology cells segment held a largest share of the market in 2019; however, the rare diseases segment is estimated to register a higher CAGR during the forecast period owing to increasing prevalence of rare diseases, research activities and collaborations among market players. Some of the rare diseases are Hutchinson-Gilford Progeria, Fibrodysplasia Ossificans Progressiva, Microcephaly, Morgellons, and others.
The small molecule drug discovery market is expected to grow owing to factors such as increasing approval of small molecule drugs, growing demand for R&D from contract organizations, and rising adoption of small molecules in chronic disease treatments. However, high drug development cost is likely to restrain the growth of the market during the forecast period.
Pfizer Inc., Bristol-Myers Squibb Company, Merck KGaA, GlaxoSmithKline Plc, AstraZeneca, Johnson & Johnson Services, Inc., Teva Pharmaceutical Industries Ltd, Boehringer Ingelheim International GmbH, and Allergan Plc are among the leading companies operating in the small molecule drug discovery market.
The report segments global small molecule drug discovery market as follows:
By Therapeutic Area