Drug discovery and development is never done, because of the endless search for new drugs to cure diseases. Small molecule drug discovery, the foundation of pharmaceutical research, is now a hot topic. This blog shares the inside scoop about the small molecule drug discovery market, its drivers, obstacles, and prospects.
Market Overview and Growth Drivers
The world small molecule drug discovery market is expanding at a rapid pace due to the following reasons:
Increase in the Rate of Chronic Diseases: The increase in chronic diseases like cancer, diabetes, and neurodegenerative diseases has increased the need for novel therapies.
Technological Advancements: Advancements in artificial intelligence (AI), machine learning, high-throughput screening and the like have helped speed up drug discovery.
Personalized Medicine: As personalization is on the rise, individualized therapies have begun to be created for certain patient groups.
Govt Policies and Resources: Government initiatives and research funding for biomedical science have boosted the drug discovery sector.
Market Size and CAGR
The small molecule drug discovery market size is projected to reach US$ 106.77 billion by 2031 from US$ 50.93 billion in 2023. The market is expected to register a CAGR of 9.7% during 2023–2031
Key Market Trends
AI and Machine Learning: Artificial Intelligence combined with Machine Learning algorithms are changing the drug discovery process by identifying potential drugs at a very fast pace.
Bioinformatics: The bioinformatic tools are used to process huge volumes of biological data and to find drugs faster.
Virtual and Augmented Reality: They are used for drug design and development.
Open Innovation: Cooperative arrangements between drug companies, research universities and biotech startups are helping innovate and generating drug discovery.
Market Segmentation
By Therapeutic Area