Grand News Network | November 6, 2023

The Drug Discovery Technologies Market Size Is Expected To Reach $97 Billion By 2027 At A CAGR Of More Than 10% As Per The Business Research Company's Drug Discovery Technologies Global Market Report 2023

LONDON, Nov. 06, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's Drug Discovery Technologies Global Market Report 2023, the global drug discovery technologies market is on the verge of a significant transformation. In 2022, drug discovery technologies market was valued at $59.86 billion, and 2023 is projected to witness substantial growth, reaching $66.08 billion, at an impressive compound annual growth rate (CAGR) of 10.3%. The drug discovery technologies market is expected to further surge, with a projected value of $97.09 billion by 2027, sustaining a CAGR of 10.1%. These figures underscore the dynamic nature of the drug discovery technologies sector, presenting numerous opportunities and challenges for stakeholders.

Driving Force: Rising Prevalence of Acute and Chronic Diseases

A powerful force driving the drug discovery technologies market is the escalating prevalence of acute and chronic diseases. Chronic diseases, lasting a year or more, demand ongoing medical attention, posing significant healthcare challenges. The advancement of drug discovery technologies and drug development has ushered in new treatments for these conditions.

The integration of cutting-edge technologies, including digital health tools, artificial intelligence (AI), and machine learning, has opened doors to address critical barriers in drug research and streamline clinical trials for prevalent chronic diseases. For example, a UN report in May 2023 revealed that chronic diseases were responsible for seven out of ten deaths in the US, claiming over 1.7 million lives annually. This vividly illustrates the urgency to combat these diseases, driving innovation in drug discovery technologies.

Learn More In-Depth On The Drug Discovery Technologies Market

https://www.thebusinessresearchcompany.com/report/drug-discovery-technologies-global-market-report

Drug ...

Full story available on Benzinga.com


Disclaimer: The views, recommendations, and opinions expressed in this content belong solely to the third-party experts. This site was not involved in the writing and production of this article.


Disclaimer Press Release Banner