Market Analysis - Pharmaceutical Conference-2019
There has been an upsurge in the usage of advanced technologies, such as high throughput, bioinformatics and combinatorial chemistry for better drug candidate identification. Drug discovery has evolved significantly with emerging technologies, helping the process to become more refined, accurate, and less time consuming. Due to automation, multi-detector readers, imaging hardware and software, high-throughput screening is one of the most widely used drug discovery technologies.
In recent years, there has been a rising demand for specialty medicines that is expected to ultimately influence the small molecule drug discovery market in a positive manner, as most of the specialty medicines are small molecules.
The gradual rise in the healthcare expenditure regionally helps the new pharmaceutical technology advancement. Although with high expenditure, there is a need for redirecting the resources, the transition toward better usability of healthcare expenditure for drug development is under progress.
The global drug discovery market is segmented by drug type, technology, service, end-user and geography. By geography, the market is segmented by North America, Europe, Asia-Pacific, Middle East and Africa and South America.
Geographically, North America is the most lucrative region for the growth of this market due to high number of top pharmaceutical and biotech companies business in this region. The favourable regulatory framework and encouraging regulatory policies for investors to research and develop new drugs help the growth of this market. Other factors such as high-income population and healthy returns on investments for new technologies are an integral part of the above factors.
Asia-Pacific Holds the Fastest Growth and is Expected to Follow the Same Trend Over the Forecast Period
The Asia Pacific is the fastest-growing region, due to the presence of skilled labor at an affordable cost, the rise in disposable income, and favorable government policies that are contributing to the market growth. There has also been phenomenal growth in the outsourcing companies in the Chinese region, over the last decade, which has complemented the restructuring of the R&D that has taken place. Thus, owing to the large deals of pharmaceutical companies and more number of research being done, the market for drug discovery is expected to grow.
The U.S. pharmaceutical market is the world’s most important national market. Together with Canada and Mexico, it represents the largest continental pharma market worldwide. The United States alone holds over 45 percent of the global pharmaceutical market. In 2016, this share was valued around 446 billion U.S. dollars. The biopharmaceutical companies in the United States exported goods in the amount of some 31 billion U.S. dollars during 2016. In the United States, there are an estimated 100,000 OTC drug products marketed and sold in a variety of outlets, such as pharmacies and convenience stores. TH revenue for the OTC drugs also add to the pharma market growth. Top markets for pharmaceutical products continue to be developed countries in Western Europe, East Asia, and North America with high per capita spending on healthcare, growing elderly populations, and advanced regulatory systems. Though ranked lower, there are growing opportunities in developing countries like China as incomes and healthcare spending increases.