Small Molecule Drug Discovery Market Size to Hit USD 106.77 Billion by 2031 with 9.7% CAGR | The Insight Partners

The report from The Insight Partners lists several stakeholders—including pharmaceutical companies, CROs, and academic research institutions—along with valuable insights on how to successfully navigate this evolving market landscape and unlock new opportunities.

List of the prominent players in theSmall Molecule Drug Discovery Market Source:  

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Overview of Report Findings

1.  Market Growth: The small molecule drug discovery market value is expected to reach US$ 106.77 billion by 2031 from US$ 50.93 billion in 2023 at a CAGR of 9.7%. Small molecule drug discovery is the process of identifying and developing low molecular weight organic compounds that can effectively interact with biological targets to treat various diseases. It involves examining large libraries of compounds, optimizing their properties, and testing their effectiveness and safety. The small molecule drug discovery market is growing continuously owing to rising demand for drugs, increased investment in R&D by pharmaceutical companies, and a growing prevalence of chronic diseases such as cancer. The growing number of CROs dedicated to drug discovery and development is facilitating the research process, making it easier for companies to bring new small molecule drugs to market.

2.  Flourishing Pharmaceutical Industry with Surge in R&D Activities: 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. Over the last decade, the number of new small molecule drugs approved yearly has drastically increased. The Food and Drug Administration (FDA) approved 55 new drugs in 2023. Small-molecule candidates dominated new drug approvals in 2023, accounting for 62% of all new molecular entities (NME) approved. 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. As the demand for effective small-molecule therapies rises, companies invest heavily in innovative approaches to drug development. Thus, the increased focus on R&D is leading to the identification of novel compounds and advanced screening technologies that enhance drug efficacy and safety. Collaborations between pharmaceutical firms and research institutions are expanding the discovery pipeline, ultimately contributing to a thriving market small molecule drug discovery market.

3.  Increasing Small Molecule-Based Pipeline: The pharmaceutical industry is continuously evolving and there is always a need for new, innovative therapeutic approaches in the treatment of various chronic indications. Small molecule-based drug approvals have been increased in the past five years owing to their effectiveness. Small molecule drug candidate-based pipelines are growing for a wide range of therapeutic applications, including oncology, hypertension, diabetes, and inflammatory disorders. As more compounds are developed for various therapeutic indications, drug discovery activities are being boosted across the industry. Many big and small pharmaceutical companies are engaged in the development of several small molecule drugs. The growing pipeline of small molecule-based drugs for various indications is, in turn, boosting drug discovery activities across the industry.

4.  Geographical Insights: In 2023, North America led the small molecule drug discovery market with a substantial revenue share, followed by Europe and APAC, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.

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Market Segmentation

Report Scope

Competitive Strategy and Development

Global Headlines on Small Molecule Drug Discovery Market

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Conclusion

The increasing prevalence of chronic diseases, such as cancer and diabetes, coupled with a robust pipeline of small molecule-based drugs, has intensified the focus on R&D within the pharmaceutical industry. As companies enhance their R&D efforts, they are unveiling novel compounds with promising efficacy and safety profiles. Collaborations between pharmaceutical companies and CROs are streamlining the drug discovery process, facilitating faster and more efficient developments. The trend toward personalized medicine is further facilitating the small molecule drug discovery market expansion, as drug developers increasingly tailor therapies based on individual patient profiles to improve treatment outcomes.

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