Amid the COVID-19 crisis, the global market for Drug Discovery Technologies estimated at $53.3B in 2021, is projected to reach a revised size of $80.2B by 2026, growing at a CAGR of 8.1% over the analysis period. Several techniques like RNA and nanotechnology interference are being utilized for drug discovery, in turn generating opportunities for the manufacturers of drug discovery technology in new segments. The COVID-19 pandemic caused a temporary break in drug discovery clinical trials of many diseases because the researchers, healthcare sector, and academia concentrated on stopping the spread of coronavirus.
However, the pandemic`s impact led to the invention and adoption of new working ways, which paved a path for future clinical trials. Clinical trial physicians and sponsors are highly flexible in administering virtual study and acquiring the study data remotely utilizing modern medical wearables. The new advancements are simplifying the complicated procedures and overcoming the lack of required onsite professionals. The drug discovery market is anticipated to gain an advantage by adopting technological advancements together with the biotechnology and pharmaceutical sectors.
Small Molecule Drugs, one of the segments analyzed in the report, is projected to grow at a 7.8% CAGR to reach $60.2Bby the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Biologics segment is readjusted to a revised 8.8% CAGR for the next 7-year period. This segment currently accounts for a 23.9% share of the global Drug Discovery Technologies market.