MARKET OUTLOOK
As per a Triton Market Research report, the AsiaPacific drug discovery market is showcasing steady growth at a CAGR of 8.67% over the forecasted years 20192027 in terms of revenue.
China, Japan, India, South Korea, Australia, and Rest of APAC are the countries that form the drug discovery market in the region.
The AsiaPacific region is predicted to be the fastestgrowing region in the drug discovery market during the forecasted period. Different healthcare organizations across the globe have been planning to set up businesses in Asian countries. The rising technological innovations and the application of small molecule drugs for treating chronic disorders are primarily fueling the demand for various drugs. This is expected to boost the drug discovery market in the AsiaPacific.
In South Korea, several contract research organizations CROs are actively working in ongoing drug discovery programs, such as those for curing various types of cancer, neurological metabolic diseases, and bacterial infections. For instance, the new anticancer drug has been developed with Bionetix, a South Korean biotechnology company, through its collaborative research programs. Also, Celerion and the Korean Drug Development Fund KDDF have made a partnership to support the development of the drug discovery market in South Korea. Moreover, many new approaches considering proteomics, genomics and bioinformatics technologies have been developed, which would offer lucrative opportunities for the growth of the drug discovery market.
COMPETITIVE OUTLOOK
Becton, Dickinson and Company BD, Antares Pharma, Inc., Eli Lily and company, Johnson and Johnson, F. HoffmannLa Roche AG, Sanofi S.A., Bayer AG, Merck Co. Inc., and Boehringer Ingelheim are some of the noted players in the drug discovery market.