Driven by the emergence of innovative technologies such as microfluidics, genomics, high throughput screening and proteomics, world market for drug discovery technologies is projected to reach $57.7 billion by 2012. Despite the heavy costs involved in discovery of new drugs, investments in pharmaceutical research and development are reaching new highs encouraged by evolving medical standards, favorable demographic trends and shifting preferences of the medical community towards technologically advanced products.
San Jose, CA (PRWEB) November 4, 2008 -- Drug discovery has become an integral and ongoing element of every pharmaceutical company's business strategy. There are a number of new technologies that are increasingly being used to enhance pharmaceutical R&D. These technologies include bioanalytical instruments, genomics, pharmacogenomics, combinatorial chemistry, biochip, proteomics, bioinformatics and high throughput screening (HTS). Use of emerging technologies in drug discovery such as lab on a chip (LOC), nanotechnology and RNA interference (RNAi) is increasing at a rapid pace given their ability to expedite, and improve the efficiency of drug discovery processes and reducing time-to-market.
As stated by the recent report published by Global Industry Analysts, Inc., drug discovery technologies market is dominated by the United States and Europe, which together account for over 78% of the world market estimated in the year 2008. Worldwide Bioanalytical instruments market, the largest segment of the drug discovery technologies market, is projected to rise by US$7827.9 million over the period 2008 to 2012. Driven by aging population, rise in disease incidence, and favorable governmental initiatives, market for Pharmacogenomics in Europe is projected to reach US$2.6 billion by 2015. Pharmacogenomics testing helps optimize drug therapy by enabling the study of gene interactions with drugs. This thereby lowers the number of clinical trials and the cost and time pressures involved therein.
Major pharmaceutical companies have been aggressively conducting internal research and development programs to generate new marketable products, materials and technologies. Although the number of new products emerging from R&D each year is rising significantly, percentage of successful product commercialization and launches averages to just 10-15% of drugs under research. Given the hefty funds that need to be injected into clinical trials of new drugs, pharmaceutical outsourcing is gaining preeminence in both the drug discovery and drug development phases. Pharmaceutical companies are also forming collaborations with drug discovery facilitators such as Contract Research Organizations (CRO), and university research centers.
Key players in the global and regional Drug Discovery Technologies market include Abbott Laboratories, Affymetrix, Agilent Technologies, Albany Molecular Research, Amersham Biosciences, Applera Corporation, ArQule, AstraZeneca, BD Biosciences, Bio-Rad Laboratories, BioSciences Group, Caliper Life Sciences, Capital GenomiX, Caprion Proteomics, Charles River Laboratories International, ChemBridge Corporation, deCODE Genetics, Evotec AG, Galapagos NV, Incyte Corporation, Infinity Pharmaceuticals Inc, Invitrogen Corporation, Medarex, Merck & Co., Millennium Pharmaceuticals, National Center for Drug Screening, PerkinElmer, Pharmacopeia Inc, Proteome Systems, Quantum Pharmaceuticals, Shimadzu, Sigma-Aldrich, Tecan Group, Thallion Pharmaceuticals Inc, and Tripos, among others.
The report, titled "Drug Discovery Technologies: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, industry overview, product overview, product introductions/innovations, and recent industry activity. The report analyzes market data and analytics in value sales for regions such as the United States, Canada, Japan, Europe, and Rest of World. The study also analyzes the Drug Discovery Technologies market by the following technologies - bioanalytical instruments, high throughput screening (HTS), biochip market, proteomics, genomics market, bioinformatics, pharmacogenomics market, and other drug discovery technologies.
For more details about this research report, please visit http://www.strategyr.com/Drug_Discovery_Technologies_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Email press @ StrategyR.com
Web Site http://www.StrategyR.com/
Read the full story at http://www.prweb.com/releases/drug_discovery/technologies/prweb1563194.htm
Copyright©2008 Vocus, Inc.
All rights reserved