The Asia Pacific drug discovery market is predicted to flourish with CAGR of 8.97% between the forecast period of 2019 and 2027. The Asia Pacific market is estimated to generate a revenue of $XX million by the end of 2027. As many multinational healthcare and pharmaceuticals companies are setting up their businesses in Asian countries, the region showcases a bright prospect for the drug discovery market.
The market analysis of the region is studied over emerging economies like China, Japan, South Korea, India, Australia, along with the rest of the Asia Pacific regional segment that includes other Asian countries. The Indian drug discovery market is driven primarily by the rising research efforts to discover new drugs from plants. The research institutions in India have made significant investments in drug discovery programs to bring together industries, national research laboratories, and academia. Also, the Government of India is taking efforts to make India a hub for end-to-end drug manufacturing. All these developments in the emerging economies of the Asia Pacific region are elevating the drug discovery market growth.
Some of the leading companies operating in the drug discovery market include Eli Lily, Johnson and Johnson, Glaxosmithkline LLC, F. Hoffmann-La Roche Ltd., and Boehringer Ingelheim, among others. The high cost associated with research & development of new drugs together with government regulations is posing as entry-level barriers to new entrants in the market.