Three Pharma Market Segments Projected to Reach $30 Billion Combined by 2031
Drug discovery outsourcing, preparative chromatography, and Latin America point-of-care diagnostics markets are forecast to grow at CAGRs between 7.5% and 8.2% through 2031, driven by biologics expansion and chronic disease prevalence.
Three distinct pharmaceutical and diagnostics market segments are projected to reach a combined value exceeding $30 billion by 2031, according to recent market research reports. The drug discovery outsourcing market, preparative and process chromatography market, and Latin America point-of-care diagnostics market are each experiencing growth driven by different industry dynamics.
The drug discovery outsourcing market was valued at $3.6 billion in 2021 and is estimated to reach $7.4 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031. The small molecule segment accounted for nearly three-fifths of the global pharmaceutical market in 2021 and is expected to post the fastest CAGR of 7.9% during the forecast period due to rapid advances in biopharmaceutical research and technology. The pharmaceutical and biotechnology industry sector accounted for nearly half of the global market in 2021 and is expected to maintain its dominance through 2031, exhibiting the fastest CAGR of 8.3% from 2022-2031.
North America accounted for a majority of the drug discovery outsourcing market share in 2021 and is anticipated to remain dominant during the forecast period owing to the high adoption rate of technologically advanced AI-based drug discovery systems, increase in healthcare expenditure, and the presence of major key players in the country providing outsourcing facilities for the development of novel drug therapies to treat cancer and chronic diseases.
The preparative and process chromatography market is projected to grow from approximately $14.32 billion in 2026 to $21.50 billion by 2031, at a CAGR of 8.2%. The monoclonal antibodies and recombinant proteins segment accounted for 39.3% of the preparative and process chromatography market, while process chromatography products acquired the largest share at 69.4% in 2025.
The global monoclonal antibody pipeline is expanding, marked by high FDA approvals and new bispecific and antibody-drug conjugate launches. This expansion has increased purification requirements among pharma and biopharma end users. Increased investment in the form of grants and sponsorships has been observed for the development of new cell and gene therapy-based treatments to provide personalized treatments. The increased production of biologics and vaccines is projected to grow the market for preparative and process chromatography products.
Monoclonal antibodies have become a widely adopted biotherapeutic modality across oncology, immunology, infectious disease, and rare disease indications. The industry has converged on proven three-step chromatography trains for mAb purification: Protein A affinity capture to isolate the target antibody from cell culture fluid, intermediate polishing typically using ion-exchange to remove aggregates and remaining impurities, and final polishing to achieve specification-grade purity and remove residual ligands.
Asia Pacific is projected to register the highest CAGR of 9.5% in the preparative and process chromatography market. Global pharmaceutical and biopharmaceutical end users are focused on commercial downstream workflows designed for process chromatography rather than preparative stages.
The Latin America point-of-care diagnostics market is projected to grow from $0.79 billion in 2026 to reach $1.15 billion by 2031, at a CAGR of 7.9% during the forecast period. The increasing prevalence of lifestyle-related diseases, such as diabetes and cardiovascular disorders, along with a rise in infectious diseases, drives the demand for prescription-based point-of-care tests.
Prescription-based tests hold a significant share of the Latin America market, primarily because of their widespread use in hospital settings. The home care settings and self-testing segment have emerged as particularly promising in the region's POC diagnostics market, driven by the growing need for healthcare in areas experiencing a surge in chronic diseases, as many patients prefer preventive measures. Self-testing facilities allow patients to monitor their health conditions without frequent visits to healthcare facilities, aiding in the treatment and management of chronic diseases, particularly diabetes.
The rising prevalence of chronic conditions has increased demand for rapid, reliable diagnostic solutions that enable timely detection and management. The growing availability of simpler and user-friendly POC tests has encouraged healthcare providers across the region to expand decentralized testing services. Increased government spending on public health screening programs, along with a gradual shift toward decentralized healthcare delivery models that prioritize test accessibility, are further supporting market growth.