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Global Drug Discovery Services Market was Valued at US$ 9.6 Bn in 2019 and it is Expected to Reach More than US$ 26.2 Bn by 2028, Likely to Grow with the CAGR of 11.8% During the Forecast Period.
Drug discovery is the process of identifying and developing a new drug that has pharmacological activity and is useful in treating disease. It is a complex and lengthy procedure that proceeds through various stages in order to produce a product that is efficacious, safe, and holds regulatory compliance. Drug discovery services are specifically designed for lowering the costs and timelines of drug discovery.
Drug discovery services are widely used in paternity testing, forensics, disaster victim identification, and anthropology with DNA analysis being an extremely important tool in this sector. An increase in R&D expenditure, an inclination of major pharmaceutical companies toward outsourcing to avoid hurdles, and a surge in demand for outsourcing of analytical testing & clinical trial services are the factors driving the growth of this market
Increasing Prevalence of Infectious Diseases and Deadly Diseases Along With Rise In Demand For Generic Drugs Is Anticipated To Drive The Demand For Drug Discovery Services
Increase in prevalence of infectious diseases and deadly disease such as ebola, seasonal influenza, etc are driving the drug discovery services market and expected to remain high during the forecast period
Moreover, factors such as technological advancements and upsurge in the adoption of new techniques for discoveries along with the rise in demand for generic drugs and an increase in a number of patents expiries escalate the market growth on the global platform. Additional factors that are boosting the growth of the market include the increase the R&D activities, development of the healthcare sector, rise in demand for generic drugs, increase in geriatric population, and technological advancements in drug discovery services. Furthermore, an increase in a number of contract development and manufacturing organizations that are fostering the activities of drug discovery and outsourcing of drug discoveries and clinical and preclinical trials in order to focus on their core businesses encourage the growth of the market.
However, there is a significant shortage of skilled staff, the requirement of huge capital investment with low-profit margins, and stringent regulations of the FDA hinder the growth of the drug discovery services market.
The Medicinal Chemistry Services Segment is Expected to Dominate The Drug Discovery Services Market During the Forecast Period
On the basis of type, the medicinal chemistry services were the largest segment, accounted for over XX% of the global revenue share of the Drug Discovery Services market in 2019, and is expected significant growth over the forecast period. The growth of this segment can be attributed to the various application of medicinal chemistry in different phases of preclinical drug discovery to deliver robust candidates.
Oncology Therapeutic Area Segment Held a Significant Share in Global Drug Discovery Services Market in 2019
The Oncology therapeutic area segment accounted for XX% share in the global Drug Discovery Services market in 2019, and is anticipated to expand at a XX% CAGR during the forecast period. The rise in the number of patients who have cancer has subsequently increased in the demand for effective cancer therapies. In addition to this increasing R&D expenditure by pharmaceutical companies in this therapeutic area is fueling the growth of this segment.
The Market in North America Expected to Hold a Significant Share in Drug Discovery Services Market over the Forecast Period
The North American market is anticipated to hold above XX% market share in the global Drug Discovery Services market in terms of revenue and is expected to grow at CAGR of above XX% over the forecast period. The North American market will account for a large share due to the presence of significant players in the region and mature economies. In addition an increase in the prevalence of chronic diseases and high healthcare expenditure, and it is expected to significant growth during the forecast period.
The Asia-Pacific Region Is Projected to Register the Highest Growth In The Drug Discovery Services Market during the Forecast Period
The Asia Pacific accounted for over XX% of global revenue share in 2019 and is expected to be the fastest-growing region at a CAGR of over 12.2% during the forecast period.
The rapid growth in the pharmaceutical and biopharmaceutical industry, a growing number of CROs, and an increase in government initiatives with less-stringent regulations for drug discovery processes and smooth export protocols are some of the factors that are attributing to the high growth of the Asia Pacific region. A rise in the incidence of infectious diseases with a large population base are attributed to the increased demand for drug discovery informatics in countries such as China, India, Japan, Singapore, and others. It is projected to offer significant opportunities to the drug discovery services market in the coming years.
Global Drug Discovery Services market is consolidated with key players holding a major share of the global Drug Discovery Services market. Some of the key players operating in the global Drug Discovery Services market are Laboratory Corporation of America Holdings, Albany Molecular Research, Inc., Charles River Laboratories International, Inc., Syngene International Ltd., Evotec SE, WuXi AppTec, GenScript Biotech Corporation, Abbott Laboratories Inc, Thermo Fisher Scientific, Inc., Pharmaceutical Product Development, LLC, and Syngene International Ltd. among others.
Drug Discovery Services Market Key Segments:
Drug Discovery Services Market, By Type
- Medicinal Chemistry Services
- Biology Services
- Drug Metabolism and Pharmacokinetics (DMPK)
Drug Discovery Services Market, By Drug Type
- Small- molecule Drugs
- Biologic Drugs
Drug Discovery Services Market, By Therapeutic Area
- Respiratory Diseases
- Cardiovascular Diseases
Drug Discovery Services Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America