Pune, 08, Dec, 2022: According to the Drug Discovery Services Market report published by Maximize market Research, the market is expected to grow from USD 16.8 billion in 2021 to USD 53.58 billion in 2029, at a CAGR of 15.6 % for the forecast period from 2022 to 2029.
Drug Discovery Services Market Scope and Research Methodology
The report is a detailed study of the Drug Discovery Services Market covering all the major aspects such as segments, country wise, and region wise and global presence. Using data over a span of 10 years, growth rate and market size is estimated and current and future trends in the Drug Discovery Services Market are presented in the report. For a better knowledge of market penetration, competitive structure, pricing, and demand analysis, regional analyses of the market are undertaken at the local, regional, and worldwide levels. In order to assist investors and significant firms in making investment and strategic business decisions, the study also covers the tactics used by important players and provides an analysis of those strategies based on their growth during the last five years in the market.
Major industry players are mentioned by region, along with their revenue, financial standing, portfolio, technical developments embraced, mergers and acquisitions, joint ventures, and strategic alliances, for the competitive analysis of the drug discovery services market. An examination of the growth potential and business forecast for new market entrants is also provided. Such an analysis provides a general overview of the market for drug discovery services that stakeholders, investors, market participants, and new entrants may use to develop investment strategies and marketing strategies.
Drug Discovery Services Market is segmented by process, type, therapeutic area, and end-user to understand the variables favourably and adversely impacting Market growth. This helps organisations make decisions by painting a comprehensive picture of the products and services available in the Drug Discovery Services Market. The market size and various segment estimates were validated using a bottom-up approach. Both primary and secondary data gathering approaches were used to get the data. The main approaches were surveys, distributing questionnaires, and conducting telephone interviews with experts in the field, market leaders, business owners, and marketers for maximum reliability of the findings, secondary data was painstakingly gathered from a fair range of sources. Along with paid databases, this also includes the official websites of different organisations and the government, trade publications, annual reports, white papers, and releases from companies that produce and supply goods to the sector. SWOT analysis was conducted to provide the strengths and weaknesses of the Drug Discovery Services Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Drug Discovery Services Market.
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Drug Discovery Services Market Overview
The process of identifying potential new medicines is known as drug discovery. It involves various scientific fields like biology, pharmacology, chemistry. There are around 5,100 pharmaceutical companies that have an active research and development (R&D) department for drug discovery. There are about 5100 labs working right now that have an active research going on. These companies are collaborating with clinical research organizations to minimize the research cost.
Drug Discovery Services Market Dynamics
The prevalence of chronic diseases including cancer, diabetes, cardiovascular disease, and respiratory illnesses has grown as a reason of poor eating practises, increased pollution, and smoking. This has had a substantial positive impact on the Drug Discovery Services Market growth. These diseases are responsible for deaths of 7 out of 10 fatalities across the world. The major healthcare expense are caused by these chronic diseases.
Rising R & D investment and spending’s have increased demand for clinical trial and analytical test outsourcing the biopharmaceutical industry. The global market for drug discovery services is being boosted ahead by rising research activities on orphan drugs and study on rare disorders. The global biologics market is also expanding rapidly due to the rising demand for biopharmaceutical therapies.
Drug Discovery Services Market Regional Insights
North America dominated Drug Discovery Services Market with 42 % market share In 2021. This can be attributed to the region’s availability of state of the art methods, tools, and facilities for drug discovery research, the presence of established CROs, rising R&D expenditure by pharmaceutical companies, the rapid growth of the bio similar and biologics markets, and the presence of cutting-edge techniques, instruments, and facilities. The high cost of healthcare in the area and the rising incidence of chronic illnesses is another reason for the dominance of North America region. According to a research from the Centre of Disease Control and Prevention (CDC), the region has over 92.1 million persons with one kind of cardiovascular disease.
The market for drug discovery services in Asia Pacific is expected to grow at the highest rate throughout the forecast period. Thanks to the availability of qualified people, cheaper prices, an effective regulatory environment, and high-quality data, the region is quickly becoming a hub for outsourcing drug development activities. The second-largest pharmaceutical market in the world, Japan, is expected to provide a sizable potential CROs driving the industry. The updated Pharmaceutical Affairs Law in Japan encourages research in cancer and tissue diagnostics, which is expected to accelerate market expansion in this region.
Drug Discovery Services Market Segmentation
By Process:
- Target Selection
- Target Validation
- Hit-to-Lead identification
- Lead Optimization
- Candidate Validation
By Type:
- Medicinal Chemistry
- Biology Services
- Drug Metabolism and Pharmacokinetics
By Therapeutic Area:
- Oncology
- Neurology
- Cardiovascular Diseases
- Respiratory Diseases
- Diabetes and Other Therapeutic Areas
By End-User:
- Pharmaceutical & Biotechnology companies
- Academic Institutes
- Other End Users (small CROs, IVD companies, and clinical laboratories)
Drug Discovery Services Market Key Manufacturers are:
- Thermo Fisher Scientific
- Merck
- GE Healthcare
- Albany Molecular Research, Inc (AMRI)
- Charles River Laboratories International
- Evotec
- Pharmaceutical Product Development, LLC. (Ppd)
- Jubilant Biosys
- Covance
- Genscript Biotech Corporation
- Aurigene Discovery Technologies
- Wuxi Apptec
- Syngene
- Eurofins Scientific
- GVK Biosciences Private Limited
- Laboratory Corporation of America Holdings
- Lonza Group AG
- Piramal Enterprises Ltd
- Viva Biotech
- Dalton Pharma Services
- Domainex
- Selvita S.A.
- SRI International
- BioDuro
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Key questions answered in the Drug Discovery Services Market are:
- What is Drug Discovery Services?
- What is the growth rate of Drug Discovery Services Market for the forecast years?
- What is the nature of competition in Drug Discovery Services industry in developed and developing economies?
- Who are the key players in the Drug Discovery Services Market?
- Who are the market leaders in Drug Discovery Services in Europe?
- Who are the market leaders in Drug Discovery Services in USA and Canada?
- Who are the market leaders in Drug Discovery Services in India, China, Japan and South Korea?
- What are the factors affecting growth in the Drug Discovery Services Market?
- Who held the largest market share in Drug Discovery Services Market?
- What are the factors for the growth of Asia-Pacific region in Drug Discovery Services Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Segment and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Drug Delivery Devices Market –The Drug Delivery Devices Market size is expected to reach USD 400 billion by 2029 at a CAGR of 7.4 % during the forecast period. The Drug Delivery Devices Market is expected to be driven by increasing chronic diseases and the R&D activities in the pharmaceutical industry.
Drug Discovery Outsourcing Market –The Drug Discovery Outsourcing Market size is expected to reach US$ 5.89 billion by 2029 at a CAGR of 7.4 % during the forecast period. The Drug Discovery Outsourcing Market is expected to be driven by expansion of outsourcing drug development activities. Various new and small players in the industry who develop drugs and sell them to the big players so that they can scrutinize after the trials and identify whether the drugs are valuable or not.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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