The report predicts the global Drug Discovery Services Market to grow at a healthy CAGR Of 11.6% over the forecast period from 2022-2031.
“The drug discovery services market is projected to grow at a CAGR of 11.6%.”
The drug discovery services market was valued at USD 8.32 billion in 2017 and expected to grow at a CAGR of 11.6% to reach USD 14.40 billion in 2031. The major factors driving the growth of this market are increasing research and development expenditure, inclination of major pharmaceutical companies towards outsourcing to avoid hurdles, and increasing demand for outsourcing of analytical testing and clinical trial services. However, the high cost involved in drug discovery and development, stringent regulations governing drug discovery, and animal usage are restraining the growth of this market
“The hit-to-lead generation segment is expected to register the highest CAGR during the forecast period.”
On the basis of process, the market is classified into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. The hit-to-lead identification segment is expected to register the highest growth rate during the forecast period. The growth of this market segment is mainly driven by attributed to the emerging advanced technologies for high-throughput screening (HTS).
“The medicinal chemistry segment to grow at the fastest rate during the forecast period.”
By type, the drug discovery services market is segmented into medicinal chemistry, biology services, and drug metabolism and pharmacokinetics (DMPK). The medicinal chemistry segment is expected to register the highest growth rate during the forecast period. Increasing R&D expenditure, a growing number of drug discovery and developmental activities, and increasing inclination of pharmaceutical companies towards outsourcing are among the major factors driving the growth of the medicinal chemistry segment.
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“North America to hold the largest share and the Asia Pacific is projected to be the fastest-growing regional market during the forecast period.”
Geographically, the drug discovery services market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to command the largest share of the drug discovery services market. The large share of this segment can be attributed to the presence of leading CROs and pharmaceutical companies in this region. The Asia Pacific region is estimated to grow at the fastest rate which can be attributed to less stringent regulations and economical manufacturing costs.
The primary interviews conducted for this report can be categorized as follows:
- By Company Type – Tier 1 – 40%; Tier 2 – 30% and Tier 3 – 30%
- By Designation – C-level – 62%, Director Level – 21%, Others – 17%
- By Region – North America – 50%, Europe – 20%, Asia Pacific – 20% , RoW- 10%
Key players operating in the drug discovery services market include Thermo Fisher Scientific (US), Albany Molecular Research Inc. (AMRI) (US), Charles River Laboratories (US), Evotec (Germany), Domainex (UK), GenScript (US), Covance (US), Selcia (UK), Viva Biotech (China), WuXi AppTec (China), SRI International (US), Pharmaceutical Product Development, LLC (PPD) (US), GVK Biosciences (India), Jubilant Biosys (India), GE Healthcare (US), Merck (Germany), Lonza (Switzerland), Piramal Enterprises (India), Advinus Therapeutics (India), Promega Corporation (US), Syngene International (India), Aurigene (India), Agilent Technologies (US), Ubiquigent (UK), and ChemBridge Corporation (US).
The report analyses the drug discovery services market by process, type, drug type, therapeutic area, and region. Apart from a comprehensive geographic product analysis and market sizing, the report also provides the competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the report analyses developments and strategies adopted by key players to maintain and increase their shares in the market. The above-mentioned market research data, market size, and forecast of the future trends will help key market players and new entrants to make the necessary decisions to be successful in the market.
Benefits of Buying this Report:
This report will enable both established firms as well as new entrants/smaller firms gauge the pulse of the market, which in turn will help these firms garner greater market shares. Firms purchasing the report can use any one or a combination of the five strategies mentioned below to strengthen their market shares.
The report provides insights on the following strategies:
- Market Penetration: The report analyzes the drug discovery services market by process, type, drug type, and therapeutic area
- Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the drug discovery services market
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various drug discovery services across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, and recent developments in the drug discovery services market
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