The focus is on identifying compounds for disease treatment and cure. With the advent of emerging technologies, the process has undergone significant evolution, becoming more precise, efficient, and time-intensive. The market reflects the demand for innovative approaches that target specific biological factors involved in disease development. Additionally, the historical discovery of drugs from traditional remedies and chance encounters like penicillin highlights the importance of serendipity and traditional knowledge in the pharmaceutical industry.
According to Data Bridge Market Research, the Drug Discovery Services Market accounted for USD 14.68 billion in 2022, is expected to reach USD 44.91 billion by 2030, at a CAGR of 15.00% during the forecast period 2023 to 2030.
“Potential of drug discovery services fight against chronic diseases”
The growth of the drug discovery services market is fueled by increasing demand for innovative medicines to address chronic diseases and advancements in the global healthcare sector. Pharmaceutical and biopharmaceutical companies are outsourcing their research and development activities to contract research organizations (CROs) to maximize productivity. Governments and pharmaceutical firms are increasing investment in clinical trials to tackle the burden of chronic diseases, driving the demand for drug discovery services.
What restraints the growth of the drug discovery services market?
“High cost associated with drug molecules”
The high cost associated with drug molecules acts as a restraining factor in the Drug Discovery Services market. The expenses involved in identifying potential compounds and developing new drugs are substantial, including investments in preclinical research. These costs add complexity and financial burden to the drug discovery process, impacting the overall profitability and growth potential of the market. Pharmaceutical companies and contract research organizations must carefully manage these expenses to ensure sustainable operations and maximize their return on investment.
Segmentation: Drug Discovery Services Market
The drug discovery services market is segmented on the basis of type, process, drug type and therapeutic area.
- On the basis of type, the drug discovery services market is segmented into medicinal chemistry services, biology services, drug metabolism, and pharmacokinetics.
- On the basis of process, the drug discovery services market is segmented into target validation, target selection, hit-to-lead identification, candidate validation, and lead optimization.
- On the basis of drug type, the drug discovery services market is segmented into biologics, and small molecules.
- On the basis of therapeutic area, the drug discovery services market is segmented into neurology, diabetes, oncology, respiratory diseases, cardiovascular diseases, and others.
Regional Insights: North America dominates the Drug Discovery Services Market
North America's dominance in the drug discovery services market is attributed to its access to advanced techniques, state-of-the-art facilities, and a large pool of skilled researchers. Additionally, the presence of low-cost operations in emerging countries like India and China contributes to the region's competitive advantage.
Asia-Pacific is poised for significant growth in the drug discovery services market from 2023 to 2030 due to established CROs and increased R&D investments by pharmaceutical and biopharmaceutical firms operating in the region.
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Recent Developments in Drug Discovery Services Market
- On 2021, Labcorp acquired Toxikon Corporation, a contract research company. This acquisition is anticipated to expand Labcorp's product portfolio, offering a wider range of services and capabilities to their customers in the research and development industry
- On 2022, Evotec and Boehringer Ingelheim joined forces in a collaborative effort for target and drug development. Their partnership specifically targets the use of iPSC-based disease modeling to advance research and treatment options for ophthalmologic diseases.
The Prominent Key Players Operating in the Drug Discovery Services Market Include:
- General Electric (U.S.)
- Eurofins Scientific (U.S.)
- PPD Inc. (U.S.)
- Syngene International Limited (India)
- Wuxi AppTec (China)
- Frontage Labs (U.S.)
- Galapagos NV (Belgium)
- Aurigene Discovery Technologies (India)
- Genscript (U.S.)
- Domainex (U.K.)
- WIL Research Laboratories LLC (U.S.)
- Shanghai Medicilon, Inc. (China)
- Labcorp Drug Development (U.S.)
- Jubilant Biosys Ltd. (India)
- Evotec (Germany)
- Shanghai ChemPartner (China)
- Charles River Laboratories (U.S.)
- Merck & Co. Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of drug discovery services market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Drug Discovery Services Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
