The global drug discovery services market is projected to reach USD 19. 1 billion by 2025 from USD 10. 7 billion in 2020, at a CAGR of 12. 1% from 2020 to 2025. The growth of the industry is driven primarily by factors such as growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increasing demand for outsourcing analytical testing and clinical trial services, initiatives for research on rare diseases and orphan drugs, and focus on drug discovery.
New York, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drug Discovery Services Market by Process, Type, Drug Type, Therapeutic, Company - Global Forecast to 2025" - https://www.reportlinker.com/p05175226/?utm_source=GNW
Growth in the biologics market and patent expiries will further provide opportunities in the drug discovery services industry. Developing economies are expected to offer a wide range of growth opportunities for players in the market.
The Hit-to-Lead process segment is anticipated to grow at the fastest growth rate during the forecast period.
Based on the process, the drug discovery services market is segmented into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. Hit-to-lead identification process is anticipated to be the fastest-growing segment due to the high outsourcing of these services to CROs by the pharmaceutical companies and the emerging advanced technologies for high-throughput screening (HTS) and H2L as well as reductions in development time.
Medicinal Chemistry segment is estimated to account for the largest share of the drug discovery services market in 2020.
Based on type, the drug discovery services market is segmented into medicinal chemistry services, biology services, and drug metabolism and pharmacokinetics (DMPK). The medicinal chemistry services segment is estimated to account for the largest share of the drug discovery services market due to the widespread application of medicinal chemistry in various phases of preclinical drug discovery to deliver robust candidates.
Oncology segment is anticipated to grow at the fastest growth rate during the forecast period.
Based on the therapeutic area, the drug discovery services market is segmented into oncology, cardiovascular diseases, neurology, infectious and immune system diseases, digestive system diseases, and other therapeutic areas.Of all these therapeutic segments, oncology will grow at the fastest CAGR in the drug discovery services market in 2019.
The high growth of the oncology segment can be attributed to factors such as the increasing number of patients who have cancer, the subsequent increase in the demand for cancer therapies and the growing R&D expenditure by pharmaceutical companies in this therapeutic area.
North America is expected to dominate the drug discovery services market in 2020.
North America, which includes the US and Canada, is estimated to account for the largest share of the drug discovery services market. The large share of this region can primarily be attributed to the presence of well-established CROs; rising R&D expenditure by pharmaceutical & biopharmaceutical companies and the availability of latest techniques, instruments, and facilities for drug discovery research are driving the growth of this region.
Breakdown of supply-side primary interviews, by company type, designation, and region:
• By Company Type: Tier 1 (40%) , Tier 2 (30%), and Tier 3 (30%)
• By Designation: C-level (27%), Director-level (18%), and Others (55%)
• By Region: North America (50%), Europe (20%), Asia Pacific (20%), and RoW (10%)
The key players operating in this market include Thermo Fisher Scientific, Inc. (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec SE (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), Jubilant Life Sciences (India), Laboratory Corporation of America Holdings (US), Piramal Enterprises Ltd. (India), Viva Biotech (China), Domainex (UK), Shanghai Medicilon, Inc. (China), TCG Lifesciences Pvt. Limited (India), Frontage Holdings (US), Pharmaceutical Product Development, LLC (US), Syngene International Ltd. (India), ChemPartner Co., Ltd (China), Aurigene Discovery Technologies Limited (A subsidiary of Dr. Reddy’s, Laboratories) (India), and Selvita S.A. (Poland). Services launches, expansions, collaborations, agreements, partnerships and acquisitions are the key growth strategies followed by most players in this market.
This report studies the drug discovery services market based on the process, type, drug type, therapeutic area, company type, and region.The report also analyzes factors (such as drivers, restraints, opportunities, and trends) affecting market growth.
It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.The report also studies micro-markets concerning their growth trends, prospects, and contributions to the total drug discovery services market.
The report forecasts the revenue of the market segments concerning four major regions.
Reasons to Buy the Report:
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the drug discovery services offered by the key 20 players in the drug discovery services market. The report analyzes the drug discovery services market by process, type, drug type, therapeutic area, company type, and region.
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various drug discovery services, their adoption, type of applications across key geographic regions.
• Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the drug discovery services market
• Competitive Assessment: In-depth assessment of market shares and strategies of the leading players in the drug discovery services market along with a competitive leadership mapping of up to 25 players in the market.
Read the full report: https://www.reportlinker.com/p05175226/?utm_source=GNW
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