Increasing R&D spending and initiatives for rare disease and orphan drugs research are set to drive the drug discovery services market. ’’. The drug discovery services market is projected to reach USD 21.
New York, Sept. 16, 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
4 billion by 2025 from USD 11.1 billion in 2020, at a CAGR of 14.0% during the forecast period. The major factors driving the growth of this market are the 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. However, the high cost of drug discovery and development and stringent regulations governing drug discovery and animal usage in testing may restrict the growth of this market to a certain extent.
By process, the Hit-to-Lead process accounted for the fastest-growing segment of the drug discovery service market.
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.
By type, the Medicinal Chemistry segment accounted for the largest share of the drug discovery service market.
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 expected 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 during forecast period.. 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.
Asia Pacific: The fastest-growing region in the drug discovery services market.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period, Several global pharmaceutical firms have entered the APAC market to tap the significant growth opportunities in emerging Asian countries and lower their production costs by shifting their manufacturing and drug discovery R&D operations to the region.As a result, the Asia Pacific region has become a major destination for drug discovery and development.
A large number of qualified researchers and low-cost operations in APAC countries, such as India and China, are some of the major factors supporting this trend.
North America: The largest share of the drug discovery servics market.
North America, which includes the US and Canada, accounted 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 primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company–Tier 1- 40%, Tier 2- 30%, Tier 3- 30%
• By Designation— Executives- 25%, CXOs- 20%, Managers - 55%
• By Region— North America - 50%, Europe - 20%, APAC – 20%, RoW- 10%
The drug discovery services market is dominated by a few globally established players such as Thermo Fisher Scientific, Inc. (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec SE (Germany), Domainex (UK), GenScript Biotech Corporation (China), Laboratory Corporation of America Holdings (US), WuXi AppTec (China), Pharmaceutical Product Development, LLC (US), Jubilant Biosys Ltd. (India), Eurofins Scientific SE (Luxembourg), Piramal Enterprises Ltd. (India), and Selvita S.A. (Poland).
The report segments the drug discovery services market based on region (North America, Asia Pacific, Europe, and RoW), process (target selection, target validation,hit-to-lead identification,lead optimization and candidate validation), type (medicinal chemistry, biology services, Drug Metabolism and Pharmacokinetics (DMPK)), and drug type (small molecules and biologics),Therapeutic Area ( Oncology, Neurology, infectious and Immune System Diseases, Diagestive System Disease, Cardiovascular Disease and others), Company type (Tier 1, tier 2, Tier3 pharmaceutical companies).The report also provides a comprehensive review of market drivers, challenges, and opportunities in the drug discovery services market.
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the ISH market and provides them information on key market drivers, challenges, and opportunities.
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