The global Drug discovery services market is projected to reach USD 31.4 billion by 2026 from USD 16.1 billion in 2021, at a CAGR of 14.3% during the forecast period of 2021 to 2026. Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increasing demand for outsourcing analytical testing services, initiatives for research on rare diseases and orphan drugs, and the high cost of in-house drug development are creating new revenue pockets in the drug discovery services market.
The chemistry services segment accounted for the largest share of the type segment in the drug discovery services market in 2020 Based on type, the drug discovery services market is segmented into chemistry and biology services.The chemistry services segment commanded the largest share of this market in 2020.
Growth in this market segment is largely due to the widespread application of chemistry in various early drug development phases to deliver robust candidates. The extensive usage of chemistry in academics, biotechnology companies, and large pharmaceutical companies also supports market growth.
The Hit-to-lead identification segment accounted for the largest share of the process segment in the drug discovery services market in 2020 Based on process, the drug discovery services market is broadly classified into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation.Hit-to-lead identification segment accounted for the largest share of the drug discovery services market in 2020.
Due to its vital role in drug discovery, hit-to-lead identification is the most revenue-generating process, and currently, many CROs are offering these services to pharmaceutical companies.
The Oncology segment accounted for the largest share of the therapeutic area segment in the drug discovery services market in 2020 Based on therapeutic area, the drug discovery services market is segmented into oncology, infectious and immune system diseases, neurology, digestive system diseases, cardiovascular diseases, and other therapeutic areas. Oncology is the largest segment in this market owing to the high incidence of cancer, a growing number of research studies on cancer therapeutics, and a company focus on bringing innovative cancer drugs into the market.
Laboratory Corporation of America Holdings (US), Eurofins Scientific SE (Germany), Charles River Laboratories International, Inc. (US), Evotec SE (Germany), WuXi AppTec (China), Pharmaceutical Product Development LLC (US), Syngene International Limited (India), Curia Global Inc. (US), Dr. Reddy Laboratories Ltd. (Aurigene Discovery Technologies) (India), Pharmaron Beijing Co., Ltd. (China), Piramal Enterprises Limited (India), Thermo Fisher Scientific Inc. (US) are some of the major players operating in the drug discovery services market.
Asia Pacific: The fastest-growing region in the drug discovery services market The drug discovery services market is segmented into North America, Europe, Asia Pacific, Latin America (LATAM) and Middle East and Africa (MEA).The APAC is estimated to record the highest CAGR during the forecast period.
The vast patient population, emerging middle-class, rising government spending, and therapeutic area expertise are the major growth drivers for the pharmaceutical industry in the region. Global pharmaceutical firms are increasingly moving to Asia to tap into its thriving market and lower their production costs by shifting manufacturing to the region.
The primary interviews conducted for this report can be categorized as follows: • By Respondent: Supply Side- 70% and Demand Side 30% • By Designation: Managers- 55%, CXOs and Director level - 30%, and Executives - 25% • By Region: North America -20%, Europe -10%, Asia-Pacific -55%, RoW -15%
List of Companies Profiled in the Report: • Laboratory Corporation of America Holdings (US) • Eurofins Scientific SE (Germany) • Charles River Laboratories International, Inc. (US) • Evotec SE (Germany) • WuXi AppTec (China) • Pharmaceutical Product Development LLC (US) • Syngene International Limited (India) • Curia Global Inc. (US) • Dr. Reddy Laboratories Ltd. (Aurigene Discovery Technologies) (India) • Pharmaron Beijing Co., Ltd. (China) • Piramal Enterprises Limited (India) • Thermo Fisher Scientific Inc. (US) • Jubilant Pharmova Limited (India) • GenScript Biotech Corporation (US) • Selvita S.A. (Poland) • Shanghai Medicilon Inc. (China) • Viva Biotech (Shanghai) Ltd. (China) • TCG Lifesciences Pvt Ltd. (India) • Shanghai ChemPartner Co., Ltd. (China) • Domainex Ltd. (UK) • NUVISAN Pharma Holding GmbH (Germany) • Frontage Holdings Corporation (US) • Dalton Pharma Services (Canada) • Aragen Life Sciences Pvt. Ltd. (India) • Promega Corporation (US)
Research Coverage: This report provides a detailed picture of the drug discovery market.It aims at estimating the size and future growth potential of the market across different segments such as the product, application, end user and region.
The report also includes an in-depth competitive analysis of the key market players along with their company profiles recent developments and key market strategies.
Key Benefits of Buying the Report: The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall drug discovery market and its subsegments.It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies.
This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, challenges, trends, and opportunities.
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By Roots Analysis Private Ltd.
• Feb 2022
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Drug Approval
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