New York, USA, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Drug Discovery Services Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Drug Discovery Services Market Information By Drug Type, Types of Services, Therapeutic Area, Technology, End User and Region - Forecast till 2030", the market size is projected to be worth USD 47,868.59 million by 2030, registering a CAGR of 13.92% during the forecast period (2022 - 2030)
Market Synopsis
Designing a new drug is the process of drug discovery. Molecular manipulation, random screening, molecular designing, drug metabolites, and serendipity are the most often used techniques for drug discovery. The services available minimize the costs and durations associated with drug discovery. The process of drug discovery is used in pharmacology, biotechnology, and healthcare to create and find new treatments. In forensics, disaster victim identification, paternity testing, and anthropology, drug discovery services are frequently employed, and DNA analysis is critical in these fields. Increased R&D spending, big pharmaceutical companies' tendency to outsource to avoid obstacles, and a rise in demand for analytical testing & clinical study services are the main drivers propelling the expansion of this market.
The recognition of aspirants, manufacture, portrayal, selection and tests for therapeutic utility are all included in this procedure. The global market for drug discovery services is expanding as a result of several additional factors, including an increase in chronic disease awareness, an expansion of the patient base, an increase in unmet medical needs, the patent expiry of blockbuster drugs, improved regulatory frameworks for drug discovery, and an increase in funding and reimbursement. A molecule will start the drug development process culminating in clinical trials once it has demonstrated its utility in these evaluations. The core of drug discovery services consists of lead compound identification, lead optimization, drug target identification, drug discovery selection, and drug design, depending on the fragment. Increased outsourcing of lead identification services is made possible by the growing demand for professional workers who combine knowledge of analytical chemistry, metabolism, and computer software with the expensive expense of integrating the most cutting-edge computing technologies.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 47,868.59 Million |
| CAGR | 13.92% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Drug Type, Types of Services, Therapeutic Area, Technology and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing research & development expenditure |
| Rising drug development outsourcing |
Drug Discovery Services Market Competitive Landscape:
The pivotal contenders in the drug discovery services market are:
- Thermo Fisher Scientific INC. (US)
- Sygnature Discovery (UK)
- Symeres (Netherlands)
- Eurofins Scientific (Europe)
- IQVIA (US)
- Evotec (Germany)
- WuXi AppTec Co., Ltd. (China)
- Laboratory Corporation of America Holdings (US)
- Aragen Life Sciences Pvt. Ltd (India)
- Piramal Pharma Solutions (India)
- Curia Global, Inc. (US)
- Charles River Laboratories (US)
- Selvita (Poland)
- NuChem Sciences Inc (Canada)
- Paraza Pharma, Inc. (Canada)
Drug Discovery Services Market Dynamics:
Market Drivers:
The market for drug discovery services is seeing new revenue streams driven by increased pharmaceutical and biopharmaceutical R&D investment, growing preference for contracted analytical testing services, and initiatives for rare illness and orphan medication development. The market for drug discovery services is expanding significantly, mostly due to increased demand and supply for pharmaceuticals. Additionally, factors including technological development, a rise in the use of discovery methods, rising generic medicine demand, and an increase in the number of patent expirations all contribute to the market's expansion on a global scale. The expansion of R&D activities, the growth of the healthcare industry, the rise in the need for generic medications, the rise in the population of the elderly, and technical improvements in the industry are other factors fueling the market's expansion.
Biologics, biosimilars, and large-molecule drugs are expanding their market share even though small-molecule pharmaceuticals still account for most of the global pharmaceutical market. This is primarily because new biologic-based treatments are being developed and because current biologics are earning more money. Additionally, biologics and biosimilars at each level require more sophisticated testing services than small molecules. Therefore, the market for drug discovery services is projected to develop over the next years due to the rising demand for outsourcing these tasks to CROs.
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Market Restraints:
On the other hand, strict regulations governing medication research and animal testing are anticipated to restrain market expansion partially. Due to a lack of qualified staff, drug discovery services face a dilemma. However, the FDA's strict rules, the need for a significant capital investment with low profit margins, and the comparably subpar healthcare systems in middle- and low-income nations restrain the market's expansion for drug discovery services.
COVID 19 Analysis
Drug discovery and development are being done to find new medications and develop existing ones that can cure COVID-19 symptoms and prevent viral replication. Future drug discovery technologies, including bioinformatics, high throughput, and medicinal chemistry, are increasingly being applied in the drug discovery services market to identify drug candidates better. Companies have intensified anti-infective medicine R&D after seeing the need in the future. The market expansion is expected to gain from this.
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Drug Discovery Services Market Segmentation
By end user, the market includes pharmaceutical & biotechnology companies, research & academics.
By drug type, the market includes small molecule drugs and biologics drugs. By therapeutic area, the market includes oncology, cardiovascular diseases, respiratory diseases, and diabetes.
By types of services, the market includes drug metabolism and pharmacokinetics (DMPK) services, pharmaceutical services, medicinal chemistry, biological services, and medication.
By technology, the market includes high throughput screening, biochips, pharmacogenomics and pharmacogenetics, and metabolomics.
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Drug Discovery Services Market Regional Insights
Regarding the pharmaceutical sector spending on research and development, North America leads the world. The region is also home to the largest markets for bulk pharmaceuticals and dosage forms. The region's drug discovery services market operates as a free market with transparent trading practices and restrictions on anti-competitive behavior. Increased investments in drug discovery R&D, significant firms with established research infrastructure, and technical improvements can all be linked to the regional market's growth. During the forecast period, Asia is anticipated to have the fastest CAGR. Due to the availability of trained labor, cheaper costs, a supportive regulatory framework, and high-quality data, the area quickly becomes a center for outsourcing drug discovery activities. The second-largest market in the world, Japan, is anticipated to offer CROs a significant opportunity to drive the industry.
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Drug Discovery Informatics Market Share, Trends And Size Analysis By Product (Discovery Informatics, Development Informatics), Mode (In-House Informatics), Service (Clinical Trial Data Management, Molecular Modeling), & End User—Forecast Till 2030
Artificial Intelligence in Drug Discovery Market Research Report, By Product Type (Software, Services), Molecule Type (Large Molecule, Small Molecule), Technology (Machine Learning, Deep Learning and others), Indication (Immune-Oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Metabolic Diseases and others), Application (Target Identification, Candidate Screening, De novo Drug Designing, Drug Optimization and Repurposing and Preclinical Testing) - Forecast till 2030
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