Dublin, April 17, 2023 (GLOBE NEWSWIRE) -- The "Global Drug Discovery Services Market 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global Drug discovery services market is projected to reach USD 41.3 billion by 2028 from USD 20.6 billion in 2023, at a CAGR of 14.9% during the forecast period of 2023 to 2028.
Growing R&D expenditure in pharma-biotech sector, increasing drug R&D pipeline and rising reliance on outsourcing, initiatives for research on rare diseases and orphan drugs, and high cost of in-house drug development are expected to provide growth to the market.
Oncology is expected to account for the largest share for the therapeutic area segment
Based on therapeutic the oncology segment has the largest market share. The list of drugs in development for oncology has increased over the years due to the rising number of clinical trials and the growing R&D expenditure by pharmaceutical companies on oncology-based drugs. The incidence of cancer has increased rapidly across the globe.
According to GLOBOCAN, the number of new cases is projected to reach 28.9 million by 2040 from 19.3 million in 2020, at a CAGR of ~2% from 2020 to 2040. Owing to this, companies are increasingly focusing on developing novel medicines for cancer; this is expected to drive the growth of this therapeutic segment.
The Hit-to-lead identification segment accounted for the largest share of the process segment in the drug discovery services market
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 2022. Due to its crucial role in the drug discovery process, hit-to-lead identification is the maximum revenue generating process, and currently, many drug discovery companies are specifically offering these services to pharmaceutical companies.
Europe is the second largest region in the drug discovery services market
After North America, Europe is the second-largest regional pharmaceutical market globally. The research-based pharmaceutical industry can play a critical role in ensuring future competitiveness in an advancing global economy (Source: EFPIA).
The development of new chemical and biological molecules, alongside increased R&D activities, will help drive the growth of the drug discovery services market in Europe.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 334 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $20.6 Billion |
| Forecasted Market Value (USD) by 2028 | $41.3 Billion |
| Compound Annual Growth Rate | 14.9% |
| Regions Covered | Global |
Premium Insights
- Increasing R&D Expenditure in the Pharmaceutical and Biopharmaceutical Industry to Drive Market Growth
- Small-Molecule Drugs Held Largest Share of North American Drug Discovery Market in 2022
- Chemistry Services Segment Accounted for Largest Market Share in 2022
- Asia-Pacific Countries to Register Highest Growth from 2023-2028
Market Dynamics
Drivers
- Growing R&D Expenditure in Pharma-Biotech Sector
- Increasing Drug R&D Pipeline and Rising Reliance on Outsourcing
- Initiatives for Research on Rare Diseases and Orphan Drugs
- High Cost of In-House Drug Development
Restraints
- Stringent Regulations Governing Drug Discovery and Animal Usage
Opportunities
- Technological Advancements and New Drug Discovery Techniques
- Rising Demand for Specialized Testing Services Among End-users
- Patent Expiries of Key Biologics
- High Growth Prospects in Emerging Markets
Challenges
- Shortage of Skilled Personnel
Market Trends
- Adoption of AI in Drug Discovery
- Increased Outsourcing to Emerging Asian Economies
- Cro Industry Consolidation
- Integrated End-To-End R&D Service Offerings
Company Profiles
Key Players
- Laboratory Corporation of America Holdings
- Charles River Laboratories International, Inc.
- Wuxi Apptec
- Thermo Fisher Scientific
- Pharmaron Beijing Co. Ltd.
- Evotec SE
- Eurofins Scientific SE
- Piramal Enterprises Limited
- Syngene International Limited
- Curia Global Inc.
- Genscript Biotech Corporation
- Jubilant Pharmova Limited
- Frontage Holdings Corporation
- Shanghai Medicilon Inc.
- Aurigene Discovery Technologies (Dr. Reddy's Laboratories)
- Sygnature Discovery Ltd.
- Oncodesign Services
Other Companies
- Selvita SA
- Viva Biotech Holdings
- Tcg Lifesciences Pvt Ltd.
- Shanghai Chempartner Co. Ltd.
- Domainex Ltd.
- Nuvisan Pharma Holding GmbH
- Dalton Pharma Services
- Aragen Life Sciences Pvt. Ltd.
- Promega Corporation
For more information about this report visit https://www.researchandmarkets.com/r/ymjt8z
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
