New York, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The Global Drug Discovery Services Market Size is to grow from USD 16.44 Billion in 2022 to USD 61.32 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 14.1% during the projected period. Increasing government and private sector R&D investments in innovative drug discovery and development, in tandem with rising demand for novel therapies.
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Drug discovery is the technique of developing a new drug through the use of various techniques such as molecular manipulation, drug metabolites, random screening, and others. Drug discovery services are services and support for the drug discovery process that aim to reduce costs and time investments in the discovery process. The technique of drug discovery is a critical process within R&D departments in pharmacology, biotechnology, and medicine domains, and thus drug discovery services find primary uses to enable the design and discovery of new therapeutics and medications. Furthermore, the core of drug discovery services are drug target recognition, drug discovery selection, and drug design based on processes such as lead compound recognition, lead optimization, and others. Technological advancements, the emergence of new drug discovery methods, patent expiration, and rising end-user demand for specialized testing services are expected to provide market participants with growth opportunities. Stringent regulations governing the use of animals in drug discovery, however, as well as a scarcity of skilled professionals, prove to be a constraint and a challenge for drug discovery service providers.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Drug Discovery Services Market Size, Share, and COVID-19 Impact Analysis, By Process (Target Selection, Lead Optimization, Hit-to-lead), Type (Chemistry, Biology), Drug Type (Small Molecule, Biologics), End User (Pharma, Biotech, Academic), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The lead optimization segment is expected to hold the significant share of the global drug discovery services market over the forecast period.
The global drug discovery services market is divided into three segments based on process: target selection, lead optimization, and hit-to-lead. Among these, the lead optimization segment is projected to account for an important portion of the global drug discovery services market throughout the forecast period. Lead optimization is a critical procedure in drug discovery services that involves refining and optimizing potential drug candidates to improve their efficacy, safety, and pharmacological properties.
The chemistry segment is expected to lead the global drug discovery services market over the forecast period.
The global drug discovery services market is classified into two types: chemistry and biology. The chemistry segment is projected to dominate the global drug discovery services market during the forecast period. In 2022, the chemistry services segment accounted for a substantial share of this market. Growth in this market segment is being driven by the widespread use of chemistry services in various early drug development phases to deliver robust drug candidates.
The small molecule segment is expected to hold the largest share of the global drug discovery services market during the forecast period.
The global drug discovery services market is divided into small molecule and biologics. The small molecule segment is projected to account for the majority of the global drug discovery services market throughout the forecast period. The ease of working with small molecules, their inexpensiveness, and the increasing number of entrepreneurs and emerging companies focusing on developing small-molecule drugs all contribute to segmental growth.
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North America holds the largest share of the global drug discovery services market in 2022.
The rising prevalence of chronic disease and the increasing value of novel drugs are projected to drive market growth. A well-established pharmaceutical sector, ongoing R&D studies, high R&D expenditure, expansion in the biosimilars and generics markets, and increased outsourcing of R&D services by pharmaceutical and biopharmaceutical companies in the region are driving the market.
During the projected period, Asia Pacific is projected to expand at the highest pace in the global drug discovery services market. The increase can be attributed to a number of factors, including the region's increasing prevalence of chronic lifestyle disorders, which drives companies to develop therapeutics in these areas.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Drug Discovery Services Market include Laboratory Corporation of America Holdings, Charles River Laboratories International Inc., WuXi AppTec, Thermo Fisher Scientific Inc, General Electric, Eurofins Scientific, PPD Inc., Syngene International Limited, Frontage Labs, Galapagos NV, Aurigene Discovery Technologies, Genscript, Domainex, Evotec, and Others.
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Recent Developments
- In February 2023, Charles River Laboratories (US) disclosed a multi-program agreement with Pioneering Medicines, a Flagship Pioneering (US) initiative, granting access to its Logica AI platform for small-molecule drug discovery.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Drug Discovery Services Market based on the below-mentioned segments:
Global Drug Discovery Services Market, By Process
- Target Selection
- Lead Optimization
- Hit-to-lead
Global Drug Discovery Services Market, By Type
- Chemistry
- Biology
Global Drug Discovery Services Market, By Drug Type
- Small Molecule
- Biologics
Global Drug Discovery Services Market, By End User
- Pharma
- Biotech
- Academic
Global Drug Discovery Services Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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