Drug Discovery Services Exhibits At 8.9% CAGR; High Demand from Oncology Domain Boosts Growth, finds Fact.MR

Fact.MR, Dublin: The global drug discovery service market is projected to reach the valuation of US$16.8 Bn by the end of 2026.

Supported by increasing expenditure on research and development of drug discovery processes, drug discovery services are gaining traction in Neurology and Oncology Therapeutic fields.

Fact.MR, Dublin: The global drug discovery service market is projected to reach the valuation of US$16.8 Bn by the end of 2026. From a wide array of processes in drug discovery service; combinational chemistry technology and regulated pharmacogenomics technology are mainly supporting the expansion of drug discovery service market size.

Breakthrough research based on Hit-To-Lead Identification process is gaining interest among key market players. The small molecule drug discovery service has better cell penetration capabilities desired for cancer treatment. Thus, the small molecule drug discovery service is expected to account for highest market share by the end of forecast period.

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“Globally rising number of cancer patients along with prevalence of cardiovascular diseases and diabetes have led to rapid development in drug discovery service. This trend is expected to create tremendous growth opportunities in market. Many pharmaceutical companies are outsourcing Drug discovery service. This strategy will play a critical role for the expansion of market in emerging economies,” said a lead analyst at Fact MR

Drug Discovery Services Market: Key Findings

  • Hit-To-Lead Identification process is forecast to surpass the valuation of over $6900 Million by the end of forecast period.
  • Medicinal chemistry is expected to emerge as the largest type of drug discovery service with estimated valuation of $6100 Million till 2026.
  • Highest share of revenue is expected to generate from Small molecule drug discovery service with valuation around $10,800 Million till 2026
  • By the end of 2026, the Oncology Therapeutic Area will emerge as the largest sector among drug discovery service market with estimated valuation exceeding $6900 Million.

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Drug Discovery Services Market – Key Driving Factors

  • Increasing investment from bio-Pharmaceutical and Pharmaceutical market players in development of new and highly potent drugs and devices along with numerous preclinical and clinical trials are playing vital roles in global expansion of discovery services market.
  • Leading Pharmaceutical and medical devices market players are collaborating and entering into partnership programs with drug discovery service providers for faster development of vaccines and drugs. These strategies are one of the key drug discovery service market drivers.

Drug Discovery Services Market – Key Restraints

  • High research cost along with difficulties in recruitment of participants affect the market growth and restricts the drug development process. This compels the market leaders to invest in generic drugs developments obstructing the drug discovery service market.
  • Bureaucracy related to clinical research globalization and hindrance from regulatory and administrative agencies are key restraints for the drug development process thus affecting the drug discovery service market.

Drug Discovery Services Market – Covid-19 Impact

Covid-19 pandemic disrupted the healthcare and pharmaceutical market. This positively affected the drug discovery service market. In order to find the vaccine for Covid-19 many major market players entered into partnership with the drug discovery service providers. This strategy created conducive environment for ample clinical trials with limited bureaucracy enabling rapid the drug discovery service market growth. This growth is expected to increase in future as virus is constantly mutating assisting the drug discovery service market.

Competitive Landscape

North America houses some of the leading pharmaceutical companies in the world. The strategic partnerships with the drug discovery services in the region become the driving factor for its domination in global drug discovery services market. Drug discovery services outsourcing to India and China along with cheaper manufacturing options in APEJ [Asia Pacific Excluding Japan] region will fuel the growth of drug discovery services market.

The leading companies operating in the market as profiled by Fact .MR are: Merck Millipore, Pharmaceutical Product Development LLC. (PPD), Thermo Fisher Scientific Inc., Charles River Laboratories International, Albany Molecular Research, Inc. (AMRI), Covance, Jubilant Biosys, Aurigene Discovery Technologies, GE Healthcare, Genscript Biotech Corporation, Wuxi Apptec, Evotec, and Syngene.

About the Report

This 170-page study offers in-depth commentary on the Drug Discovery Service Market. The study provides compelling insights on Drug Discovery Service Market on the basis of process type (Target selection, Hit-to-lead identification, Target validation, Lead optimization, Candidate validation), Type (Medicinal chemistry, Biology services, Drug metabolism), drug type (small molecules, Biologics), across five regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan).

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Source: Fact.MR