The drug discovery services market was valued at approximately USD 12.68 billion in 2021, and it is expected to witness revenue of USD 29.85 billion in 2029, with a CAGR of 11.3% from 2021 to 2030.
The drug discovery services market was valued at approximately USD 12.68 billion in 2021, and it is expected to witness revenue of USD 29.85 billion in 2029, with a CAGR of 11.3% from 2021 to 2030.
The growth of global drug discovery services market is being driven by the growing research and development activities as well as expenditure. These efforts are being carried out by government bodies and market players operating in global drug discovery services market. The growing trend of outsourcing is also boosting the growth of global drug discovery services market over the forecast period.
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Furthermore, technological developments and adoption of innovative and latest technologies are contributing towards the expansion and development of worldwide drug discovery services market. The other factors such as the surge in demand for generic medicines and drugs as well as expansion of healthcare sector are supporting the growth of global drug discovery services market.
Regional Snapshot
North America is the largest segment for drug discovery services market in terms of region.The U.S. is dominating the drug discovery services market in the North America region. The drug discovery services market in North America region is being driven by the growing prevalence of chronic ailments. In addition, every year, almost 480,000 mortality cases are reported. Thus, North America drug discovery services market is expected to grow in coming years.
Asia-Pacific region is the fastest growing region in the drug discovery services market. India and China hold the highest market share in the Asia-Pacific drug discovery services market. The developing countries in Asia-Pacific region are implementing initial stage projects geared largely at the region’s specific medical requirements. The Asia-Pacific drug discovery services market is expected to develop as a result of this. In addition, the existence of key market players is also driving the market growth.
| Report Scope | Details |
| Market Size in 2030 | USD 33.2Billion |
| Growth Rate from 2021 to 2030 | CAGR of 11.3% |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
Report Highlights
- On the basis of drug type, small molecules segment holds the largest market share in the global drug discovery services market. Due to their small size, small molecules can quickly influence cells and give efficient treatment. The greater understanding of the advantages of small molecule medications has aided the segment’s expansion.
- On the basis of type, medicinal chemistry segment holds the largest market share in the global drug discovery services market. Medicinal chemistry is widely used in drug discovery services, from pre-clinical studies to candidate supply.
- On the basis of therapeutic area, oncology segment holds the largest market share in the global drug discovery services market. The growing prevalence of cancer is driving the growth of global drug discovery services market. In 2020, the International Agency for Research on cancer estimates that 19.3 million new cancer incidences and 10 million cancer fatalities will be reported. From 2020 to 2040, new cancer cases are predicted to increase by 47% globally.
Market Dynamics
Drivers
Growing research and development expenses
The expenditure on research and development activities has increased over the period of time. As per the Evaluate Pharma research study, global pharmaceutical research and development spending was worth $137 billion in 2012, and is expected to rise to $198 billion by 2020. As a result, growing research and development expenditures is boosting the growth of global drug discovery services market.
Restraints
Lack of skilled professionals
There are not enough number of professionals, who are capable of providing services related drug discovery. The personnel must be aware about latest technologies such as analytical testing. But due to lack of resources, there is shortage of skilled professionals. Thus, lack of skilled professionals is hampering the drug discovery services market expansion.
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Opportunities
Growing market for biologics and drugs due to coronavirus outbreak
In 2020, 53 medications were approved, a record only exceeded in 2018 with 59 pharmacological agents. In 2020, there were 53 approvals totaling 40 novel chemical entities and 13 biologics. The growing number of approvals of drugs and biologics is supporting the drug discovery services market expansion. As a result, growing market for biologics and drugs due to COVID-19 pandemic is creating lucrative opportunities for the development and growth of global drug discovery services market over the forecast period.
Challenges
Strict government regulations regarding drug discovery services
The major market players need to follow certain laws and regulations imposed by government bodies. Various laws and rules aimed at ensuring product quality frequently raise manufacturing expenses. This creates losses for market players. Thus, strict government regulations are the biggest challenge for the growth and development of the global drug discovery services market.
Recent Developments
- Eurofins partnered with Liverpool ChiroChem Ltd. in September 2021 to expand their comprehensive drug discovery platform, DiscoveryOne, by gaining access to LCC’s fragment library and PROTAC linker molecules.
- Medable and Covance formed a cooperation in 2020 to accelerate the adoption of decentralized trial technology.
- With large scale lipid nanoparticle formulation, lipid manufacturing, and development for full scale sterile fill finish services, Curia released messenger RNA solution, which encompasses discovery, mRNA therapeutic substance production, and process development in December 2021.
Some of the key players in the drug discovery services market include:
- Abbott Laboratories Inc.
- Advinus Therapeutics
- Agilent Technologies Ubiquigent
- Albany Molecular Research Inc.
- AstraZeneca PLC
- Aurigene
- Bayer AG
- Charles River Laboratories International
- ChemBridge Corporation
- Covance
Market Segmentations:
By Process
- Target Selection
- Target Validation
- Hit to Lead Identification
- Lead Optimization
- Candidate Validation
By Drug Type
- Small Molecules
- Biologics
By Type
- DMPK
- Biology Services
- Medicinal Chemistry
By Therapeutic Area
- Oncology
- Cardiovascular Diseases
- Diabetes
- Neurology
- Respiratory Diseases
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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