DUBLIN, June 1, 2023 /PRNewswire/ — The “Drug Discovery Services Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global drug discovery services market is expected to grow from $14.22 billion in 2022 to $16.15 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The drug discovery services market is expected to grow to $26.06 billion in 2027 at a CAGR of 12.7%.
Major players in the drug discovery services market are Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex, GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Agilent Technologies Inc., Advinus Therapeutics, Jubilant Biosys Ltd., Evotec AG, Labcorp Drug Development, Syngene International Ltd., Bayer AG, Merck KGaA, and Ubiquigent.
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Drug discovery services refer to the procedure for identifying potential new medicines. It combines many scientific disciplines, including biology, chemistry, and pharmacology. These drug discovery services are offered in four stages early drug discovery, pre-clinical phase, clinical phases, and regulatory approval.
The main types of drug discovery services are chemistry services and biology services. The chemistry services refer to designing and synthesizing biologically active molecules to discover and optimize chemical compounds for drug discovery. Chemistry services use high-performance liquid chromatography and high-field NMR to quickly and easily synthesize, analyze, and purify compound libraries. The processes include target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation that use drugs such as biologics drug and small molecule drug. The end-users of drug discovery services include pharmaceutical and biotechnology companies, academic institutes, and other end users.
Technological advancements are the key trend in the drug discovery services market. The Major companies operating in drug development services are witnessing the market demand for using robotics and automated screening to increase the overall speed of drug discovery. This advancement enables key players to gain a competitive edge in the market.
For instance, in February 2021, Arctoris Ltd., a UK-based tech-enabled platform company using biotechnology, robotics & data science to accelerate drug discovery, launched Ulysses. This fully automated robotic platform provides superior quality data to accelerate drug discovery. This automated technology platform rapidly generates reliable, measurable, and fully auditable datasets, allowing for better decision-making early in the drug discovery process.
In January 2020, Charles River, a US-based pharmaceutical company specializing in various preclinical and clinical laboratories, acquired HemaCare for an undisclosed amount. With this acquisition, HemaCare broadens Charles River’s scientific capabilities in the emerging high-growth cell therapy sector. HemaCare is a US-based biotechnology research company specializing in advancing drug discovery, scientific research, and cell therapy.
North America was the largest region in the drug discovery services market in 2022. The regions covered in the drug discovery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the drug discovery services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The growing focus on drug discovery trials is expected to propel the drug discovery services market. The drug development life cycle is critical for ensuring safe and effective drug delivery. Due to this, clinical trials are gaining prominence as an essential component of drug development. With the increasing importance of drug development and innovation in healthcare, the demand for drug discovery trials worldwide has increased.
For instance, in February 2022, according to the World Health Organization’s International Clinical Trials Registry Platform (ICTRP) , the number of clinical trials registered with WHO was 60,543 in 2019, rising to 65,409 in 2020. Furthermore, according to ClinicalTrials.gov, a platform for registering clinical trials, the total number of clinical trials reported until 2020 was 325,771 in March 2021, rising to 362,501 in 2021. Therefore, the growing focus on drug discovery trials will drive the drug discovery services market.
The drug discovery services market includes revenues earned by entities by providing pharmaceutical services, drug metabolism and pharmacokinetics (dmpk) services, biological services and medicinal chemistry. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified) .
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Key Topics Covered:
1. Executive Summary
2. Drug Discovery Services Market Characteristics
3. Drug Discovery Services Market Trends And Strategies
4. Drug Discovery Services Market – Macro Economic Scenario
4.1. COVID-19 Impact On Drug Discovery Services Market
4.2. Ukraine-Russia War Impact On Drug Discovery Services Market
4.3. Impact Of High Inflation On Drug Discovery Services Market
5. Drug Discovery Services Market Size And Growth
5.1. Global Drug Discovery Services Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Drug Discovery Services Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Drug Discovery Services Market Segmentation
6.1. Global Drug Discovery Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Chemistry Services
- Biology Services
6.2. Global Drug Discovery Services Market, Segmentation By Process, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Target Selection
- Target Validation
- Hit-To-Lead identification
- Lead Optimization
- Candidate Validation
6.3. Global Drug Discovery Services Market, Segmentation By Drug Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Biologics Drug
- Small Molecule Drug
6.4. Global Drug Discovery Services Market, Segmentation By End user, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Pharmaceutical And Biotechnology Companies
- Academic Institutes
- Other End Users
7. Drug Discovery Services Market Regional And Country Analysis
7.1. Global Drug Discovery Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Drug Discovery Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/8ub7m6
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