Drug Discovery Services Market Size 2022: Global Market Trends, Regional Demand and Growth Forecast to 2026
Market Highlights:
Drug Discovery Services refer to as the outsourcing the
process of development of a new medicine. These services minimize the costs and
timelines of drug discovery. The most common methods employed for drug
discoveries are molecular manipulation, drug metabolites, random screening,
molecular designing, and serendipity.
The Global Drug
Discovery Services Market Size is growing at a rapid pace; mainly due
to the burgeoning healthcare sector. The
market is predominantly driven by the augmented demand and supply for the
medicines, the generic drugs, and the growing number of patents expires.
Additionally, factors such as increasing geriatric
population, and technological advancements in the medicinal field escalating
the market on the global level.
Acknowledging the ascending graph of the growth, the market
is climbing constantly, Market Research Future (MRFR), in its recently
published study report foretells that the global frozen pizza market will grow
rapidly by 2023, registering a CAGR over 10% during the forecast period (2017
to 2023).
Additional factors substantiating market growth include the
increasing demand for cancer treatment, technological advancements, and
increasing healthcare expenditure that are led by improving economic
conditions, worldwide. Besides, factors such as the spreading awareness towards
the availability of novel drugs, unmet medical needs, and the patent expiration
of blockbuster drugs foster the market growth.
On the other hand, factors such as the huge capital
investment with low-profit margins, strict FDA regulations, and inadequate
healthcare systems especially in underdeveloped regions are impeding the market
growth. Nevertheless, factors such as the improving regulatory framework,
increasing government assistance, and rising funding & reimbursement are
estimated to support the market growth during the review period.
Key Players:
Some of the players leading the market include Advinus
Therapeutics, Abbott Laboratories Inc., Agilent Technologies Ubiquigent,
AstraZeneca PLC, Albany Molecular Research Inc. (AMRI), Aurigene, Charles River
Laboratories International, Bayer AG, ChemBridge Corporation, Eli Lilly and
Company, Covance, Evotec, GE Healthcare, Domainex, F. Hoffmann-La Roche Ltd,
GlaxoSmithKline LLC, GenScript, GVK Biosciences, Lonza, Jubilant Biosys, Merck,
Piramal Enterprises, Pharmaceutical Product Development, LLC (PPD), Promega Corporation,
Shimadzu Corp., Selcia Limited, SRI International, Thermo Fisher Scientific,
Syngene International Ltd., Viva Biotech, and WuXi AppTec.
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Drug Discovery Services Market – Segments
MRFR has segmented the analysis into seven key dynamics for
better understanding:
By Drug Type: Small Molecule Drug, and Biologics.
By Types of Services: Drug Metabolism & Pharmacokinetics
(DMPK) Services, Pharmaceutical Services, Medicinal Chemistry, and Biological
Services and others.
By Therapeutic Area: Oncology, Neurology,
Cardiovascular Diseases, Respiratory Diseases, and Diabetes among others.
By Process: Target Selection, Target Validation,
Hit-To-Lead Identification, Lead Optimization, and Candidate Validation among
others.
By Technology: High Throughput Screening, Biochips,
Pharmacogenomics & Pharmacogenetics, Combinatorial Chemistry,
Nanotechnology, Spectroscopy, and Metabolomics among others.
By End-user:
Hospitals & Clinics, Pharmaceutical Companies, Biotechnology
Companies, and Research Institutes, among others.
By Regions:
Europe, North America, APAC and the Rest-of-the-World.
Drug Discovery Services Market – Geographical Analysis:
Globally the North American region dominates the drug
discovery services market heading with the increasing consumption of medicines.
This market is projected to grow at a strong CAGR, creating a large revenue
pocket by the end of the review period. This is due to around the world. Also,
factors such as the increasing prevalence of chronic diseases, high healthcare
expenditures, and augmenting demand for the novel drug discoveries
substantiates the growth of the drug discovery services market in the North
American Region.
The European region accounts for the second-largest market
for drug discovery services which is expected to grow at a considerable CAGR.
The financial support by the government for research and development alongside
the patent expiration of various blockbuster drugs are estimated to drive the
drug discovery services market in the region. Furthermore, the burgeoning
pharmaceutical industry fosters the growth of the regional market.
The Asia Pacific region is rapidly emerging as a promising
market for drug discovery services owing to the availability of
cost-competitive skilled workforce and raw materials. Factors such as the huge
developments in the pharmaceutical sector, demand for breakthrough drug
discoveries, and huge patient pool propels the market growth in the region.
Drug Discovery Services Market – Competitive Analysis:
The widely expanded drug discovery services market appears
highly competitive with the presence of numerous major and small-scale players
operating at the international and regional level. Based upon pricing and an
array of services these vendors compete against each other. The competitive
strength of these players is reliant on service pricing, service precision,
versatility, and reliability of services. The market is projected to witness a
fierce competition with the potential extensions in innovations. Players
operating in the drug discovery services market strive to offer services with
unique features.
These service providers are looking for rapid expansion and
integration set for 2017-2018, with which they build a pharmaceutical services
company that can offer complementary services in key regions, serving the
rapidly growing market. In the case of
an acquisition, they ensure to acquire a company that has significant
professional experience, state-of-the-art capabilities, and a long history of
delivering high-quality pharmaceuticals that can meet or exceed customer
expectations and regulatory requirements.
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Industry/ Innovation/ Related News:
November 27, 2018 – Cyclica Inc. (Canada), a leading
provider of bioinformatics and computational systems biology solutions for the
pharmaceutical industry announced its collaboration with Bayer AG (Germany), a
multinational pharmaceutical and life sciences company to advance drug
discovery. The collaboration will involve looking further into
polypharmacological profiles of small molecules.
Bayer will also use ADMET-Prediction technology
developed by Cyclica to develop insights into pharmacokinetic properties, and
it's deferential drug design technology to further multi-targeted drug design.
November 07, 2018 – Genesis Drug Discovery &
Development (US), a contract research organization (CRO) contract research
organization (CRO) announced its partnership with the Yale University (US), a
private Ivy League research university to strengthen its drug discovery
services.
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