The global drug discovery services market is a dynamic and evolving sector, essential for identifying potential new medicines. It encompasses various scientific disciplines, such as biology, chemistry, and pharmacology, to discover and develop novel therapeutic solutions. In this report, we provide a detailed analysis of this market, covering its types, drug categories, therapeutic areas, and regional trends.
Research Overview
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Report Ocean Research forecasts a robust Compound Annual Growth Rate (CAGR) of 11.7% for the global drug discovery services market during the period from 2019 to 2025. Drug discovery is a multifaceted process involving the identification of target molecules, candidate drug selection, characterization, screening, and efficacy assays. Recent years have seen a surge in biologics-based drug discovery, including antibodies, recombinant proteins, vaccines, cell therapy, and gene therapy, targeting various diseases like cancer, neurological disorders, and cardiovascular diseases.
Key drivers of market growth include the externalization of Research and Development (R&D) activities, increased R&D expenditure, the expiration of patents spurring drug discovery, and advancements in technology. Additionally, a growing patient base with chronic and lifestyle diseases, coupled with innovative technological advancements, will continue to drive revenue growth in the drug discovery services market over the next five years.
Market Dynamics
Drivers
- Increasing Demand for Quality Healthcare: The pursuit of high-quality healthcare services drives the adoption of drug discovery services.
- Growing Adoption of Biologics: The increasing use of biologics for treating chronic diseases is driving the demand for these drugs.
- Rising Investments in R&D: A significant increase in R&D investments contributes to market growth.
Opportunities
- Technological Advancements: Continuous advancements in technology enhance the efficiency of drug discovery services.
- Externalization of R&D: The trend of externalizing R&D activities creates opportunities for service providers.
Challenges
- Data Security: Ensuring data security remains a critical challenge in drug discovery services.
- High Initial Costs: The high costs associated with installation and maintenance may deter market entry.
Market Segmentation
Type
- Medicinal Chemistry Services
- Biology Services
- Pharmacokinetics and Drug Metabolism
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In 2018, medicinal chemistry services accounted for the largest market share, with expectations of high-double-digit CAGR growth during the forecast period. Factors driving this growth include the increasing tendency of pharmaceutical companies to outsource discovery and development services, a rising number of drug discovery and development activities, and increased R&D expenditure. Biology services are also expected to grow at a high CAGR during the forecast period.
Drug Type
- Small Molecules
- Biologics
The small molecules segment occupied a significant share in 2018, with biologics expected to experience high CAGR growth during the forecast period. The increasing use of small molecule drugs to treat chronic diseases is driving demand in this segment.
Therapeutic Area
- Neurological Disorders
- Diabetes
- Oncology
- Respiratory Disease
- Cardiovascular Disease
- Others
Oncology dominated the therapeutic area segment in 2018 and is projected to maintain its position during the forecast period. The high demand for cancer therapies due to the increasing number of cancer cases globally positions this segment as a dominant shareholder in the market.
Regions
- North America
- Europe
- Asia Pacific
- Rest of the World
In 2018, North America held the largest market share, with a share exceeding 40%. This dominance is expected to persist throughout the forecast period, driven by factors such as increasing demand for personalized medicine, a well-established healthcare sector, a high incidence of chronic diseases, advanced technologies, substantial healthcare expenditure, and a growing biopharmaceutical market. The Asia Pacific region is anticipated to experience the fastest growth during the forecast period (2019-2025).
Competitive Analysis
The drug discovery services market is growing steadily at a CAGR of 11.7% during the forecast period. Collaboration between companies for drug discovery services is on the rise, driven by the need for new therapeutic drugs. For instance, Evotec and Takeda Pharmaceutical entered a multi-year drug discovery collaboration agreement in September 2019. Evotec will establish five drug discovery programs, covering fields like oncology and neuroscience, for advancement into clinical development by Takeda.
Key Vendors
- Charles River Laboratories
- GVK Biosciences
- Evotec SE
- Albany Molecular Research Inc.
- Domainex Ltd.
- Genscript Biotech Corporation
- Laboratory Corporation of America Holdings (LabCorp)
- Syngene International Ltd.
- Eurofins Scientific SE
- Pharmaceutical Product Development
- Jubilant Life Sciences
- WuXi AppTec Co., Ltd.
Key Competitive Facts
- In 2019, Lundbeck acquired Abide Therapeutics for $250 million, taking control of Abide’s drug discovery platform focused on serine hydrolases.
- In May 2019, Amgen acquired Nuevolution for $167 million, following their three-year collaboration, aimed at boosting Amgen’s drug discovery platform.
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Benefits
This report provides comprehensive insights into the sub-segments of the global drug discovery services market. It equips key stakeholders with knowledge about major trends, drivers, investments, and government initiatives in the drug discovery services segment. Additionally, it highlights challenges that may impact market growth and outlines key business opportunities for stakeholders looking to expand their presence in this market.
Key Takeaways
- Market Opportunity: Gain an understanding of the potential market opportunity, precise market size, and forecast data.
- Market Growth: Explore a detailed market analysis focusing on the growth of the drug discovery services industry.
- Influencing Factors: Understand the factors influencing the growth of the drug discovery services market.
- Competitive Analysis: Dive into an in-depth competitive analysis of both dominant and pure-play vendors.
- Market Predictions: Access prediction analysis of the drug discovery services market in both developed and developing regions.
- Segment Insights: Discover the latest market trends impacting consumer buying behavior.
Key Stakeholders
- Pharmaceutical Companies
- Biotechnology Companies
- Contract Research Organizations (CROs)
- Healthcare Institutions
- Government Bodies
Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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