Global Drug Discovery Services Market Zooming 2.8X to Reach USD 53 Billion by 2029
Global drug discovery services market is booming due to the increasing R&D investments by pharmaceutical companies and biotechnology firms, complexity of drug discovery, increasing prevalence of chronic diseases, and government initiatives to streamline and expedite the drug development and approval process.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the global drug discovery services market size at USD 18.5 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects the global drug discovery services market size to grow at a CAGR of 15.2% reaching a value of USD 52.8 billion by 2029. The discovery of new drugs has become more challenging due to the complexity of diseases and the need for personalized medicine. This complexity requires a multidisciplinary approach and specialized expertise, which can be obtained through outsourcing. Pharmaceutical companies and biotechnology firms are investing heavily in research and development activities to discover new drugs and therapies. Outsourcing certain stages of the drug discovery process allows them to access specialized expertise and resources more efficiently. Furthermore, collaborative partnerships between pharmaceutical companies, academic institutions, and CROs have become increasingly common in drug discovery. These partnerships facilitate knowledge sharing, access to specialized expertise, and resource pooling, fostering innovation and driving market growth.
Opportunity: Increasing Focus on Drug Research and Development
The pursuit of innovative and effective therapeutics is driving the pharmaceutical industry to allocate larger budgets towards R&D. As the global burden of diseases continues to rise, there is a growing demand for novel drugs that can address unmet medical needs. Pharmaceutical companies are motivated to invest more in R&D to discover breakthrough treatments, resulting in increased demand for drug discovery services. The advances in scientific knowledge and technologies have expanded the scope and complexity of drug discovery research. With the advent of genomics, proteomics, high-throughput screening, computational modelling, and other cutting-edge tools, the process of identifying and developing new drug candidates has become more intricate. These advancements require substantial investments in specialized equipment, expertise, and infrastructure, which in turn drive up R&D expenditures.
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Impact of COVID-19 on the Drug Discovery Services Market
The COVID-19 pandemic had a profound impact on the drug discovery services market, affecting various aspects of the industry. The pandemic led to a heightened focus on infectious diseases. The urgent need for treatments and vaccines for COVID-19 drove significant investments and collaborations in research and development related to infectious diseases. Many drug discovery service providers redirected their efforts towards developing drugs and therapies specifically targeting the virus. This shift resulted in an increased demand for services related to target identification, lead optimization, and preclinical testing for infectious diseases. The limitations imposed by the pandemic accelerated the adoption of virtual screening and computational approaches in drug discovery. With physical laboratory work being restricted, drug discovery service providers increasingly relied on computer simulations, artificial intelligence, and machine learning algorithms to identify potential drug candidates. These technologies have played a crucial role in continuing research activities despite the limitations imposed by the pandemic. They enabled virtual collaborations, data analysis, and the identification of drug targets.
Global Drug Discovery Services Market – By Type:
Based on type, the global drug discovery services market is bifurcated into chemistry services and biology services segments. During the period in analysis, the chemistry services segment is expected to hold a significant market share due to the broad use of chemical services at various early stages of drug development to produce reliable drug candidates. The widespread use of chemistry in academia, biotechnology firms, and sizable pharmaceutical businesses also contributes to industry expansion.
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Global Drug Discovery Services Market – By Process:
Based on process, the global drug discovery services market is segmented into target validation, target selection, hit-to-lead identification, candidate validation, and lead optimization. During the forecast period, Hit-To-Lead Identification is expected to hold a significant market share. Hit-To-Lead Identification is an early stage in the drug discovery process, where potential drug candidates, known as hits, are identified and further optimized into leads. As drug discovery efforts increase, there is a growing demand for services that focus on this crucial stage. The combination of specialized expertise, advanced screening technologies, computational approaches, and the ability to optimize hits into leads positions the Hit-To-Lead Identification segment as a significant player in the global drug discovery services market.
Competitive Landscape:
The drug discovery services market is fragmented, with numerous players serving the market. The key players dominating the global drug discovery services market include General Electric, Eurofins Scientific, Syngene International Limited, Wuxi AppTec, Frontage Labs, Domainex, WIL Research Laboratories LLC, Shanghai Medicilon, Inc., Labcorp Drug Development, Jubilant Biosys Ltd, Evotec, Shanghai ChemPartner, Charles River Laboratories, Merck & Co. Inc., Thermo Fisher Scientific Inc. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
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The report’s in-depth analysis provides information about growth potential, upcoming trends, and the Global Drug Discovery Services Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Drug Discovery Services Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Drug Discovery Services market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Drug Discovery Services market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Drug Discovery Services market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Drug Discovery Services business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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