Global drug discovery services industry expected to reach $31.4 billion by 2026 – ResearchAndMarkets.com

0

DUBLIN–(BUSINESS WIRE)–The “Drug Discovery Services Market by Process (Target Selection, Validation, Hit-to-Lead), Type (Chemistry, Biology), Drug Type (Small Molecules, Biologics), Therapeutic Area (Oncology, Neurology) User final (pharmaceuticals, biotechnology) – Global forecasts until 2026″ report has been added to from ResearchAndMarkets.com offer.

The global drug discovery services market is expected to reach USD 31.4 billion by 2026, from USD 16.1 billion in 2021, growing at a CAGR of 14.3% during the forecast period 2021 to 2026.

Rising R&D spending in the pharmaceutical and biopharmaceutical industry, growing demand for outsourcing of analytical testing services, rare disease and orphan drug research initiatives, and the high cost of in-house drug development are creating new pockets of revenue in the drug discovery services market.

Chemistry services segment accounted for the largest type segment share in the drug discovery services market in 2020

Based on type, the drug discovery services market is segmented into chemistry and biology services. Chemistry services segment held the largest share of this market in 2020. The growth of this market segment is largely due to the widespread application of chemistry in various early phases of drug development to deliver robust candidates . Extensive use of chemistry in universities, biotechnology companies, and major pharmaceutical companies is also supporting the growth of the market.

Hit-to-lead identification segment accounted for the largest share of the process segment in the drug discovery services market in 2020

Based on the process, the drug discovery services market is broadly classified into target selection, target validation, hit-to-lead identification, lead optimization and candidate validation. The hit-to-lead identification segment accounted for the largest share of the drug discovery services market in 2020. Due to its vital role in drug discovery, hit-to-lead identification is the most more revenue-generating, and currently, many CROs are offering these services to pharmaceutical companies.

Oncology segment accounted for the largest share of the therapeutic area segment in the drug discovery services market in 2020

Based on therapeutic area, the drug discovery services market is segmented into oncology, infectious and immune system diseases, neurology, digestive system diseases, cardiovascular diseases and other therapeutic areas. Oncology is the largest segment of this market owing to the high incidence of cancer, the growing number of research studies for cancer therapies, and the company’s focus on bringing to market innovative cancer drugs.

Asia-Pacific: The Fastest Growing Region in the Drug Discovery Services Market

The drug discovery services market is segmented into North America, Europe, Asia-Pacific, Latin America (LATAM), and Middle East and Africa (MEA). APAC is estimated to register the highest CAGR during the forecast period. The large patient population, emerging middle class, increasing government spending and expertise in the therapeutic area are the main growth drivers for the pharmaceutical industry in the region. Global pharmaceutical companies are increasingly moving to Asia to tap into its burgeoning market and lower their production costs by shifting manufacturing to the region.

Market dynamics

Drivers

  • Growth in R&D expenditure in the pharmaceutical and biopharmaceutical industry

  • Growing demand for analytical testing outsourcing

  • Research initiatives on rare diseases and orphan drugs

  • High cost of in-house drug development

Constraints

  • Strict regulations governing drug discovery and the use of animals

Opportunities

  • Drugs and Biologics Market Growth Despite COVID-19 Pandemic

  • Growing demand for specialized testing services among end users

  • Patent expiry

  • High growth prospects in emerging markets

Challenges

  • Shortage of qualified personnel

Tendencies

  • Change in drug discovery services due to increasing adoption of AI-based tools

  • Increased outsourcing to emerging Asian economies

  • Cro industry consolidation

  • End-to-end integrated R&D service solution

Companies cited

  • Laboratory Corporation of America Holdings

  • Charles River International Laboratories, Inc.

  • Apptec Wuxi

  • Thermo Fisher Scientific

  • Pharmaron Beijing Co., Ltd.

  • Evotec SE

  • Eurofins Scientific Se

  • Pharmaceutical Product Development, Inc.

  • Piramal Enterprises Limited

  • Syngene International Limited

  • Curia Global Inc.

  • Genscript Biotech Corporation

  • Jubilant Pharmova Limited

  • Facade Holdings Corporation

  • Shanghai Medicilon Inc.

  • Dr. Reddy’s Laboratories Ltd. (Aurigene Discovery Technologies)

  • Selvita SA (Formerly Selvita Cro SA)

  • Viva Biotech (Shanghai) Ltd.

  • TCG Lifesciences Pvt Ltd.

  • Shanghai Chempartner Co., Ltd.

  • Domains Ltd.

  • Nuvisan Pharma Holding GmbH

  • Dalton Pharmaceutical Services

  • Aragen Life Sciences Pvt. (Formerly Gvk Biosciences Pvt. Ltd.)

  • Promega Corporation

For more information on this report, visit https://www.researchandmarkets.com/r/a6t17u

Share.

About Author

Comments are closed.