Market Size –
The drug discovery services market size has grown rapidly in recent years. It will grow from <b>$16.11 billion in 2023 to $18.3 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. </b> The growth in the historic period can be attributed to increased r&d investment, expanding disease burden, government funding and support , emergence of contract research organizations (cros), shift towards personalized medicine, drug repurposing strategies.
The drug discovery services market size is expected to see rapid growth in the next few years. It will grow to <b>$30.1 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. </b> The growth in the forecast period can be attributed to regulatory framework changes, advancements in drug delivery systems, increasing interest in immunotherapy, shift towards rna-based therapeutics, targeting rare diseases. Major trends in the forecast period include advanced technologies adoption, biologicals and biopharmaceuticals growth, adoption of high-throughput screening, advancements in virtual screening , regenerative medicine focus.
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Scope Of Drug Discovery Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Drug Discovery Services Market Overview
Market Drivers –
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, 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 growth of the drug discovery services market.
Market Trends –
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.
The drug discovery services market covered in this report is segmented –
1) By Type: Chemistry Services, Biology Services
2) By Process: Target Selection, Target Validation, Hit-to-Lead identification, Lead Optimization, Candidate Validation
3) By Drug Type: Biologics Drug , Small Molecule Drug
4) By End user: Pharmaceutical and Biotechnology Companies, Academic Institutes, Other End Users
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Regional Insights –
North America was the largest region in the drug discovery services market in 2023. The regions covered in the drug discovery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the drug discovery services market report are Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex Ltd., GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Advinus Therapeutics Pvt. Ltd., Jubilant Biosys Ltd., Evotec AG, Syngene International Ltd., Bayer AG, Merck KGaA, Ubiquigent Ltd., Eurofins Scientific SE, AppTec Laboratory Services Inc., GVK Biosciences Private Limited, Aurigene Discovery Technologies Limited, Viva Biotech Holdings, Pharmaron Beijing Co. Ltd., Selcia Limited, Concept Life Sciences Group Limited, BioDuro LLC, ChemPartner Corporation, Aptuit LLC, Sygnature Discovery Limited, Peak Proteins Ltd., SRI International, BioAscent Discovery Limited, Sai Life Sciences Limited, Promega Corporation, MedChemExpress LLC, Aragen Bioscience Inc., WuXi STA, BioNTech SE, Moderna Inc., Gilead Sciences Inc., Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals Inc., Amgen Inc., Bristol-Myers Squibb Company
Table of Contents
1. Executive Summary
2. Drug Discovery Services Market Report Structure
3. Drug Discovery Services Market Trends And Strategies
4. Drug Discovery Services Market – Macro Economic Scenario
5. Drug Discovery Services Market Size And Growth
…..
27. Drug Discovery Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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