The Drug Discovery Services Global Market Report 2023, provides comprehensive information on the drug discovery services market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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In the realm of the global pharmaceutical landscape, the drug discovery services market exhibits a compelling narrative of growth and transformation. It is poised to undergo a remarkable evolution, transcending the boundaries of financial metrics and geopolitical turbulence. The market size, a robust indicator of industry dynamism, is primed for an upward trajectory, heralding a transition from the admirable figure of $14.22 billion in 2022 to a projected $16.15 billion in 2023. The driving force behind this ascent is the resounding resonance of the compound annual growth rate (CAGR), an impressive 13.6%, signifying a buoyant sector marked by sustained expansion.
However, it is imperative to acknowledge the disruptive ripples emanating from the Russia-Ukraine conflict, a geopolitical tempest that has cast a shadow over the global economic revival in the wake of the COVID-19 pandemic. In the immediate term, this war has rendered the prospects of a seamless resurgence considerably tumultuous. It has triggered a domino effect, cascading through the world economy with its impact felt far and wide. The consequential imposition of economic sanctions on multiple nations has been met with an upsurge in commodity prices, catalyzing a complex tapestry of supply chain disruptions that have, in turn, yielded inflationary pressures across both goods and services. The net effect is a kaleidoscope of market dynamics, reverberating across numerous global industries and, in turn, bearing implications on the overarching trajectory of the drug discovery services market.
Nevertheless, the innate resilience of the pharmaceutical sphere shines through as we peer further into the future. The market size is poised for a remarkable expansion, with a projection that in 2027, it will achieve a formidable stature of $26.06 billion, underscored by a steady CAGR of 12.7%. This forecast augurs well for the industry’s capacity to not only weather the immediate storm but to chart a path towards sustained growth and innovation, thereby reinforcing its pivotal role in the broader healthcare ecosystem. As the sector’s contours evolve, the drug discovery services market will continue to be a focal point of interest, marked by its intrinsic adaptability and intrinsic relevance in the pursuit of advancements in therapeutic treatments and novel pharmaceutical entities.
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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 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: Pharmaceuticals and Biotechnology Companies, Academic Institutes, Other End Users
North Americawas the largest region in the drug discovery services market in 2022.
The table of contents in TBRC’s drug discovery services market report includes:
1. Executive Summary
2. Drug Discovery Services Market Characteristics
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 Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Drug Discovery Services Market
29. Drug Discovery Services Market Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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