With the emergence and long-term Impact of COVID-19, Global Drug Discovery Services Market to reach USD 54.4 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Drug Discovery ServicesMarket is poised to raise up to USD 54.4 Billion by 2030. Drug discovery services encompass a range of scientific and technological solutions provided by specialized organizations to support the identification, development, and optimization of new drug candidates. These services involve various stages of the drug discovery process, including target identification and validation, high-throughput screening, hit-to-lead optimization, medicinal chemistry, ADME (absorption, distribution, metabolism, and excretion) studies, and preclinical development. Through a combination of expertise, advanced technologies, and research methodologies, drug discovery services aim to accelerate the discovery and development of safe and effective drugs, ultimately advancing healthcare and addressing unmet medical needs. The market drivers boosting the market growth are increasing R&D expenditure and growing prevalence of chronic diseases.
Geographically, the global Drug Discovery Services market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to a well-established pharmaceutical sector, ongoing research and development projects, significant R&D spending, expansion of the biosimilar and generics markets, and increasing outsourcing of R&D services by pharmaceutical and biopharmaceutical companies in the region. However, Asia Pacific is expected to become the fastest growing during the forecast period, owing to factors such as growing pharmaceutical industry, and increasing outsourcing drug discovery activities to specialized service providers to streamline operations, reduce costs, and access specialized expertise.
The global Drug Discovery Services market is highly competitive owing to the presence of several key manufacturers such as Laboratory Corporation of America Holdings, Charles River Laboratories International, Inc., Eurofins Scientific SE, GVK Biosciences Private Limited, Albany Molecular Research Inc. (AMRI), Domainex Ltd., GenScript Biotech Corporation, Aurigene Discovery Technologies Ltd.
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Key findings of the study suggest:
- Global Drug Discovery Services Market is anticipated to grow with a healthy growth rate of more than 14.9% over the forecast period 2023-2030.
- In the Process segment, Lead Optimization emerged as the leading market segment in 2022.
- In the Type segment, Biology Services emerged as the leading market segment in 2022.
- In the Drug Type, Small-Molecule Drugs emerged out as the leading market segment in 2022.
- In the Therapeutic Area, Cardiovascular Diseases emerged out as the leading market segment in 2022.
- In the End User, Pharmaceutical & Biotechnology Companies emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth Owing to rising continuous innovation in Drug Discovery Services sector, pharmaceutical sector, ongoing research and development projects, significant R&D spending, expansion of the biosimilar and generics markets, and increasing outsourcing of R&D services by pharmaceutical and biopharmaceutical companies in the region.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Process:
- Target Selection
- Target Validation
- Hit-to-Lead Identification
- Lead Optimization
- Candidate Validation
Type:
- Chemistry Services
- Biology Services
Drug Type:
- Small-Molecule Drugs
- Biologics
Therapeutic Area:
- Oncology
- Infectious Diseases
- Neurological Diseases
- Immunological Diseases
- Endocrine and Metabolic Diseases
- Respiratory Diseases
- Digestive System Diseases
- Cardiovascular Diseases
- Genitourinary Diseases
- Others
By End User:
- Pharmaceutical & Biotechnology Companies
- Academic Institutes
- Other End Users
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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