Drug Discovery Services Market is Expected to Reach $41.3 Billion | MarketsandMarkets.

Chicago, July 19, 2023 (GLOBE NEWSWIRE) -- The drug discovery services industry is poised for significant growth in the near future, driven by advancing technologies, increasing demand for novel therapeutics, and the need for more efficient and cost-effective drug development processes. As pharmaceutical companies face the challenges of developing new drugs, they are increasingly turning to specialized drug discovery service providers for expertise and support. These providers offer a range of services, including target identification, lead optimization, high-throughput screening, in vitro and in vivo testing, and medicinal chemistry. With the emergence of cutting-edge technologies such as artificial intelligence, machine learning, and genomics, the drug discovery process is becoming more data-driven and predictive, leading to accelerated identification and optimization of potential drug candidates. Additionally, the rising prevalence of complex diseases and the growing importance of personalized medicine are fueling the demand for tailored drug discovery services. By outsourcing drug discovery activities to specialized service providers, pharmaceutical companies can enhance their research and development capabilities, access diverse expertise, reduce costs, and expedite the overall drug development timeline. As a result, the drug discovery services industry is expected to play a pivotal role in transforming the pharmaceutical landscape, facilitating the discovery of innovative therapies, and ultimately improving patient outcomes.

Drug Discovery Services market in terms of revenue was estimated to be worth $20.6 Billion in 2023 and is poised to reach $41.3 Billion by 2028, growing at a CAGR of 14.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Technological innovations play a significant role in increasing the efficiency and time-to-market for new drugs, current advancements such as next-generation proteomics, 3D-bioprinting to create advanced drug models, quantum theory and quantum computing, and other new technologies are drive the market growth. Also, with the increasing complexity of the drug pipeline, pharmaceutical companies are choosing to outsource drug discovery services to CROs and gain access to innovative technologies that accelerate the development of the compound through the service pipeline provide market growth opportunities.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129

Drug Discovery Services Market Scope:

Report Coverage Details
Market Revenue in 2023 $20.6 Billion
Estimated Value by 2028 $41.3 Billion
Growth Rate Poised to grow at a CAGR of 14.9%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Process, Type, Drug Type, Therapeutic Area, End user and Region
Geographies Covered North America, Europe, Asia Pacific, Latin America (LATAM) and Middle East and Africa (MEA)
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Technological advancements and new drug discovery techniques
Key Market Drivers Growing R&D Expenditure in Pharma-Biotech Sector

Drug Discovery Services market major players covered in the report, such as:

  • Laboratory Corporation of America Holdings (US)
  • Eurofins Scientific SE (Germany)
  • Charles River Laboratories International Inc. (US)
  • Evotec SE (Germany)
  • WuXi AppTec (China)
  • Syngene International Limited (India)
  • Curia Global Inc. (US)
  • Aurigene Discovery Technologies (India)
  • Pharmaron Beijing Co. Ltd. (China)
  • Piramal Enterprises Limited (India)
  • Thermo Fisher Scientific Inc. (US)
  • Jubilant Pharmova Limited (India)
  • GenScript Biotech Corporation (US)
  • Oncodesign Services (France)
  • Selvita S.A. (Poland)
  • Shanghai Medicilon Inc. (China)
  • Viva Biotech (Shanghai) Ltd. (China)
  • TCG Lifesciences Pvt Ltd. (India)
  • ChemPartner Co. Ltd. (China)
  • Domainex Ltd. (UK)
  • NUVISAN Pharma Holding GmbH (Germany)
  • Frontage Holdings Corporation (US)
  • Dalton Pharma Services (Canada)
  • Aragen Life Sciences (India)
  • Promega Corporation (US)
  • and Among Others

Buy Drug Discovery Services Industry Report (347 Pages PDF with Insightful Charts, Tables, and Figures): https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=138732129

This report categorizes the drug discovery market into the following segments and subsegments:

Drug Discovery Market, by Process

  • Target Selection
  • Target Validation
  • Hit-to-Lead identification
  • Lead Optimization
  • Candidate Validation

Drug Discovery Services Market, by Type

  • Chemistry Services
  • Biology Services

Drug Discovery Services Market, by Drug Type

  • Small-molecule drugs
  • Biologics

Drug Discovery Services Market, by Therapeutic Area

  • Oncology oncology, infectious diseases, neurological diseases, immunological diseases, endocrine and metabolic diseases, respiratory diseases, digestive system diseases, cardiovascular diseases, genitourinary diseases and women’s health
  • Infectious diseases
  • Neurological diseases
  • Immunological diseases
  • Endocrine and metabolic diseases
  • Respiratory diseases
  • Digestive System diseases
  • Cardiovascular diseases
  • Genitourinary diseases
  • Other Therapeutic Area (psychiatry, dermatology, ophthalmology, and orphan and rare diseases)

Drug Discovery Services Market, by End user

  • Pharmaceutical & Biotechnology companies
  • Academic Institutes
  • Other End Users (small CROs, IVD companies, and clinical laboratories)

Drug Discovery services Market, by region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia Pacific (APAC)
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific (RoAPAC)
  • Latin America (LATAM)
    • Brazil
    • RoLATAM
  • Middle East and Africa (MEA)

Request for FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129

The key stakeholders in the Drug Discovery Services market include:

  • Research Institutes
  • Pharmaceutical and Biotechnology Companies
  • Drug Discovery Service Providers
  • Venture Capitalists and Investors
  • Contract Research Organizations
  • Government Associations
  • Healthcare Associations/Institutes
  • Business Research & Consulting Service Providers

Frequently Asked Questions (FAQs) of Drug Discovery Services Market:

Q1. What is the total market value of Drug Discovery Services Market report?

Q2. Which are the top companies holding the market share in Drug Discovery Services Market?

Q3. Which are the largest regions for this Market?

Q4. What is the leading technology of Drug Discovery Services Market?

Q5. What are the major drivers for this specific Market?

Q6. What are the upcoming key trends in the Drug Discovery Services Market report?

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=138732129

Recent Developments:

  • In February 2023, Charles River Laboratories (US) announced a multi-program agreement with Pioneering Medicines, an initiative of Flagship Pioneering (US), allowing access to its Logica AI platform to discover small-molecule drugs.
  • In February 2023, Evotec SE (Germany) and Related Sciences (US) expanded their partnership for an integrated multi-target drug discovery agreement. The two companies aimed to select, discover, and develop precisely targeted medicines for unmet patient needs.
  • In January 2023, Charles River Laboratories (US) acquired SAMDI Tech, Inc. (US), which offers label-free HTS solutions for drug discovery research. The acquisition offered CRL expertise in label-free HTS MS platforms and created a comprehensive library of drug discovery solutions.
  • In April 2022, Charles River Laboratories (US) and Valo Health, a data-driven AI company, launched Logica, an AI-powered drug discovery services

Related Reports:

Genomics Market

AI in Drug Discovery Market

NGS-based RNA-sequencing Market

Next Generation Sequencing Market

Bioinformatics Market

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/drug-discovery-services-market.asp

Content Source: https://www.marketsandmarkets.com/PressReleases/drug-discovery-services.asp


Contact Data