Overview of This Study:
The present investigation entailed a comprehensive utilization of secondary sources, directories, and databases to ascertain and gather crucial data for the appraisal of the worldwide Drug Discovery Services Industry. Key industry participants, subject-matter experts (SMEs), C-level executives of major market players, and industry consultants were among the many primary respondents with whom in-depth interviews were conducted in order to gather and validate crucial qualitative and quantitative data and evaluate the market’s growth prospects. To get the ultimate market size, the projected worldwide market size from secondary research was triangulated using data from primary research.
Major Growth Influencing Factors:
The market is expanding due to a number of factors, including rising R&D expenditures from pharmaceutical and biopharmaceutical companies, a growing R&D pipeline for pharmaceutical drugs that influences the demand for analytical testing services to be outsourced, international initiatives for orphan and rare disease research, and reduced costs associated with developing drugs internally.
Additionally, participants in this market could expect development possibilities from technical improvements, the introduction of novel drug discovery procedures, the expiration of patents, and the increased demand from end users for specialized testing services. However, strict laws pertaining to the use of animals in drug discovery combined with a lack of qualified personnel prove to be a barrier and constraint for companies offering drug discovery services.
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Revenue Growth Dynamics:
The size of global 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.
Global Industry Segmentation:
Based on type, Chemistry Services segment accounted for the largest market share of the drug discovery services industry
The market for drug discovery services is divided into two categories based on type: chemistry services and biology services. In 2022, the chemistry services sector held the highest market share. The extensive use of chemistry services to produce strong drug candidates in a variety of early stages of drug development is primarily responsible for the market segment’s growth. The broad use of chemistry in higher education, biotechnology businesses, and big pharma firms contributes to the market expansion. Over the projection period, a reduced rate of growth is anticipated for biology services.
Based on drug type, small molecule drugs segment accounted for the largest market share of the drug discovery services industry
The drug discovery services market is divided into two segments based on the kind of medicine: biologics and small-molecule pharmaceuticals. In 2022, small-molecule medications held the most market share. The segment’s significant share can be ascribed to the low cost and convenience of working with small molecules, as well as the growing number of start-ups and new entrants concentrating on the development of small-molecule therapies.
Based on therapeutic area, oncology segment accounted for the largest market share of the drug discovery services industry
The market for drug discovery services is divided into several therapeutic areas, including women’s health, genitourinary diseases, infectious diseases, neurological disorders, immunological disorders, endocrine and metabolic disorders, respiratory disorders, digestive system disorders, cardiovascular disorders, and endocrine and metabolic diseases. Due to the high incidence of cancer, the increasing number of research studies on cancer treatments, and the emphasis on introducing novel cancer medications to the market, oncology is the largest category in this market.
Geographical Growth Dynamics:
The Asia Pacific region is the fastest-growing region of the drug discovery services market in 2022.
Geographically speaking, there are five main regions that make up the drug discovery market: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The developing middle class, growing government spending on pharmaceutical R&D, expanding therapeutic area expertise, and the region’s rapidly expanding pharmaceutical and biopharmaceutical industries are all expected to contribute to the Asia Pacific market’s predicted highest growth during the forecast period.
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Key players in the drug discovery service Market include Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), WuXi AppTec (China), and Thermo Fisher Scientific Inc (US).
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