20 July 2022
Visiongain has published a new report entitled Drug Discovery Services Market Report 2022-2032: Forecasts by Services Type (Chemistry Services, Drug Metabolism and Pharmacokinetics (DMPK), Biology Services), by Process (Hit to Lead Identification, Lead Optimisation, Target Selection, Target Validation, Candidate Validation), by Drug Type (Small Molecules, Biologics), by Therapeutic Area (Oncology, Neurology, Infectious and Immune System Diseases, Cardiovascular Diseases, Respiratory Diseases, Digestive System Diseases, Other), by Technology (High Throughput Screening, Biochips, Nanotechnology, Spectroscopy, Pharmacogenomics and Pharmacogenetics, Others), by End-user (Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global drug discovery services market is anticipated to be valued at US$14.17 billion in 2022 and is projected to grow at a CAGR of 15.17% during the forecast period 2022-2032.
Rising Demand for Novel Therapies for Various Therapeutic Areas
The rising demand for novel medicine for chronic diseases coupled with development in the global healthcare sector is anticipated to drive drug discovery services market growth. Pharma and biopharma firms continue to outsource their research and development (R&D) activities to contract research organisations (CROs), who have positioned themselves to provide best-in-class R&D services and create engagement models to maximise R&D productivity and reduce the financial burden placed on pharmaceutical corporations. The rising burden of chronic diseases is enforcing government and pharmaceutical companies to look for the solution and rising investment in clinical trials. Therefore, the demand for drug discovery services will rise. However, due to lack of skilled labours and the high rate of target drug molecule failure will be the major restraint to the market.
How has COVID-19 had a Significant Positive Impact on the Drug Discovery Services Market?
The sudden onset and spreading of the SARS-CoV-2 motivated international multilateral organisations and private funders to pool their funds to support the development of an effective vaccine to combat the coronavirus and its variants. Around the world, a vast number of scientists, technologists, and data managers are involved in everything from laboratory investigations to clinical trials. The COVID-19 intervention has helped the government and healthcare sectors understand the value and necessity of drug discovery for the development of effective medications. As a result, many businesses have increased their R&D spending, and the government has placed a strong emphasis on drug discovery and development, which has a favourable impact on the market for drug discovery services.
How will this Report Benefit you?
Visiongain’s 689-page report provides 259 tables and 493 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses of the global drug discovery services market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for drug discovery services. Get financial analysis of the overall market and different segments including services type, process, therapeutic area, drug type, technology, and end user company size and capture higher market share. We believe that there are strong opportunities in this fast-growing drug discovery services market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Chronic Disease Burden to Fuel Market Growth Over the Next Decade
Chronic conditions like diabetes, dementia and cardiovascular disease entail high socio-economic costs in addition to a high and rising patient illness burden. Seven out of ten fatalities globally are caused by them, which account for more than 40 million deaths annually. The majority of healthcare expenses in the U.S. are attributed to chronic diseases, which are key reasons for death and disability. As a result, the prevalence of chronic diseases is projected to drive the global market for drug discovery services over the course of the forecast period as this will result in an increase in R&D spending and research activities for the creation of novel drugs. The increased prevalence of these chronic diseases leads to high demand for medications and opens up new economic prospects for companies that provide drug discovery services.
High Demand for Outsourcing Clinical Trial Services
To increase profitability and lower total R&D costs, major pharmaceutical companies are collaborating with clinical research organizations (CROs) to provide drug discovery services. The rising research and development expenditure, to reduce the overall cost of drug discovery and development, pharmaceutical companies are opting for fully integrated outsourcing services to aid their drug research and development.
Where are the Market Opportunities?
Intervention of Artificial Intelligence for Drug Discovery
The intervention of artificial intelligence (AI) to analyse the results and studies will benefit the drug discovery. Artificial intelligence can aid in analysing the structure of proteins before a molecule is synthesised or produced, this can help forecast how it will affect the target as well as safety implications. In the same manner, AI is a promising technology to ease drug discovery. As a result, the market for drug discovery services will experience significant growth over the course of the projected period.
The major players operating in the drug discovery services market are BioBlocks, Inc, Charles River Laboratories, Domainex, Eurofins Scientific, Evotec, Jubilant Pharmova Limited Company, Labcorp Drug Development (Parent Company Laboratory Corporation of America Holdings), Thermo Fisher Scientific Inc., Sygnature Discovery, and WuXi AppTec among other players. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• On 3rd December 2021, Labcorp acquired the contract research company Toxikon Corporation. The addition of Toxikon is anticipated to expand the company's product portfolio.
• On 25th January 2022, Evotec and Boehringer Ingelheim formed a target and drug development cooperation focused on induced pluripotent stem cell ("iPSC")-based disease modelling for ophthalmologic illnesses
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