Emerging Trends in Drug Discovery Services Industry
Overview of This Research 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 Boosting Factors:
The market for drug discovery services is expanding due to a number of factors, including rising R&D spending from biopharmaceutical and pharmaceutical companies, an increasing R&D pipeline that is necessitating more outsourcing of analytical testing, efforts to research orphan drugs and rare diseases, and the high cost of in-house drug development. In addition, participants in this market could anticipate development prospects from technical advancements, the launch of novel drug discovery methods, patent expiration, and the increasing demand from end users for specialized testing services.
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Factors Which May Hinder Growth:
Strict laws controlling the use of animals in drug research
Securing safety and efficacy is regulatory agencies' primary focus during the drug approval process. These methods greatly raise the expense of the medication development process for the finished product, even if they validate the quality of the items introduced to the market. The uptake of a specific treatment can be greatly impacted by this issue in places where emerging markets are price-sensitive. In addition, a number of laws (such GMP and GLP) that guarantee product quality typically raise manufacturing costs.
Projected Growth in Revenue Generation:
The 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.
Regional Growth Prospects:
In terms of the drug discovery services market, the Asia Pacific region is projected to develop at the quickest rate 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.
Key Players:
The drug discovery services market is dominated by a few globally established players such as Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), WuXi AppTec (China), and Thermo Fisher Scientific Inc (US), among others, are the key service providers that provided drug discovery services in last few years. Major focus was given to the deals, expansions, and new service launches due to the changing requirements of pharmaceutical and biopharmaceutical companies, academic and research institutes, and other end users across the world.
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Recent Developments of Drug Discovery Services Industry:
# 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.