New Developments to Support Global Growth of the Drug Discovery Services Industry
This Study Will Help You:
# To define, characterize, and project the Drug Discovery Services Market according to end user, drug type, process, and geography.
# To give comprehensive details regarding the main elements (drivers, constraints, opportunities, and challenges) affecting the market's growth.
# To strategically examine micromarkets in light of their respective contributions to the market as a whole, growth trends, and prospects.
# To assess market prospects for interested parties and give important players specifics about the competitive environment.
# To project market segment sizes in Latin America, the Middle East & Africa, Europe, Asia Pacific, and North America.
# To create a thorough analysis of the major players' market shares and core competencies on the international scene.
# To monitor and assess competitive developments in the global market, including the introduction of new products and services, alliances, cooperation, contracts, expansions, and acquisitions.
Factors Influencing Global Growth:
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, players in this market should anticipate growth opportunities from technological advancements, the introduction of novel drug discovery methods, patent expiration, and the increasing demand from end users for specialized testing services.
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Revenue Growth Expectations, Globally:
At a compound annual growth rate (CAGR) of 14.9%, the global drug discovery services market is expected to reach $41.3 billion by 2028 from its estimated $20.6 billion in revenue in 2023.
Global Market Segmentation:
The oncology segment held the highest market share in the drug discovery services industry based on therapeutic area.
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 therapeutics, and the emphasis on introducing novel cancer drugs to the market, oncology is the largest segment in this market.
In the drug discovery services market, the biologics segment had the fastest-growing share of the drug type segment in 2022.
The drug discovery services are divided into two categories: biologics and small-molecule drugs. The rapid growth of this market can be attributed to several factors, including the number of biologics under development, biopharmaceutical companies' increased focus on developing biologics for different therapeutic areas, the complexity of biologic drug development, the high cost of developing biologics, and the challenges related to manufacturing and safety that force pharma and biotech companies to outsource biologic drug discovery and development to seasoned service providers.
In the drug discovery services market, the chemistry services segment held the highest percentage of the type segment in 2022.
The market for drug discovery services is divided into two categories based on service type: chemistry and biology. In 2022, the chemistry services sector held the highest market share. The primary driver of this market segment's growth is the extensive use of chemistry services to produce strong candidates for drug discovery throughout several early stages of drug development. The broad application of chemistry in universities and research facilities, biotechnology businesses, and major pharmaceutical companies all contribute to the market expansion.
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Geographical Growth Scenario:
The market for drug discovery services is expected to contribute the most from North America.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the five main regions that make up the global market for drug discovery services. Europe is the second-largest regional market for drug discovery services, with North America holding the largest estimated share in 2022. The region’s pharmaceutical and biopharmaceutical companies are driving the growth of the market with their well-established pharmaceutical industry, ongoing R&D studies, high R&D expenditures, growth in the biosimilars and generics markets, and growing R&D service outsourcing.
Pharmaceutical giants such as Laboratory Corporation of America Holdings (US), Charles River Laboratories International, Inc. (US), Thermo Fisher Scientific (US), Frontage Holdings (US), Pfizer, Inc. (US), AbbVie, Inc. (US), Abbott Laboratories (US), and Johnson & Johnson (US) have their global headquarters located in North America, which is the largest pharmaceutical market globally. To cut costs and save time, these businesses outsource their drug development and discovery services. This demonstrates the potential for expansion in the North American market.