Global Drug Discovery Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Drug Discovery Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

In the fields of medicine, biotechnology and pharmacology, drug discovery is the process of discovering new drug candidates. Drug Discovery Services is a range of services that suppliers help companies reduce costs and save time in drug development.

The drug discovery process comprises the identification of aspirants, production, depiction, selection, and assays for therapeutic usefulness. Once a compound has presented its value in these assessments, it will initiate the course of drug development leading to clinical trials. The drug target recognition, drug discovery selection, and drug design based on the fragment, lead compound recognition, and lead optimization form the core of drug discovery services.

Market Overview:

The latest research study on the global Drug Discovery Services market finds that the global Drug Discovery Services market reached a value of USD 12810.18 million in 2022. It’s expected that the market will achieve USD 32110.1 million by 2028, exhibiting a CAGR of 16.55% during the forecast period.

Opportunities

The major factors driving the growth of this market are increasing research and development expenditure, inclination of major pharmaceutical companies towards outsourcing to avoid hurdles, and increasing demand for outsourcing of analytical testing and clinical trial services.

Arguably, over the next decade and beyond, it is in silico DMPK approaches that can most significantly impact the cost effectiveness, speed and design quality of drug discovery projects. However, to be maximally impactful, in silico models need to improve current levels of predictivity, become more mechanistic and importantly provide design teams with the ability to optimize multiple properties simultaneously.

The increasing number of cancer patients leads to a high demand for cancer therapies, to a large extent, it pushes the research and development of drugs and provides opportunities to drug discovery services.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Charles River Laboratories, Wuxi Apptec, and Covance, with the revenue market share of 8.46%, 4.14% and 1.81% in 2018.

Charles River Laboratories, Inc., is an American Charles River Laboratories, Inc., is an American corporation specializing in a variety of preclinical and clinical laboratory services for the pharmaceutical, medical device and biotechnology industries. It also supplies assorted biomedical products and research and development outsourcing services for use in the pharmaceutical industry.

WuXi AppTec, Inc. provides contract research and development outsourcing services for pharmaceutical, biotechnology, and medical device industries worldwide.

Segmentation Overview:

Among different product types, Medicinal Chemistry segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Oncology segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Drug Discovery Services market covered in Chapter 3:

Evotec
Piramal Enterprises
Charles River Laboratories
Genscript Biotech Corporation
Covance
Albany Molecular Research, Inc. (AMRI)
PPD
Thermo Fisher Scientific
Wuxi Apptec
Lonza
GVK Biosciences

In Chapter 4 and Chapter 14.2, on the basis of types, the Drug Discovery Services market from 2018 to 2029 is primarily split into:

Pharmacokinetics and Drug Metabolism
Biology Services
Medicinal Chemistry

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Drug Discovery Services market from 2018 to 2029 covers:

Neurology
Diabetes
Oncology
Respiratory Diseases
Cardiovascular Diseases
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)