The global market size is projected to reach USD 21.4 billion by 2025 from USD 11.1 billion in 2020, at a CAGR of 14.0% during the forecast period.
Major Revenue Growth Boosters:
Market growth is largely driven by the growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increasing demand for outsourcing analytical testing and clinical trial services, initiatives for research on rare diseases and orphan drugs, and the focus on drug discovery.
Global Industry Segmentation:
Small molecule drugs accounted for largest share in drug discovery services market in 2019.
Based on drug type, the drug discovery services market is segmented into small-molecule drugs and biologic drugs. In 2019, small molecule drugs accounted for the largest market share as small-molecule drugs are simple, well-defined, and easy t’o characterize. Due to these features, they can quickly enter cells, affect molecules, and cause cancer cells to die.
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Oncology segment accounted for the largest share in the drug discovery services market in 2019
Based on the therapeutic area, the drug discovery services market is segmented into oncology, cardiovascular diseases, neurology, infectious and immune system diseases, digestive system diseases, and other therapeutic areas. The oncology segment accounted for the largest market share in 2019, with the highest growth rate as well. This can primarily be attributed to the increasing number of patients who have cancer and the subsequent increase in the demand for cancer therapies.
# In 2020, Covance entered into a partnership with Medable to expedite the adoption of decentralized trial technology.
# In 2020, Eurofins entered into partnership with PharmaResources (China). This partnership enabled both companies to build a joint drug discovery platform to accelerate small molecule drug development.
# In 2020, LabCorp launched its extensive preclinical, clinical, and post-approval cell and gene therapy development solutions through Covance, its drug development business.
# In 2020, WuXi AppTec Research Service Division and BioSolveIT launched GalaXi, a new chemical space of tangible molecules.
# In 2020, Charles River acquired HemaCare to strengthen its Research Models Services segment through Hemacare’s broad range of human primary cell and cell processing services that support the discovery and development of cell therapies.
Medicinal Chemistry accounted for the largest share the drug discovery services market in 2019
Based on type, the drug discovery services market is segmented into medicinal chemistry services, biology services, and drug metabolism and pharmacokinetics (DMPK). Of all these type segments, the medicinal chemistry services segment accounted for the largest share of the drug discovery services market in 2019 The large share of this segment is due to factors such as the widespread application of medicinal chemistry in various phases of preclinical drug discovery to deliver robust candidates. Furthermore, the extensive usage of medicinal chemistry in academics, biotechnology companies, and large pharmaceutical companies are also supporting market growth.
# To define, describe, and forecast the global drug discovery services market on the basis of process, type, drug type, therapeutic area, company type, and region.
# To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and trends).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall drug discovery services market.
# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders operating in the drug discovery services market.
# To forecast the revenue of the market with respect to four regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of The World.
# To profile key market players and comprehensively analyze their service portfolios, market positions, and core competencies.
# To track and analyze competitive developments such as services launches; expansions; agreements, collaborations, & partnerships; and mergers & acquisitions in the drug discovery services market.
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North America accounted for largest share of the drug discovery services market in 2019.
Based on the region, the global drug discovery services market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the drug discovery services market. The large share of this market segment can be attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and the availability of latest techniques, instruments, and facilities for drug discovery research.
The major players operating in this market Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec A.G. (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), Thermo Fisher Scientific, Inc. (US), Pharmaceutical Product Development, LLC (US), Syngene International Ltd. (India), and Selvita S.A. (Poland) among others.