Overview of This Study:
This research study involved the extensive use of secondary sources, directories, and databases to identify and collect valuable information for the analysis of the global drug discovery services market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and assess growth prospects of the market.
The global market size estimated through secondary research was then triangulated with inputs from primary research to arrive at the final market size.
Major Growth Driving Factors:
Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increasing demand for outsourcing analytical testing services, initiatives for research on rare diseases and orphan drugs, and the high cost of in-house drug development are creating new revenue pockets in the drug discovery services market. On the other hand, stringent regulations governing drug discovery and animal usage are expected to restrain market growth to a certain extent. The shortage of skilled professionals poses a challenge for drug discovery service providers.
Market Size Estimation:
The global size of the drug discovery services market was estimated through multiple approaches. A detailed market estimation approach was followed to estimate and validate the value of the drug discovery services market and other dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market.
Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129
Expected Revenue Growth:
The global Drug discovery services market is projected to reach USD 31.4 billion by 2026 from USD 16.1 billion in 2021, at a CAGR of 14.3% during the forecast period of 2021 to 2026.
Data Triangulation:
After arriving at the market size from the market size estimation process explained above, the total market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
Recent Developments:
# In December 2021, Curia (US) launched messenger RNA (mRNA) solution, which includes discovery, process development, and mRNA drug substance production, through large-scale lipid manufacturing, lipid nanoparticle (LNP) formulation, and development for full-scale sterile fill-finish services.
# In September 2021, Eurofins collaborated with Liverpool ChiroChem Ltd to provide enhanced chemical expertise by accessing LCC’s fragment library and PROTAC linker molecules to augment their integrated drug discovery platform, DiscoveryOne.
OPPORTUNITY: Growth in drugs and biologics market despite Covid-19 Pandemic
Despite the ongoing COVID-19 pandemic, 2020 has been the second-best year for the pharmaceutical industry regarding the number of drugs approved by the US FDA. This year witnessed the authorization of 53 drugs—a number surpassed only in 2018 with 59 pharmaceutical agents. The 53 approvals in 2020 comprised 40 new chemical entities and 13 biologics (of which ten were monoclonal antibodies, two were antibody-drug conjugates, three were peptides, and two, oligonucleotides). The FDA authorized 160 drugs in the last three years (2018–2020), compared to the approval of only 21 drugs in 2010.
This growth in the number of approved products worldwide is attributed to the rising investments by biopharmaceutical companies to develop biologics and biosimilars. More than half of the drug candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies. Biologics are expected to contribute around half of the revenue generated by the top 100 pharmaceutical product sales in 2022.
Request Sample Pages@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129
COVID-19 impact on the Drug Discovery Services Market
COVID-19 is an infectious disease caused by the recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 quickly moved from a regional crisis to a global pandemic. The COVID-19 pandemic has increased the burden on healthcare systems across the globe. According to the World Health Organization (WHO), there were 336,790,193 confirmed cases of COVID-19 and 5,560,718 deaths as of January 20, 2022. The highest number of deaths was in the Americas, followed by Europe and Southeast Asia.
With the WHO officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies have scaled up R&D and manufacturing efforts to develop and distribute test kits, vaccines, and drugs against the SARS-CoV-2 virus. To expedite the R&D process, many pharmaceutical and biotechnology companies teamed up with CROs through long-term agreements, partnerships, and collaborations across the globe. CROs have also developed dedicated services for COVID-19 research.
No comments:
Post a Comment