Monday, September 26, 2022

Drug Discovery Services Market - Major Pillars for the Global Growth

 Global Industry Growth Boosting 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.

Research Methodologies Followed for This Study:

Secondary Research:

The secondary sources referred to for this research study include publications from government sources, such as Association of International Contract Research Organizations (AICROS), American Association of Pharmaceutical Scientists (AAPS), Clinical and Contract Research Association (CCRA), Association of Clinical Research Organizations (ACRO), Clinical Research Society (CRS), Pharmaceutical Research and Manufacturers of America (PhRMA), National Center for Biotechnology Information (NCBI), Food and Drug Administration (FDA).

Primary Research:

Extensive primary research was conducted after acquiring basic knowledge about the global drug discovery services market scenario through secondary research. Several primary interviews were conducted with market experts from the demand side, such as personnel from pharmaceutical and biopharmaceutical industries, CDMOs and CROs, academic & research institutes, and experts from the supply side, such as C-level and D-level executives, product managers, marketing & sales managers of key manufacturers, distributors, and channel partners. These interviews were conducted across four major regions, including North America, Europe, the Asia Pacific, and the Rest of the World. Approximately 70% and 30% of primary interviews were conducted with supply-side and demand-side participants, respectively. This primary data was collected through questionnaires, e-mails, online surveys, personal interviews, and telephonic interviews.

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Projected Surge in Revenue:

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.

Major Objectives of This Study:

# To define, describe, and forecast the drug discovery services market by type, drug type, process, end user, and region.

# To provide detailed information about the major factors influencing the market growth (drivers, restraints, opportunities, and challenges).

# To strategically analyze micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market.

# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.

# To forecast the size of the market segments in North America, Europe, Asia Pacific,  Latin America, and the Middle East & Africa.

# To profile the key players and comprehensively analyze their market shares and core competencies in the global drug discovery services market.

# To track and analyze competitive developments such as product & service launches, partnerships, collaborations, agreements, expansions, and acquisitions in the global drug discovery services market.

CHALLENGE: Shortage of Skilled Personnel

The global pharmaceutical, biotechnology, and medical device R&D outsourcing industry is constantly evolving. Professionals must keep pace with the continuing changes in pharmaceutical R&D technologies and methodologies, provide quality services, and comply with good laboratory practices. CROs face challenges in attracting and retaining highly skilled professionals as they compete with pharmaceutical and biotechnology companies and academic and research institutions for qualified and experienced scientists.

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.

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Global Leading Companies:

Key players in the drug discovery service Market include Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), WuXi AppTec (China), and Thermo Fisher Scientific Inc (US).

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