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.

Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129

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.

Request Sample Pages for More Details@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129

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.

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.

Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129

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.

Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129

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).

Drug Discovery Services Market - Emerging Trends to Boost the Global Revenue

 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.

Drug Discovery Services Market - Major Growth Opportunities for Leading Players Across Geographies

 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.

Revenue Growth Dynamics:

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 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.

Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129

North America was the largest regional market for Drug discovery services Market in 2020.

The global drug discovery services market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional market for drug discovery services with an estimated share of in 2020. This can be attributed to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, rapid growth in the biosimilar and biologics markets, and the availability of the latest techniques, instruments, and facilities for drug discovery research in the region.

Leading Companies:

The global drug discovery services market is competitive, with Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), WuXi AppTec (China), and Thermo Fisher Scientific Inc. (US) together major share of the global market.

WuXi AppTec (China) has a comprehensive discovery and development services portfolio. It has a strong customer base, mainly in China, the US, Germany, Iceland, Israel, and Korea. To maintain its leading position in the market, the company mainly focuses on maintaining the quality of services delivered and adapting quickly to transformational and innovative conditions. The company is actively focusing on expansions and service launches to improve its capability and capacity in the global market. The company has conducted two expansions and two service launches in the last four years. For example, its subsidiary WuXi Advanced Therapies Inc. (WuXi ATU) opened a new process development and commercial manufacturing facility in Lin-gang, Shanghai.

Laboratory Corporation of America Holdings (US) is one of the leading players in the global drug discovery services market. The company’s strong focus on a broad range of customers, technology-enabled solutions, investments in joint ventures & partnerships, and comprehensive quality systems and processes contribute to the growth of the company’s market share. The company focuses on organic and inorganic growth strategies such as acquisitions and expansions to enhance its share in the global drug discovery services market. The company acquired Toxicon to expand its footprint in the bioanalytical testing and drug discovery services markets. Additionally, in September 2019, LabCorp established a new R&D center in Shanghai.

Thermo Fisher Scientific (US) offers a complete and integrated portfolio of discovery services. The company has a strong geographic footprint and operates in more than 150 countries across North America, Europe, Latin America, and Asia. The company gained more than USD 12 billion in revenue in 2020 from its Life Sciences Solutions segment, which provides drug discovery services. In 2021, Thermo Fisher Scientific acquired PPD to strengthen its drug discovery service portfolio.

Charles River Laboratories (US) is a global drug discovery service CRO with a comprehensive portfolio of drug discovery and early-stage development products and services. The company has made multiple acquisitions, partnerships, and collaborations. An integrated early-stage service portfolio, pharmaceutical manufacturing support portfolio, deep scientific expertise, a diversified global presence, and a flexible & customized environment to provide solutions have ensured strong revenue and expanded its market position.

Request Sample Pages@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129

Recent Developments in thr Global Industry:

# 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.

Drug Discovery Services Market - Major Revenue Growth Projections by 2026

 Expected Revenue Surge:

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.

Growth Boosters:

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.

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.

Download PDF Brochure@ 
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129

The chemistry services segment accounted for the largest share of the type segment in the drug discovery services market in 2020.

Based on type, the drug discovery services market is segmented into chemistry and biology services. The chemistry services segment commanded the largest share of this market in 2020. Growth in this market segment is largely due to the widespread application of chemistry in various early drug development phases to deliver robust candidates. The extensive usage of chemistry in academics, biotechnology companies, and large pharmaceutical companies also supports market growth.

The Hit-to-lead identification segment accounted for the largest share of the process segment in the drug discovery services market in 2020.

Based on process, the drug discovery services market is broadly classified into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. Hit-to-lead identification segment accounted for the largest share of the drug discovery services market in 2020. Due to its vital role in drug discovery, hit-to-lead identification is the most revenue-generating process, and currently, many CROs are offering these services to pharmaceutical companies.

RESTRAINT: Stringent regulations governing drug discovery and animal usage

Securing safety and efficacy is the prime focus of regulatory authorities during drug approval. Although these approaches help ensure the quality of the products launched in the market, they substantially increase the cost of drug development and the final product. In price-sensitive emerging markets, this factor can significantly impact the uptake of a particular drug. Apart from this, various legislations that ensure the quality of the product (such as GMP) often increase manufacturing costs.

The Asia Pacific region is the fastest-growing region of the drug discovery services market in 2020.

Based on the region, the drug discovery market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to register the highest growth during the forecast period primarily due to expanding pharmaceutical and biopharmaceutical industry, rising number of CROs, implementation of favorable government policies, increasing number of newly established R&D and manufacturing facilities, and the presence of less-stringent regulations for drug discovery processes (especially in terms of using animals for research) in several APAC countries.

Key Players:

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).

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.

Request Sample Pages@ 
https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129

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.

Drug Discovery Services Market worth $31.4 billion by 2026

 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.

Major Growth Influencing 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.

Download PDF Brochure@ 
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129

The chemistry services segment accounted for the largest share of the type segment in the drug discovery services market in 2020.

Based on type, the drug discovery services market is segmented into chemistry and biology services. The chemistry services segment commanded the largest share of this market in 2020. Growth in this market segment is largely due to the widespread application of chemistry in various early drug development phases to deliver robust candidates. The extensive usage of chemistry in academics, biotechnology companies, and large pharmaceutical companies also supports market growth.

The Hit-to-lead identification segment accounted for the largest share of the process segment in the drug discovery services market in 2020.

Based on process, the drug discovery services market is broadly classified into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. Hit-to-lead identification segment accounted for the largest share of the drug discovery services market in 2020. Due to its vital role in drug discovery, hit-to-lead identification is the most revenue-generating process, and currently, many CROs are offering these services to pharmaceutical companies.

The Asia Pacific region is the fastest-growing region of the drug discovery services market in 2020.

Based on the region, the drug discovery market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to register the highest growth during the forecast period primarily due to expanding pharmaceutical and biopharmaceutical industry, rising number of CROs, implementation of favorable government policies, increasing number of newly established R&D and manufacturing facilities, and the presence of less-stringent regulations for drug discovery processes (especially in terms of using animals for research) in several APAC countries.

RESTRAINT: Stringent regulations governing drug discovery and animal usage

Securing safety and efficacy is the prime focus of regulatory authorities during drug approval. Although these approaches help ensure the quality of the products launched in the market, they substantially increase the cost of drug development and the final product. In price-sensitive emerging markets, this factor can significantly impact the uptake of a particular drug. Apart from this, various legislations that ensure the quality of the product (such as GMP) often increase manufacturing costs.

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.

Request Sample Pages@ 
https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129

Key Players:

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).

Drug Discovery Services Market worth $31.4 billion by 2026

 Expected Revenue Surge:

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 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.

Download PDF Brochure@ 
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129

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.

The chemistry services segment accounted for the largest share of the type segment in the drug discovery services market in 2020.

Based on type, the drug discovery services market is segmented into chemistry and biology services. The chemistry services segment commanded the largest share of this market in 2020. Growth in this market segment is largely due to the widespread application of chemistry in various early drug development phases to deliver robust candidates. The extensive usage of chemistry in academics, biotechnology companies, and large pharmaceutical companies also supports market growth.

The Hit-to-lead identification segment accounted for the largest share of the process segment in the drug discovery services market in 2020.

Based on process, the drug discovery services market is broadly classified into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. Hit-to-lead identification segment accounted for the largest share of the drug discovery services market in 2020. Due to its vital role in drug discovery, hit-to-lead identification is the most revenue-generating process, and currently, many CROs are offering these services to pharmaceutical companies.

Geographical Growth Scenario:

The Asia Pacific region is the fastest-growing region of the drug discovery services market in 2020.

Based on the region, the drug discovery market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to register the highest growth during the forecast period primarily due to expanding pharmaceutical and biopharmaceutical industry, rising number of CROs, implementation of favorable government policies, increasing number of newly established R&D and manufacturing facilities, and the presence of less-stringent regulations for drug discovery processes (especially in terms of using animals for research) in several APAC countries.

Request Sample Pages@ 
https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129

Key Players:

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).