the Drug Discovery Services Market is growing pervasively mainly due to the augmented demand and supply for the medicines. Moreover, factors such as the increasing technological advancements and the adoption of new techniques for discoveries alongside the rising generic drugs, and the growing number of patents expiries are escalating the market on the global platform.
Acknowledging the exponential growth, the market perceives currently Market Research Future (MRFR), in its recently published study report asserts that the global Drug Discovery Services Market will garner colossal accruals by 2023, registering a CAGR of approximately 10% during the assessment period (2017 – 2023).
Drug Discovery Services Market – Segments
For ease of understanding, the MRFR analysis has been segmented into seven key dynamics: –
By Drug Type : Biologics and Small Molecule Drug.
By Type of Services : Pharmaceutical Services, Drug Metabolism & Pharmacokinetics (DMPK) Services, Medicinal Chemistry, and Biological Services among others.
By Therapeutic Area : Neurology, Oncology, Cardiovascular Diseases, Diabetes Respiratory Diseases, and others.
By Process : Target Validation, Target Selection, Hit-To-Lead Identification, Candidate, and Validation Lead Optimization among others.
By Technology : Biochips, High Throughput Screening, Pharmacogenomics & Pharmacogenetics, Nanotechnology, Combinatorial Chemistry, Spectroscopy, Metabolomics, and others.
By End-user : Pharmaceutical Companies, Hospitals & Clinics, Biotechnology Companies, Research Institutes, and others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
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Additional factors that are boosting the growth of the market include the increasing research & development activities predominantly led by the government support, burgeoning healthcare sector, the rising demand for generic drugs, increasing geriatric population, and technological advancements. Furthermore, the growing number of contract development and manufacturing organizations (CDMOs) that are fostering the activities of drug discovery and the rapidly proliferating pharmaceutical industry encourage the growth of the market to an extent.
Key players leading the global drug discovery services market include Advinus Therapeutics, Agilent Technologies Ubiquigent, Abbott Laboratories Inc., AstraZeneca PLC, Albany Aurigene, Charles River Laboratories International, Molecular Research Inc. (AMRI), Bayer AG, Eli Lilly and Company, ChemBridge Corporation, Covance, Evotec, Domainex, GE Healthcare, F. Hoffmann-La Roche Ltd, GenScript, GlaxoSmithKline LLC, GVK Biosciences, Jubilant Biosys, Lonza, Merck, Piramal Enterprises, Promega Corporation, Pharmaceutical Product Development, LLC (PPD), Shimadzu Corp., Selcia Limited, Thermo Fisher Scientific, Syngene International Ltd., SRI International, Viva Biotech, and WuXi AppTec among others.
Conversely, the requirement of huge capital investment, low-profit margins, and strict FDA regulations are some of the key factors acting as a headwind that is restricting the growth of market growth. However, factors such as the increasing government assistance, rising funding & reimbursement and improving regulatory framework would support the growth of the market during the assessment period. Also, the growing geriatric population and technological advancements in the medicinal field are contributing to the growth of the market.
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Drug Discovery Services Market – Regional Analysis
The North American region, heading with the rising funding from government dominates the global drug discovery services market. Moreover, factor such as the spreading awareness towards cost-effective applications of drug discovery services and increasing demand for personalized medicines drive the growth of the regional market. The increasing consumption of medicines led by the prevalence of chronic diseases, well-established healthcare sector, and the growing trend of personalized medicines are some of the other key driving forces behind the market growth in the region.
Also, factors such as the high healthcare expenditures, and augmenting demand for the novel drug discoveries substantiate the growth of the drug discovery services market in the North American region. The North America drug discovery services market is projected to grow at a substantial CAGR, creating a larger revenue pocket by 2023.
The drug discovery services market in the European region accounts for the second-largest market, globally. Factors such as financial support by the government for cancer research activities and the patent expiration of numerous blockbuster drugs are estimated to drive the regional drug discovery services market. Furthermore, the burgeoning pharmaceutical industry is a key driving force fostering the growth of the regional market and allowing it to grow at a considerable CAGR.
The Asia Pacific drug discovery services market is rapidly emerging as a promising market, globally. The availability of cost-competitive skilled labor force and raw materials are the key driving forces behind the growth of the regional market, encouraging foreign investors to shift their production bases in this rapidly growing market.
Additionally, factors such as the huge developments in the pharmaceutical sector, demand for breakthrough drug discoveries, and huge patient pool propels the growth in the regional market. The increasing demand for personalized medicine that is led by the rising prevalence of cancer and other such diseases and presence of a large number of manufacturers of personalized drugs will support the regional market to register a phenomenal CAGR throughout the forecast period.
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Drug Discovery Services Market – Competitive Landscape
Widely expanded the drug discovery services market appears to be highly competitive with numerous major and small-scale players forming a competitive landscape. These players compete against each other based on pricing and an array of services.
Naturally, the competitive strength of these players is reliant on service pricing, service precision, versatility, and reliability of services. The market is forecasted to witness fierce competition with the potential extensions in innovations. Players operating in the drug discovery market strive to offer unique services with advanced features.
Focusing on rapid expansion and integration set for 2019-2019, these service providers build a company that can offer complementary services in key regions, in the emerging market.