An Insightful Report by Market Research Future (MRFR) states that the Global Drug Discovery Services Market is set to perform well at a CAGR of 10.8% during the forecast period (2017–2023).
Top Leading Competitive Insights
The leading vendors in the global drug discovery services market include Agilent Technologies Ubiquigent, Thermo Fisher Scientific, AstraZeneca PLC, Aurigene, GenScript, Charles River Laboratories International, ChemBridge Corporation, WuXi AppTec, Abbott Laboratories Inc., Bayer AG, Eli Lilly and Company, Evotec, Domainex, F. Hoffmann-La Roche Ltd, GE Healthcare, Covance, GVK Biosciences, Jubilant Biosys, Lonza, Merck, Syngene International Ltd., Pharmaceutical Product Development LLC (PPD), SRI International, Advinus Therapeutics, Selcia Limited, Shimadzu Corp., Viva Biotech, Albany Molecular Research Inc. (AMRI), Piramal Enterprises, Promega Corporation, GlaxoSmithKline LLC, and others.
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Drug Discovery Services refer to as the outsourcing the process of development of a new medicine. These services minimize the costs and timelines of drug discovery. The most common methods employed for drug discoveries are molecular manipulation, drug metabolites, random screening, molecular designing, and serendipity.
Additional factors substantiating market growth include the increasing demand for cancer treatment, technological advancements, and increasing healthcare expenditure that are led by improving economic conditions, worldwide. Besides, factors such as the spreading awareness towards the availability of novel drugs, unmet medical needs, and the patent expiration of blockbuster drugs foster the market growth.
June 2019 Reaction Biology Corporation (RBC) has recently been assigned a subcontract from Leidos Biomedical Research Inc., which involves RBC working on an early stage drug discovery project. This project will be for the National Cancer Institute’s Experimental Therapeutics (NExT) program and will make use of the Surface Plasmon Resonance (SPR) technology.
The global drug discovery services market has been segmented on the basis of drug type, types of services, technology, therapeutic area, process, and end-user.
In terms of the drug type, the drug discovery services market can be fragmented into small molecule drug and biologics drug.
The types of services in the drug discovery services market include drug metabolism and pharmacokinetics (DMPK) services, biological, pharmaceutical services, and medicinal chemistry services.
Depending on the technology, the drug discovery services market has been broken down into high throughput screening, biochips, pharmacogenomics and pharmacogenetics, combinatorial chemistry, nanotechnology, spectroscopy, metabolomics, and others.
With respect to therapeutic area, the drug discovery services market covers oncology, neurology, cardiovascular diseases, respiratory diseases, diabetes, and others.
Process-wise, the segments in the drug discovery services market are target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation.
The end-users in the drug discovery services market include hospitals and clinics, pharmaceutical companies, biotechnology companies, research institutes, and others.
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Europe, America, Asia Pacific, and the Middle East & Africa are the key regions where the drug delivery services market is expected to develop during the forecast period.
The Americas proved to be the supreme region in the global drug discovery services market, with strong backing from factors like the growing prevalence of chronic diseases along with the high healthcare expenditure. The data furnished by the Center for Disease Control and Prevention (CDC) states that roughly 92.1 million adults are afflicted with at least one kind of cardiovascular disease. In another report, in 2015, it was found that almost 15.1% or 36.5 million adults in the United States were smokers, accounting for over 480,000 deaths annually. Close to 86% (USD 2.7 trillion) of the total healthcare expenditure in the United States is spent on those affected by chronic and mental health conditions. These statistics are indicative of the growing need for drug delivery services in the region, further establishing regional dominance in the global market.
Europe secures the runner-up position in the global drug discovery services market. The regional market finds immense leverage from supportive factors, including strong financial support by the government for research and development activities along with patent expiration of a variety of blockbuster drugs. It is estimated that a number of biologic drugs including Abbott & Eisai’s Humira, J&J’s Remicade, and Genentech’s Rituxan are will be losing their patent protection in the years ahead.
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The Asia Pacific is anticipated to be the fastest growing drug discovery services market, on account of vital factors such as the presence of a huge patient pool in the region and the expansion of the pharmaceutical sector at a steady pace. Also, the increasing healthcare expenditure and the consequent development of the healthcare industry are believed to be highly beneficial for the Asia Pacific market. On that note, various studies by Australian Institute of Health and Welfare state that from 2015 to 2016, the overall health expenditure in the region was close to USD 170.4 billion, which is 3.6% higher than the expenditure from 2014 to 2015.
Lastly, the Middle East and Africa is the holder of the least share in the global market, because of the sluggish development rate of the healthcare sector, poor technical knowledge, and substandard medical facilities within the region.
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