Global Drug Discovery Services Market was valued at 10.2 billion in 2019 which is expected to reach USD 23.4 billion by 2027 at a CAGR 14.2%.
Qualiket Research’s latest report on ‘’Global Drug Discovery Services Market’’ contains qualitative and quantitative estimation of market elements that interests the clients. The increase in research and development investment and funding in pharmaceutical and biopharmaceutical industry thus raise demand for outsourcing analytical testing and clinical trial services. Drug discovery is the process where new drugs are designed random screening, drug metabolites, molecular designing, drug metabolites, molecular designing, and serendipity. Drug discovery services mainly designed to reduce cost and timelines of drug discovery process. Drug discovery processes are used to development of new drugs.
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Increase in prevalence of chronic diseases like cancer is expected to boost the growth of global drug discovery service market. For instance, according to WHO (World Health Association) around 8.8 million people are dead due to cancer in 2015 worldwide. Furthermore, rise in demand for medicine for treatment of various diseases is expected to propel the global drug discovery services market growth. In addition to that, rise in technological advancements, new drug discovery techniques, as well as increase in demand for generic medicine expected to fuel the global drug discovery market growth.
Key Players Major Key Players Operating in Global Drug Discovery Services Market
The various key players are profiled in this report including Albany Molecular Research Inc., Charles River Laboratories, International Domainex, Thermo Fischer Scientific, Covance, GenScript, Selcia Limited, SRI International, Evotec, Viva Biotech, Pharmaceutical Product Developmemt LLC., and WuXI App Tec.
Impact of COVID-19
The COVID 19 pandemic is public health challenge and which is expected to have significant impact on ISH market for research and diagnostics applications. In order to expedite R & D process, leading pharma and biotech industries entering into partnership and collaboration with drug discovery organizations to develop vaccines and therapeutics to control COVID 19.
Global Drug Discovery Services Market Restraints
Huge capital investments, and low profit margins are the major restraining factors which is expected to hamper the global drug discovery services market growth. Also, strict Food and Drug Administration (FDA) regulations and poor healthcare system will affect the growth of global drug discovery services market.
On the basis of process, the global drug discovery services market is segmented into Target Selection, Validation, and Lead Optimization, on the basis of type market is segmented into DMPK, and Medicinal Chemistry.
Based on drug type market is segmented into biologics, and small molecules. In 2019, small molecule drugs projected to largest market share as these drugs are well-defined, small, simple, and easy to characterize. Due these unique features they can easily enter into cells, affect molecules, and kill cancer cells. Also, based on therapeutics market is segmented into oncology, and neurology.
On the basis of region global drug discovery services market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
North America projected for the largest market share of the drug discovery services market. The large market share of this drug discovery services market can be attributed majorly to the availability of well-established CROs, and increase in expenditure research and development expenditure by biopharmaceutical and pharmaceutical companies, and the availability of advanced techniques facilities for drug discovery research.
Key Features of Study
- The Global Drug Discovery Services Report provides detailed quantitative analysis of current market trends in drug discovery services, and market estimates from 2020 to 2027which showcase the drug discovery services market opportunities during this forecast timeline.
- In-depth analysis of this report covers analysis of various regions is anticipated to offer a detailed understanding of the latest market trends to enable stakeholders formulate region-specific plans.
- The Global Drug Discovery Services Market study contains qualitative and quantitative estimation of market elements which interests the clients.
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