Increase in the research and development activities and expenditure, leading pharmaceutical companies moving towards outsourcing are some of the factors resulting in the growth of drug discovery services. Introduction of advanced technology in the drug discovery process is also the major driver in the market growth. However, stringent regulations in some regions on drug discovery services, high cost involved in the discovery of drug and development and usage of animals in testing are hampering the market growth.
According to a study by Fact.MR, the global market for drug discovery services is likely to experience strong growth. By 2026 end, the global market for drug discovery services is also estimated to bring in US$ 16,800.1 million revenue. Advancements in the drug discovery technologies are leading to the better drug discovery services. Some of the upcoming trends in the market in terms of drug discovery technology are regulatory initiatives towards pharmacogenomics technology, combinatorial chemistry technology, etc. there has also been an increase in the adoption of label-free techniques.
(Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Hit-To-Lead Identification to Gain Maximum Traction
Compared to the various processes in the drug discovery services, Hit-To-Lead identification is anticipated to gain maximum traction. Hit-To-Lead identification is likely to exceed US$ 6,900 million revenue towards 2026 end. Increasing research based on the High-Throughput Screening (HTS) is the main factor driving the use of hit-to-lead identification process.
Medicinal Chemistry to be the Largest Type of Drug Discovery Services
Medicinal chemistry is projected to emerge as the largest type in the drug discovery services market. Medicinal chemistry is estimated to bring in close to US$ 6,100 million revenue. There has been an increase in the outsourcing by pharmaceutical companies, this is emerging as the driving factor. Many drug discovery services providers based in Asia are increasing their foothold in North America and Europe.
Small Molecules to Witness Highest Growth in Terms of Revenue
Compared to biologics, small molecules are estimated to account for the highest share in terms of revenue. By 2026 end, small molecules are estimated to exceed US$ 10,800 million revenue. Small molecules are gaining traction as they are easy to characterize, simple and well defined. Also, small molecules can easily enter cells, and can cause cancer cells to die.
Oncology to Hold Largest Revenue Share in the Therapeutic Area
By therapeutic area, oncology is likely to emerge as the largest segment throughout the forecast period. Towards 2026 end, oncology is estimated to exceed US$ 6,900 million revenue. Increasing number of people suffering from cancer is resulting in the high demand for cancer therapies. Hence, oncology is anticipated to experience a significant growth in the coming years.
The report also profiles companies that are expected to remain active in the expansion of global drug discovery services market through 2026, which include Syngene, Wuxi Apptec, Aurigene Discovery Technologies, Genscript Biotech Corporation, Covance, Jubilant Biosys, Pharmaceutical Product Development, LLC. (Ppd), Evotec, Charles River Laboratories International, Albany Molecular Research, Inc. (AMRI), GE Healthcare, Merck Millipore, and Thermo Fisher Scientific, Inc.
Note: The insights mentioned here are of the respective analysts, and do not reflect the position of Fact.MR
In the past few decades, the time and cost of drug development have soared. Significant investment is being made to convert new compound into a drug, reflecting complexity of the process. With the technological advancements, drug discovery technology is also improving. New technologies and in-depth understanding of biology by pharmaceutical companies is also likely to reduce costs of new drugs. Also discovery of new drugs is driving the demand for specialized support and tools. This Fact.MR report analyzes the expansion of global drug discovery services market till date, and provides key insights on the growth of the market during the forecast period, 2017-2026.
The scope of Fact.MR’s report is to analyze the global drug discovery services market for the forecast period 2017-2026 and provide readers an unbiased and accurate analysis. Pharmaceutical companies and research institutes, in the global drug discovery services market can benefit from the analysis offered in this report. This report offers a comprehensive analysis, which can be of interest to leading trade magazines and medical journals pertaining to drug discovery services.
The report commences with a brief information of the global drug discovery services market. This executive summary sets the tone for the rest of the report, providing users the scope of the report. The executive summary includes important facts and statistics on the global drug discovery services market.
The next section offers an overview of the global drug discovery services market. This comprises an introduction to the market, along with a standard definition of the product – drug discovery services. In this section, market value and year-over-year growth is offered to the readers. Year-over-year growth provides readers with a broader view of growth patterns over the forecast period.
The report’s succeeding section focuses on drivers, restraints and key trends from macroeconomic, demand, and supply perspectives. Impact analysis of weighted average model-based growth drivers is contained in the report for better provision of decision-making insights to clients.
In order to offer readers with up-to-date information about the latest advancements in the global drug discovery services market, the report provides updates about market opportunities, which can benefit leading players of drug discovery services. With continuous evolution of the healthcare sector, keeping a record of latest developments and trends is fundamental for drug discovery services market players to formulate key business strategies. Detailed insights about raw material sourcing, supply chain, regulatory approvals, pricing analysis, list of healthcare service providers, and cost structure are provided in this section.
Considering the wide scope of the global drug discovery services market, the report by Fact.MR offers in-depth analysis, segment-wise analysis and forecast. The global drug discovery services market is segmented on the basis of process, type, drug type, therapeutic area, and region. This segmentation also includes country-wise analysis considering all the key parameters of the global drug discovery services market.
The report’s last section comprises of the global drug discovery services market competitive landscape, to provide readers with the dashboard view of company analysis and market players. This competitive intelligence is based on the providers’ categories across value chain, and their presence in the global drug discovery services market.
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