Drug Discovery Services Market worth $41.3 billion by 2028
The report "Drug Discovery Services Market by Process (Target Selection, Hit-to-lead), Type (Chemistry, Biology), Drug Type (Small Molecule, Biologics), Therapeutic Area (Oncology, Neurology, Infectious), End User (Pharma, Biotech, Academic) - Global Forecast to 2028", global Drug discovery services market is projected to reach USD 41.3 billion by 2028 from USD 20.6 billion in 2023, at a CAGR of 14.9% during the forecast period of 2023 to 2028. Factors such as growing R&D expenditure from pharmaceutical and biopharmaceutical companies, the increasing R&D pipeline creating a need for increased analytical testing outsourcing, initiatives for research on rare diseases and orphan drugs, and the high cost of in-house drug development are positively driving the growth of the drug discovery services market. Additionally, technological advancements, the introduction of new drug discovery techniques, the expiry of patents, and rising demand for specialized testing services among end users are expected to offer growth opportunities to players in this market.
Browse 307 market data Tables and 54 Figures spread through 347 Pages and in-depth TOC on "Drug Discovery Services Market by Process (Target Selection, Hit-to-lead), Type (Chemistry, Biology), Drug Type (Small Molecule, Biologics), Therapeutic Area (Oncology, Neurology, Infectious), End User (Pharma, Biotech, Academic) - Global Forecast to 2028"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/drug-discovery-services-market-138732129.html
The chemistry services segment accounted for the largest share of the type segment in the drug discovery services market in 2022.
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 2022. Growth in this market segment is mainly due to the vast application of chemistry services in multiple early drug development phases to deliver robust candidates for drug discovery. The capacious use of chemistry in academics & research institutes, biotechnology companies, and large scale pharmaceutical companies also support the market growth.
The biologics segment accounted for the fastest growing share of the drug type segment in the drug discovery services market in 2022.
Based on drug type the drug discovery services is segmented into small-molecule drugs and biologics. The fast growth of this segment can be attributed to increasing number of biologics in the pipeline, the increasing focus of biopharmaceutical companies on developing biologics for various therapeutic areas, the development of biologics, the high cost of biologics development, the complexity of the biologic drugs, and safety and manufacturing challenges associated with biologics are driving pharma biotech companies to outsource biologic drug discovery and development to experienced service providers.
The Asia Pacific region is the fastest-growing region of the drug discovery services market in 2022.
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 emerging middle class, rising government spending for pharmaceutical R&D, growing therapeutic area expertise, and rapid expansion of pharmaceutical and biopharmaceutical industry in the region.
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).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Drug Discovery Services Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
