New York – United States
Data Bridge Market Research conducted an extensive qualitative study focusing on the “Drug Discovery Services Market“. Market research analysis is one of the finest options to resolve business challenges quickly by saving a lot of time. An international Drug Discovery Services market document analyzes the market status, growth rate, future trends, market drivers, market restraints, key opportunities, challenges, market risks, entry barriers, sales channels, distributors, and Porter’s Five Forces Analysis. Under the competitive analysis section of the Drug Discovery Services report, major key players existing in the market are revealed along with different details such as company profiles, their market share analysis, and their diverse strategies which make them prosper in the market.
Data Bridge Market Research analyses that the drug discovery services market, which was USD 14.68 billion in 2022, is expected to reach USD 44.91 billion by 2030, at a CAGR of 15.00% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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According to the American Cancer Society, approximately 1.8 million new cancer cases were diagnosed in 2020, with an estimated 606,520 cancer deaths occurring in the United States. Thus, the increasing burden of diseases and its global burden drive demand for drug discovery services. For better drug candidate identification, there has been an increase in the use of advanced technologies such as bioinformatics, high throughput, and combinatorial chemistry. With emerging technologies, drug discovery has evolved significantly, making the process more refined, accurate, and time-consuming.
Drivers
- Rising demand for novel therapies for various therapeutic purposes
Drug discovery services market growth is expected to be driven by rising demand for novel medicine for chronic diseases and development in the global healthcare sector. Pharmaceutical and biopharma companies continue to outsource their research and development activities to contract research organisations (CROs), which provides R&D services and develop engagement models to maximise R&D productivity. The rising burden of chronic diseases is compelling governments and pharmaceutical companies to seek solutions and increase investment in clinical trials. As a result, the demand for drug discovery services will increase.
- Rising chronic disease burden
Chronic conditions such as diabetes, dementia, and cardiovascular disease have high socioeconomic costs and a high and rising patient illness burden. They cause seven out of every ten fatalities worldwide, accounting for more than 40 million deaths yearly. Chronic diseases, which are the leading causes of death and disability in the United States, account for the majority of healthcare costs. As a result, the global market for drug discovery services is expected to be driven by the prevalence of chronic diseases over the forecast period, resulting in an increase in R&D spending and research activities for developing novel drugs. There is a high demand for medications due to the increased prevalence of these chronic diseases which creates new economic opportunities for companies that provide drug discovery services.
Noteworthy Players Operating at Regional and Global Levels:
General Electric (U.S.), Eurofins Scientific (U.S.), PPD Inc. (U.S.), Syngene International Limited (India), Wuxi AppTec (China), Frontage Labs (U.S.), Galapagos NV (Belgium), Aurigene Discovery Technologies (India), Genscript (U.S.), Domainex (U.K.), WIL Research Laboratories LLC (U.S.), Shanghai Medicilon, Inc. (China), Labcorp Drug Development (U.S.), Jubilant Biosys Ltd. (India), Evotec (Germany), Shanghai ChemPartner (China), Charles River Laboratories (U.S.), Merck & Co. Inc. (U.S.), and Thermo Fisher Scientific and others.
Market Segmentation of Drug Discovery Services Market:
Type (Medicinal Chemistry Services, Biology Services, Drug Metabolism and Pharmacokinetics), Process (Target Validation, Target Selection, Hit-To-Lead Identification, Candidate Validation, Lead Optimization), Drug Type (Biologics, Small Molecules), Therapeutic Area (Neurology, Diabetes, Oncology, Respiratory Diseases, Cardiovascular Diseases, Others)
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