Global Drug Discovery Services Market Opportunities and Forecast 2023-2030

Drug Discovery Services Market Overview

Research and development activity has grown significantly within the pharmaceutical and biopharmaceutical industry. Pharmaceutical, biopharmaceutical, and medical device companies invest heavily within the development of novel drugs and devices, with most of the expenditure targeting phase III clinical trial and therefore the preclinical stages of drug development. Growth in research and development expenditure, fueled by the necessity for varied preclinical and clinical services during the drug discovery and development process, is one among the main factors propelling the drug discovery services market, globally.
Further increases in research and development spending within the coming years will provide a big boost to drug discovery and development activities, which can make sure the growth of the drug discovery services market within the forecast period.
Drug discovery and development involve high costs because of the high attrition rate of drug candidates in development. Since R&D for a few rare diseases is extremely challenging and requires a selected group of individuals to conduct a clinical test, drug R&D processes are often susceptible to failure.
 
Covid-19 Impact on Drug Discovery Services Market:
 
In addition, the present Global Market study offers an in depth analysis of the present COVID-19 pandemic impact on the market growth and its influence on the longer term growth of the worldwide Market. The recently published report demonstrates the elevation within the demand for the healthcare sector. The healthcare manufacturers have experienced future also as short term effect which incorporates supply shortages, panic buying, and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption might be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.

The increasing need for a cure has pushed vaccine research and makers to the limit. In addition to the present, panic conditions have already spurred the demand for several healthcare products and services which are discussed intimately during this report. Moreover, the impact of this pandemic on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.

Drug Discovery Services Market Segment Overview
 
By Process, Compared to the varied processes within the drug discovery services, Hit-To-Lead identification is anticipated to realize maximum traction. Increasing research supported the High-Throughput Screening (HTS) is that the main factor driving the utilization of hit-to-lead identification process.

Based on type, the medicinal chemistry services segment is estimated to account for the biggest share of the drug discovery services market in 2020. The big share of this segment is due to factors just like the widespread application of medicinal chemistry in various phases of preclinical drug discovery to deliver robust candidates. Furthermore, the extensive usage of medicinal chemistry in academics, biotechnology companies, and massive pharmaceutical companies are also supporting market growth.

Based on drug type, the drug discovery services market is segmented into small-molecule drugs and biologic drugs. In 2019, small molecule drugs are accounted for the biggest market share as small-molecule drugs are simple, well-defined, and simple to characterize. Because of these features, they will quickly enter cells, affect molecules, and cause cancer cells to die.
By Application, The oncology segment is predicted to account for the most important market share in 2020, with the very best rate of growth also. This will primarily be attributed to the increasing number of patients who have cancer and therefore the subsequent increase within the demand for cancer therapies.

Market Analysis, Insights and Forecast – By Process  
·       Target Selection
·       Target Validation
·       Hit-To-Lead Identification
·       Lead Optimization
·       Candidate Validation

Market Analysis, Insights and Forecast – By Drug Type 
·       Small Molecules
·       Biologics

Market Analysis, Insights and Forecast – By Type 
·       Medicinal Chemistry
·       Biology Services
·       Drug Metabolism and Pharmacokinetics

Market Analysis, Insights and Forecast – By Application 
·       Cardiology
·       Pulmonology
·       Oncology
·       Ophthalmology
·       Neurology
·       Orthopaedic
·       Other

Drug Discovery Services Market Regional Overview

Region-wise, in terms of regions, North America accounted for the biggest share of the drug discovery services market. the big share of this market segment are often attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and therefore the availability of latest techniques, instruments, and facilities for drug discovery research.

Drug Discovery Services Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
 
Drug Discovery Services Market Competitor overview

Some key developments and strategies adopted by manufacturers in the Drug Discovery Services are highlighted below.
 
·        In 2020, Covance entered into a partnership with Medable to accelerate the adoption of decentralized trial technology.
 
Drug Discovery Services Market, Key Players

·       Syngene
·       Wuxi Apptec,
·       urigene Discovery Technologies
·       Genscript Biotech Corporation, Covance
·       Jubilant Biosys
·       Pharmaceutical Product Development, LLC.
·       Evotec
·       Charles River Laboratories International
·       Albany Molecular Research Inc.
·       GE Healthcare
·       Merck Millipore
·       Thermo Fisher Scientific Inc.