What is the global market size of Drug Discovery Services Market?

Drug Discovery Services Market size was valued at USD 3.26 billion in 2021 and is poised to grow from USD 3.5 billion in 2022 to USD 6.6 billion by 2030, growing at a CAGR of 7.3% during the forecast period (2023-2030).

Who are the key vendors in the Global Drug Discovery Services Market?

The market is highly competitive, and companies strive to differentiate themselves by offering innovative solutions, maintaining high-quality standards, and providing customized services to meet the specific needs of their clients.The competitive landscape is dynamic, with companies continuously investing in research and development, expanding their service portfolios, and seeking strategic partnerships and collaborations to enhance their capabilities. Additionally, there are also niche players and contract research organizations (CROs) that specialize in specific areas of drug discovery or provide focused services, such as computational chemistry, fragment-based drug discovery, high-throughput screening, or specialized animal models. '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.)', 'Thermo Fisher Scientific Inc. (U.S.)', 'TCG Lifesciences Pvt Ltd. (India)'.

What is the key driver of Global Drug Discovery Services Market?

Drug-finding services rising demand for novel treatments for chronic diseases and advancements in the global healthcare industry are predicted to be the main drivers of market expansion. Pharmaceutical and biopharmaceutical businesses still contract out their research and development (R&D) activities to CROs, which offer R&D services and create engagement models to maximise R&D efficiency. Governments and pharmaceutical corporations are being forced to look for solutions and boost their investment in clinical trials as a result of the increased burden of chronic diseases. As a result, there will be a greater need for drug discovery services.

What is the key market trend for Global Drug Discovery Services Market?

Global Drug Discovery Services Market is experiencing several key market trends that are shaping its landscape. Firstly, there is a noticeable increase in outsourcing as pharmaceutical and biotech companies seek specialized service providers to handle their drug discovery activities. By doing so, companies can access expertise, advanced technologies, and cost-effective solutions while focusing on their core competencies. Another significant trend is the shift towards collaborative partnerships between pharmaceutical companies and contract research organizations (CROs). These partnerships allow for shared resources, expertise, and risk-sharing, fostering innovation and accelerating the drug discovery process. Technological advancements play a vital role in the drug discovery services market. Technologies such as high-throughput screening, artificial intelligence, and genomics are revolutionizing the process, enabling faster and more efficient identification and optimization of drug candidates.

Which region accounted for the largest share in Global Drug Discovery Services Market?

North America dominates the global Drug Discovery Services market. The region holds the largest global revenue share of more than 35.5%. This can be attributed to several factors. Firstly, North America has a strong presence of key pharmaceutical companies and biotechnology firms that drive the demand for drug discovery services. These companies have significant R&D budgets and a focus on innovation, contributing to the market's dominance in this region. Moreover, North America has a well-established and robust research infrastructure, including top-tier academic institutions, research centers, and government support for scientific advancements. The availability of skilled researchers and scientists, coupled with advanced technological capabilities, further strengthens the market's dominance in this region.

Drug Discovery Services Companies

Drug Discovery Services Market Competitive Landscape

Drug Discovery Services Market Top Player’s Company Profiles

Laboratory Corporation of America Holdings (US)
Charles River Laboratories International, Inc. (US)
Wuxi APPTEC (China)
Pharmaron Beijing Co., Ltd. (China)
Evotec SE (Germany)
Eurofins Scientific SE (Luxembourg)
Piramal Enterprises Limited (India)
Syngene International Limited (India)
Genscript Biotech Corporation (China)
Jubilant Pharmova Limited (India)
Frontage Holdings Corporation (China)
Shanghai Medicilon Inc. (China)
Aurigene Discovery Technologies (Dr. Reddy’s Laboratories) (India)
Sygnature Discovery Ltd. (UK)
Oncodesign Services (France)
Selvita S.A. (Poland)
Viva Biotech Holdings (China)
TCG Lifesciences Pvt Ltd. (India)
Shanghai Chempartner Co., Ltd. (China)
Domainex Ltd. (UK)
Nuvisan Pharma Holding GmbH (Germany)
Dalton Pharma Services (Canada)
Aragen Life Sciences Pvt. Ltd. (India)
Promega Corporation (US)

Drug Discovery Services Market

FAQs

Drug Discovery Services Market size was valued at USD 3.50 billion in 2022 and is poised to grow from USD 3.76 billion in 2023 to USD 6.60 billion by 2031, growing at a CAGR of 7.30% during the forecast period (2024-2031).

The drug discovery services market is fragmented with large number of companies that operate at both at a local and global level. The key strategies adopted by leaders in the drug discovery services industry include acquisitions & mergers or investments and partnership with other product manufacturers. The development strategies of pharmaceutical companies are based on market trends and intelligence. They partner with research institutions and Contract Research Organizations (CRO) to study certain diseases for specific populations. Hence, growing pharmaceutical companies funding for new drug discovery is driving the growth of the market. Additionally, innovative drug development and launch are expected to propel the market growth. 'Laboratory Corporation of America Holdings (US) ', 'Charles River Laboratories International, Inc. (US) ', 'Wuxi APPTEC (China) ', 'Pharmaron Beijing Co., Ltd. (China) ', 'Evotec SE (Germany) ', 'Eurofins Scientific SE (Luxembourg) ', 'Piramal Enterprises Limited (India) ', 'Syngene International Limited (India) ', 'Genscript Biotech Corporation (China) ', 'Jubilant Pharmova Limited (India) ', 'Frontage Holdings Corporation (China) ', 'Shanghai Medicilon Inc. (China) ', 'Aurigene Discovery Technologies (Dr. Reddy’s Laboratories) (India) ', 'Sygnature Discovery Ltd. (UK) ', 'Oncodesign Services (France) ', 'Selvita S.A. (Poland) ', 'Viva Biotech Holdings (China) ', 'TCG Lifesciences Pvt Ltd. (India) ', 'Shanghai Chempartner Co., Ltd. (China) ', 'Domainex Ltd. (UK) ', 'Nuvisan Pharma Holding GmbH (Germany) ', 'Dalton Pharma Services (Canada) ', 'Aragen Life Sciences Pvt. Ltd. (India) ', 'Promega Corporation (US)'

Chronic diseases like diabetes, dementia, and cardiovascular disease are responsible for more than 40 million fatalities each year, they make up seven of every ten deaths globally. This increase in chronic disease incidence is expected to boost the global drug discovery services market size throughout forecast period. Increasing chronic diseases are creating new economic opportunities for companies providing drug discovery services as there is a greater demand for medications.

Growing Number of Novel Therapies: Imminent demand for novel medicine development, emerging need pertaining to rapid growth in healthcare sector across globe is fueling drug discovery services market growth. High prevalence of chronic diseases is pushing government & pharmaceutical establishments for solutions and have started spending more on clinical trials. Thus, rise in demand for drug discovery services will be high.

North America is dominating the drug discovery services market with the largest share and is anticipated to witness considerable growth over the forecast period. The drug discovery services market is expected to be propelled by the number of CROs and CMOs in the region, alongside the indenture of several top biopharmaceutical and pharmaceutical companies. North America patents most of the new drugs Due to the growing incidences of several chronic diseases and rising elderly people population in US, the market is expected to grow. Chronic disease affects an estimated 60% of the population, with chronic conditions comprising one or more such diseases in approximately half the US population. The rising awareness about the biologics is fueling demand for innovative drugs in the region, thereby supporting North America drug discovery services market growth.

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What is the global market size of Drug Discovery Services Market?

Who are the key vendors in the Drug Discovery Services Market?

What is the key driver of Drug Discovery Services Market?

What is the key market trend for Drug Discovery Services Market?

Which region accounted for the largest share in Drug Discovery Services Market?

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