Drug Discovery Services Market Size to Reach US$33.2 Billion by
Ottawa, Feb. 16 2022 (GLOBE NEWSWIRE) — The world drug discovery services market is primarily driven by increased investment in research and development activities by pharmaceutical and biologic companies across the globe. The increasing prevalence of various diseases and growing geriatric population across the globe are major contributors to the demand for pharmaceutical drugs. According to the United Nations, the geriatric population across the world is estimated to reach 2 billion by 2050.
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Older people are more susceptible to chronic diseases and therefore spend more on life-saving drugs. The increased need for the development of new and innovative drugs for the treatment of various common and rare diseases is fueling the demand for drug discovery services. Patent expiration and rising demand for biopharmaceutical drugs in emerging economies are expected to drive the growth of the global drug discovery services market over the forecast period.
Report scope Drug Discovery Services Market
|Market size in 2021||$12.68 billion|
|CAGR||11.3% from 2021 to 2030|
|Biggest earner||North America|
|Fastest growing region||Asia Pacific|
|Year of reference|
|Companies covered||Advinus Therapeutics, Agilent Technologies Ubiquigent, Abbott Laboratories Inc., Albany Molecular Research Inc., Bayer AG, AstraZeneca PLC, Aurigene, Covance, Charles River Laboratories International, ChemBridge Corporation|
- Based on drug type, the small molecule segment dominated the market in 2020, owing to its increased demand among patients. Small molecules can effectively treat infected cells with little or no side effects, making it a popular drug among the population.
- On the basis of type, the medicinal chemistry segment led the market in 2020. This is attributed to the increase in the applications of medicinal chemistry from preclinical testing to candidate delivery. Increasing investments by pharmaceutical companies in drug discovery services are driving the growth of this segment.
- Based on therapeutic area, the oncology segment dominated the market in 2020. This is attributed to the increased prevalence of cancer in the population. According to the International Agency for Research on Cancer, about 19.3 million new cancer cases and about 10 million cancer deaths were reported in 2020. New cancer cases are expected to increase by 47% from 2020 to 2040, in the world.
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In 2020, North America dominated the global drug discovery services market. The increased prevalence of various chronic diseases in the United States is a major factor that attracts investment from pharmaceutical companies towards research and drug discovery activities. According to CDC peers, approximately 92.1 million adults in the United States suffer from at least one type of cardiovascular disease. It is estimated that more than half of the American population suffers from at least one chronic disease such as cancer, cardiovascular disease, respiratory disease and neurological disorders. This results in an increased demand for new and innovative drugs. Additionally, according to the Population Reference Bureau, the number of people aged 65 and over is expected to reach 95 million in the United States by 2060. Geriatric people have a higher demand for the various life-saving drugs because they are more prone to to various diseases. The presence of several large pharmaceutical companies in the region leads to increased investment in drug discovery activities.
Asia-Pacific is estimated to be the most opportunistic market during the forecast period. Growing investments from the major global players in the region due to cheap availability of production factors, availability of several top research companies and favorable government regulations are collectively boosting the growth of the drug discovery services market . The growing geriatric population and increasing prevalence of chronic diseases for various reasons complement the demand for innovative life-saving medicines, which fuels investment in drug discovery services.
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Increase in R&D spending by pharmaceutical companies
According to the International Federation of Pharmaceutical Manufacturers and Associations, the pharmaceutical industry has spent approximately US$150 billion on research and development activities. It is estimated that on average, a pharmaceutical company spends around 17% of its revenue on research and development. Hence, the rapidly growing pharmaceutical industry and its increasing investments in R&D are expected to drive the growth of the global drug discovery services market over the forecast period.
High costs associated with drug discovery
A huge cost is involved in drug discovery services, due to the higher candidate attrition rate during the development phase. Moreover, research related to rare diseases requires a specific group of candidates for clinical trials. Moreover, the success rate is very low and the number of approved drugs is very low. This involves a huge cost.
Growing organic products industry
The biologics industry has produced several innovative drugs that can save lives and can cure chronic diseases such as cancer, diabetes, and cardiovascular disease. The growing awareness regarding organic products is driving the demand for organic products. Biopharma alone accounts for 20% of the pharmaceutical industry and is growing rapidly, providing immense growth opportunities for market players.
Higher candidate attrition rate
The most difficult task in drug discovery departments is identifying and retaining candidates in clinical trials. The higher candidate attrition rate is a major challenge for market players.
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- Target selection
- Target validation
- Track call identification
- Lead Optimization
- Validation of candidates
By type of drug
- Biology services
- Medical chemistry
By therapeutic area
- Cardiovascular illnesses
- Respiratory diseases
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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