The global market for drug discovery services is expected to grow by more than 10%
USA, Rockville, MD, May 10, 2022 (GLOBE NEWSWIRE) — According to Fact.MR analysis, the global drug discovery services market will grow at a CAGR of 10.1% between 2022 and 2032. The global drug discovery services market is expected to generate 50 billion US dollars sales by the end of 2032. The increasing frequency of chronic diseases and the emergence of new diseases are driving the demand for drug discovery services. Additionally, new technologies that enable drug development approaches and strategies are developing at a rapid pace. Here is the forecast for the global drug discovery services industry in the near future.
Drug discovery services have changed dramatically due to advances in current molecular biology tools and increased knowledge of the human genome. The drug development method is increasingly hypothesis driven and target driven. Drug discovery is aided by pharmaceutical companies and regulatory bodies.
Big pharma is also focused on building a team of brilliant scientists who work across a variety of therapeutic areas and technologies. The growing number of cancer patients has led to a strong need for anti-cancer drugs. As a result, oncology is expected to grow significantly in the next few years.
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The effect of improved drug discovery methods and methodologies has led to an increase in the number of first-class drug approvals in recent years. Drug discovery service providers are also focusing on human genome sequencing to pave the way for genomics-based drug development methodologies.
Improved knowledge of targets, disease characteristics and molecules is driving current innovation in drug discovery strategies. Despite the fact that small molecule pharmaceuticals dominate the global pharmaceutical industry, the share of biologics, biosimilars and large molecule drugs is increasing, due to the introduction of new biologic treatments and increasing biologics revenue current.
Key points to remember
- By Type, Medicinal Chemistry Will See High Adoption, Expected to Bring US$6 Billion
- Small molecule drug discovery to take priority, generating $10.8 billion in revenue
- By therapeutics, drug discovery services for oncology will remain prevalent, racking up US$6.9 billion
- The United States will emerge as a highly opportunistic market, thriving at a CAGR of 9.8%
- China will be an important market, expected to generate a market value of US$15 billion in 2032
- Global drug discovery services market to grow 2.6x from 2022 to 2032
“A growing number of contract research firms in emerging countries that provide drug discovery services is a crucial development driving industry opportunities,” says an analyst from Fact.MR
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The global drug discovery services market is extremely fragmented, with several large companies. Recent developments are as follows:
- Eurofins Discovery and PharmaResouces announced their cooperation in February 2020 build a combined drug discovery platform to accelerate the development of small molecule pharmaceuticals.
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Fact.MR in its new offering presents an unbiased analysis of the global drug discovery services market showcasing historical analysis from 2015 to 2021 and forecast statistics for the period 2022-2032.
The study reveals critical insights based on process (target selection, target validation, hit-to-lead identification, lead optimization and candidate validation), type (medicinal chemistry, biology services, drug metabolism and pharmacokinetics), drug type (small molecules and biologics) and therapeutic area (oncology, neurology, cardiovascular disease, respiratory disease, diabetes and other therapeutic areas) in five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East and Africa).
Key segments covered in the Drug Discovery Services industry report
- Drug Discovery Services by Process:
- Target selection
- Target validation
- Hit-To-Lead Identification
- Lead Optimization
- Validation of candidates
- Drug discovery services by type:
- Medical chemistry
- Biology services
- Drug metabolism and pharmacokinetics
- Drug Discovery Services by Drug Type:
- Drug Discovery Services by Therapeutic Area:
- Cardiovascular illnesses
- Respiratory diseases
- Diabetes and other therapeutic areas
- Drug Discovery Services by Region:
- North America Drug Discovery Services Market
- Latin America Drug Discovery Services Market
- Drug Discovery Services Market in Europe
- Asia Pacific Drug Discovery Services Market
- Middle East and Africa Drug Discovery Services Market
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