DUBLIN, February 15, 2022–(BUSINESS WIRE)–The "Drug Discovery Services Market by Process (Target Selection, Validation, Hit-to-lead), Type (Chemistry, Biology), Drug Type (Small molecules, biologics), Therapeutic Area (Oncology, Neurology) End User (Pharma, Biotech) – Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Drug discovery services market is projected to reach USD 31.4 billion by 2026 from USD 16.1 billion in 2021, at a CAGR of 14.3% during the forecast period of 2021 to 2026.
Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increasing demand for outsourcing analytical testing services, initiatives for research on rare diseases and orphan drugs, and the high cost of in-house drug development are creating new revenue pockets in the drug discovery services market.
The chemistry services segment accounted for the largest share of the type segment in the drug discovery services market in 2020
Based on type, the drug discovery services market is segmented into chemistry and biology services. The chemistry services segment commanded the largest share of this market in 2020. Growth in this market segment is largely due to the widespread application of chemistry in various early drug development phases to deliver robust candidates. The extensive usage of chemistry in academics, biotechnology companies, and large pharmaceutical companies also supports market growth.
The Hit-to-lead identification segment accounted for the largest share of the process segment in the drug discovery services market in 2020
Based on process, the drug discovery services market is broadly classified into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. Hit-to-lead identification segment accounted for the largest share of the drug discovery services market in 2020. Due to its vital role in drug discovery, hit-to-lead identification is the most revenue-generating process, and currently, many CROs are offering these services to pharmaceutical companies.
The Oncology segment accounted for the largest share of the therapeutic area segment in the drug discovery services market in 2020
Based on therapeutic area, the drug discovery services market is segmented into oncology, infectious and immune system diseases, neurology, digestive system diseases, cardiovascular diseases, and other therapeutic areas. Oncology is the largest segment in this market owing to the high incidence of cancer, a growing number of research studies on cancer therapeutics, and a company focus on bringing innovative cancer drugs into the market.
Asia Pacific: The fastest-growing region in the drug discovery services market
The drug discovery services market is segmented into North America, Europe, Asia Pacific, Latin America (LATAM) and Middle East and Africa (MEA). The APAC is estimated to record the highest CAGR during the forecast period. The vast patient population, emerging middle-class, rising government spending, and therapeutic area expertise are the major growth drivers for the pharmaceutical industry in the region. Global pharmaceutical firms are increasingly moving to Asia to tap into its thriving market and lower their production costs by shifting manufacturing to the region.
Growing R&D Expenditure in the Pharma & Biopharma Industry
Increasing Demand for Outsourcing Analytical Testing
Initiatives for Research on Rare Diseases and Orphan Drugs
High Cost of In-House Drug Development
Stringent Regulations Governing Drug Discovery and Animal Usage
Growth in Drugs and Biologics Market Despite COVID-19 Pandemic
Rising Demand for Specialized Testing Services Among End-users
High Growth Prospects in Emerging Markets
Shortage of Skilled Personnel
Shift in Drug Discovery Services due to Growing Adoption of Ai-Based Tools
Increased Outsourcing to Emerging Asian Economies
Cro Industry Consolidation
Integrated End-To-End R&D Service Solution
Laboratory Corporation of America Holdings
Charles River Laboratories International, Inc.
Thermo Fisher Scientific
Pharmaron Beijing Co., Ltd.
Eurofins Scientific Se
Pharmaceutical Product Development, Inc.
Piramal Enterprises Limited
Syngene International Limited
Curia Global Inc.
Genscript Biotech Corporation
Jubilant Pharmova Limited
Frontage Holdings Corporation
Shanghai Medicilon Inc.
Dr. Reddy's Laboratories Ltd. (Aurigene Discovery Technologies)
Selvita S.A. (Formerly Selvita Cro S.A.)
Viva Biotech (Shanghai) Ltd.
Tcg Lifesciences Pvt Ltd.
Shanghai Chempartner Co., Ltd.
Nuvisan Pharma Holding GmbH
Dalton Pharma Services
Aragen Life Sciences Pvt. Ltd. (Formerly Gvk Biosciences Pvt. Ltd.)
For more information about this report visit https://www.researchandmarkets.com/r/a6t17u
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