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Drug Discovery Services Market worth $41.3 billion by 2028 | MarketsandMarkets

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Drug Discovery Services Market worth $41.3 billion by 2028 | MarketsandMarkets

March 28
08:44 2023
Drug Discovery Services Market worth $41.3 billion by 2028 | MarketsandMarkets
Key players in the drug discovery service Market include Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), WuXi AppTec (China), and Thermo Fisher Scientific Inc (US).
The drug discovery services industry is expected to grow significantly in the near future, driven by advances in technology, increasing demand for new drugs, and a greater focus on drug safety.

Drug Discovery Services Market in terms of revenue was estimated to be worth $20.6 billion in 2023 and is poised to reach $41.3 billion by 2028, growing at a CAGR of 14.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as growing R&D expenditure from pharmaceutical and biopharmaceutical companies, the increasing R&D pipeline creating a need for increased analytical testing outsourcing, initiatives for research on rare diseases and orphan drugs, and the high cost of in-house drug development are positively driving the growth of the drug discovery services market. Additionally, technological advancements, the introduction of new drug discovery techniques, the expiry of patents, and rising demand for specialized testing services among end users are expected to offer growth opportunities to players in this market.

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Browse in-depth TOC on “Drug Discovery Services Market”

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The chemistry services segment accounted for the largest share of the type of segment in the drug discovery services market in 2022.

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 2022. Growth in this market segment is mainly due to the vast application of chemistry services in multiple early drug development phases to deliver robust candidates for drug discovery. The capacious use of chemistry in academics & research institutes, biotechnology companies, and large scale pharmaceutical companies also support the market growth.

The biologics segment accounted for the fastest growing share of the drug type segment in the drug discovery services market in 2022.

Based on drug type the drug discovery services is segmented into small-molecule drugs and biologics. The fast growth of this segment can be attributed to increasing number of biologics in the pipeline, the increasing focus of biopharmaceutical companies on developing biologics for various therapeutic areas, the development of biologics, the high cost of biologics development, the complexity of the biologic drugs, and safety and manufacturing challenges associated with biologics are driving pharma biotech companies to outsource biologic drug discovery and development to experienced service providers.

The Asia Pacific region is the fastest-growing region of the drug discovery services market in 2022.

Based on the region, the drug discovery market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to register the highest growth during the forecast period primarily due to emerging middle class, rising government spending for pharmaceutical R&D, growing therapeutic area expertise, and rapid expansion of pharmaceutical and biopharmaceutical industry in the region.

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Drug Discovery Services Market Dynamics:

Drivers:

  1. Growing R&D expenditure in pharma-biotech sector
  2. Increasing drug R&D pipeline and rising reliance on outsourcing
  3. Initiatives for research on rare diseases and orphan drugs
  4. High cost of in-house drug development

Restraints:

  1. Stringent regulations governing drug discovery and animal usage

Opportunities:

  1. Technological advancements and new drug discovery techniques
  2. Rising demand for specialized testing services among end users
  3. Patent expiries of key biologics
  4. High growth prospects in emerging markets

Challenges:

  1. Shortage of skilled personnel

Trends:

  1. Adoption of AI in drug discovery
  2. Increased outsourcing to emerging Asian economies
  3. CRO industry consolidation
  4. Integrated end-to-end R&D service offerings

Key Market Players:

Key players in the drug discovery service Market include Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), WuXi AppTec (China), and Thermo Fisher Scientific Inc (US).

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Recent Developments:

  • In February 2023, Charles River Laboratories (US) announced a multi-program agreement with Pioneering Medicines, an initiative of Flagship Pioneering (US), allowing access to its Logica AI platform to discover small-molecule drugs.
  • In February 2023, Evotec SE (Germany) and Related Sciences (US) expanded their partnership for an integrated multi-target drug discovery agreement. The two companies aimed to select, discover, and develop precisely targeted medicines for unmet patient needs.
  • In January 2023, Charles River Laboratories (US) acquired SAMDI Tech, Inc. (US), which offers label-free HTS solutions for drug discovery research. The acquisition offered CRL expertise in label-free HTS MS platforms and created a comprehensive library of drug discovery solutions.
  • In April 2022, Charles River Laboratories (US) and Valo Health, a data-driven AI company, launched Logica, an AI-powered drug discovery services.

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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