Drug Discovery Services Market to Hit USD 61.93 Billion at a growth rate of 15.6 percent- Says Maximize Market Research

Drug Discovery Services Market to Hit USD 61.93 Billion at a growth rate of 15.6 percent- Says Maximize Market Research
Drug Discovery Services Market
The Drug Discovery Services Market size of the Asia Pacific region is expected to dominate the market during the forecast period. The Drug Discovery Services Market is segmented into Process, Type, Therapeutic Area, and End-User for a better understanding of the market structure.

Pune, 13, May 2024: Maximize Market Research, Healthcare research firm has published a report on the “Drug Discovery Services Market”. The total market opportunity for the Drug Discovery Services Market was USD 22.45 Bn in 2023 and is expected to grow at 15.6 percent CAGR through the forecast period by reaching nearly USD 61.93 Bn.

Drug Discovery Services Market Report Scope and Research Methodology

Market Size in 2023: USD 22.45 Bn.

Market Size in 2030: USD 61.93 Bn.

CAGR: 15.6 Percent

Forecast Period: 2024-2030

Base Year: 2023

Number of Pages: 202

No. of Tables: 118

No. of Charts and Figures: 175

Segment Covered: By Process, Type, Therapeutic Area and End-User.

Regional Scope: North America, Europe, Asia Pacific, Middle East and Africa, South America

Report Coverage: Market Share, Size, and Forecast by Revenue | 2023−2030, Market

Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends,

Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition

Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

Get a Free Sample PDF of this Research Report for more Insights with a Table of Content, Research Methodology, and Graphs

The Drug Discovery Services Market Report Scope and Research Methodology

The report aims to provide a comprehensive presentation of the global market for Drug Discovery Services, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyse their position in the current marketplace, and make informed business decisions regarding Drug Discovery Services. The report focuses on the Drug Discovery Services market size, segment size (mainly covering Process, type, Therapeutic Area, and End-User), competitor landscape, recent status, and development trends. Additionally, customer preference analysis, market dynamics (drivers, restraints, and opportunities), new product release, regional conflicts and carbon neutrality provide crucial information for us to take a deep dive into the Drug Discovery Services market.

Drug Discovery Services Market Overview

Drug discovery described as the process of identifying chemical entities that have the potential to become therapeutic agents. A key goal of drug discovery campaigns is the recognition of new molecular entities that of value in the treatment of diseases that qualify as presenting unmet medical needs. Innovations in technology disrupt traditional Drug Discovery Services markets, create new opportunities, and change consumer behaviour. Keeping pace with technological advancements is crucial for companies to remain competitive. Additionally, the expiry of patents and rising demand for biologics in emerging countries are propelling the globally drug discovery services market forward.

Drug Discovery Services Market Dynamics   

The global healthcare landscape is evolving rapidly, with a growing need for innovative treatments for diseases like cancer, diabetes, and rare genetic disorders. The demand fuels the drug discovery services market. Technological innovations such as high-throughput screening, artificial intelligence, and genomics have revolutionized drug discovery processes, making them faster and more efficient. Additionally, the shift towards personalized medicine, where treatments are tailored to individual patients based on their genetic makeup, drives the need for more precise and targeted drug discovery services.

Drug Discovery Services Market Regional Insights

North America dominates the drug discovery services market thanks to its advanced healthcare infrastructure, strong pharmaceutical industry, and significant research and development investments. The United States is a major player in drug discovery services, with a high demand for contract research organizations (CROs) and technological advancements. Asia Pacific Drug Discovery Services Market is expected to have the highest CAGR during the forecast period. Countries like China and India are becoming attractive destinations for outsourcing drug discovery services due to cost-efficiency and a large talent pool. The increasing prevalence of chronic diseases additional boosts the demand for drug discovery services in the region.

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Drug Discovery Services Market Segment Analysis

By Process,

  • Target Selection
  • Target Validation
  • Hit-to-Lead identification
  • Lead Optimization
  • Candidate Validation

By Process, the Lead Optimization segment held the largest share of the Drug Discovery Services market in 2023. After identifying initial hits, the process involves refining and optimizing the chemical or biological properties of lead compounds to improve their potency, selectivity, and pharmacokinetic properties. Additionally, Lead Optimization aims to enhance the drug candidate’s pharmacokinetic properties, such as absorption, distribution, metabolism, and excretion to enhance the drug bioavailability and therapeutic Outcomes.

By Type,

  • Medicinal Chemistry
  • Biology Services
  • Drug Metabolism and Pharmacokinetics

Based on the Type, the Medicinal chemistry services segment held the largest share of the market in 2023. The involves ensuring the drug is absorbed well, reaches its target site, is metabolized appropriately, and eliminated efficiently by the body. Chemists aim to minimize the molecule’s interaction with unintended targets, reducing the risk of side effects.

By Therapeutic Area,

  • Oncology
  • Neurology
  • Cardiovascular Diseases
  • Respiratory Diseases
  • Diabetes and Other Therapeutic Areas

Based on the Therapeutic Area, The oncology segment is dominated the drug discovery services market in terms of therapeutic categories and is expected to do so for the foreseeable future. Cancer drugs are in strong demand due to an increase in cancer cases globally.

By End-User,

  • Pharmaceutical & Biotechnology companies
  • Academic Institutes
  • Other

Based on the End-User, The Pharmaceutical & Biotechnology companies segment is dominated the drug discovery services. These companies constantly manage numerous drug candidates in various stages, requiring a high volume of services. Outsourcing specific tasks allows them to streamline their processes and potentially reduce overall development costs.

  • Drug Discovery Services Key Competitors include:
  • Thermo Fisher Scientific (US)
  • Merck (US)
  • GE Healthcare (US)
  • Pharmaceutical Product Development, LLC. (Ppd) (US)
  • Covance (US)
  • Genscript Biotech Corporation (US)
  • Laboratory Corporation of America Holdings (US)
  • SRI International (US)
  • BioDuro (US)
  • Radyus Research (US)
  • Visikol Inc (US)
  • Aurobindo Pharma (India)
  • Reddy’s Laboratories (India)
  • Jubilant Biosys Ltd. (India)
  • Sun Pharmaceutical Industries Ltd. (India)
  • Serum Institute of India Pvt. Ltd. (India)
  • Syngene International Limited (India)
  • Domainex (UK)
  • Selvita S.A. (Poland)
  • Viva Biotech (China)
  • SYNthesis Med Chem (Australia)
  • Lonza Group AG (Switzerland)
  • Evotec A.G. (Germany)

Key questions answered in the Drug Discovery Services Market report are:

  • Which market segment held the largest share of the global Drug Discovery Services market in 2023?
  • What are the global trends in the Drug Discovery Services Market?
  • What are the upcoming industry applications and trends for the Drug Discovery Services Market?
  • What are the investment opportunities in the childcare sector?
  • What growth strategies are the players considering to increase their presence in the Drug Discovery Services Market?
  • Who are the leading companies and what are their portfolios in the Drug Discovery Services Market?
  • What are the major challenges that the Drug Discovery Services Market could face in the future?
  • Which region held the largest Drug Discovery Services Market Share in 2023?
  • How is the regulatory environment shaping the Drug Discovery Services market?

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2022)
  • Past Pricing and price curve by region (2018 to 2022)
  • Market Size, Share, Size & Forecast by Different Segments | 2023−2030
  • Drug Discovery Services Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
  • Drug Discovery Services Market Segmentation – A Detailed Analysis by Application
  • Competitive Landscape – Profiles of selected key players by region in a strategic perspective
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis
  • PORTER’s analysis
  • Value chain and supply chain analysis
  • Legal Aspects of business by region
  • Lucrative business opportunities with SWOT analysis
  • Recommendations

Maximize Market Research is Healthcare research firm, has also published the following reports:  

Healthcare Security Systems Market– The market is expected to reach USD 13.50 Bn in 2030 and the total Healthcare Security Systems revenue is expected to grow at a CAGR of 5.7 % from 2024 to 2030. The increasing government initiative drives the Healthcare security systems market. Governments around the world have implemented various initiatives to address the growing need for healthcare security systems. These initiatives are aimed at improving the security of healthcare systems and protecting patient data from cyber threats

Healthcare Big Data Analytics Market The Market size is expected to reach USD 26.87 Bn in 2030 at a CAGR of 20.5 % from 2024 to 2030. The trend of personalized medicine is expected to create a space for Healthcare Big Data Analytics Market since it focuses on individual patients through their genetic information, lifestyle and environment for safe and cost-effective treatments.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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