Drug Discovery Services Market - Major Revenue Growth is Expected by 2025 at a CAGR of 14.0%
The global drug discovery services market size is projected to reach USD 21.4 billion by 2025 from USD 11.1 billion in 2020, at a CAGR of 14.0% during the forecast period.
(EMAILWIRE.COM, December 18, 2020 ) Major Growth Boosters:
Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, thus necessitating increasing demand for outsourcing analytical testing and clinical trial services. Initiatives for research on rare diseases and orphan drugs, and focus on drug discovery are driving the growth of the global drug discovery services market. Growth in biologics, patent expiries and emerging economies are expected to provide a wide range of growth opportunities for players in the market.
Restraints: High cost of drug discovery and development:
Drug discovery and development involve high costs due to the high attrition rate of drug candidates in development. Since R&D for some rare diseases is very challenging and requires a specific group of people to conduct a clinical trial, drug R&D processes can be prone to failure. In addition, only 7 of 100 cancer drugs that reach the clinical testing phase end up gaining regulatory approval; most drugs fail long before this point. From drug discovery through FDA approval, developing a new medicine, on average, takes 10–15 years and costs USD 2.6 billion. Less than 12% of the candidate medicines that make it to phase I clinical trials are approved by the FDA (Source: Biopharmaceuticals in Perspective, Summer 2019).
In addition, high financial costs, difficulties in the recruitment and retention of participants, insufficiencies in the clinical research workforce, drug sponsor-imposed barriers, regulatory and administrative barriers, disconnect between clinical research and medical care, and barriers related to the globalization of clinical research may also negatively affect the overall drug development process. This compels companies to invest in the development of generics instead of new drug development
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Small molecule drugs accounted for largest share in drug discovery services market in 2019.
Based on drug type, the drug discovery services market is segmented into small-molecule drugs and biologic drugs. In 2019, small molecule drugs accounted for the largest market share as small-molecule drugs are simple, well-defined, and easy t’o characterize. Due to these features, they can quickly enter cells, affect molecules, and cause cancer cells to die.
Oncology segment accounted for the largest share in the drug discovery services market in 2019
Based on the therapeutic area, the drug discovery services market is segmented into oncology, cardiovascular diseases, neurology, infectious and immune system diseases, digestive system diseases, and other therapeutic areas. The oncology segment accounted for the largest market share in 2019, with the highest growth rate as well. This can primarily be attributed to the increasing number of patients who have cancer and the subsequent increase in the demand for cancer therapies.
Medicinal Chemistry accounted for the largest share the drug discovery services market in 2019
Based on type, the drug discovery services market is segmented into medicinal chemistry services, biology services, and drug metabolism and pharmacokinetics (DMPK). Of all these type segments, the medicinal chemistry services segment accounted for the largest share of the drug discovery services market in 2019 The large share of this segment is due to factors such as the widespread application of medicinal chemistry in various phases of preclinical drug discovery to deliver robust candidates. Furthermore, the extensive usage of medicinal chemistry in academics, biotechnology companies, and large pharmaceutical companies are also supporting market growth.
North America accounted for largest share of the drug discovery services market in 2019.
Based on the region, the global drug discovery services market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the drug discovery services market. The large share of this market segment can be attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and the availability of latest techniques, instruments, and facilities for drug discovery research.
The major players operating in this market Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec A.G. (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), Thermo Fisher Scientific, Inc. (US), Pharmaceutical Product Development, LLC (US), Syngene International Ltd. (India), and Selvita S.A. (Poland) among others.
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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, thus necessitating increasing demand for outsourcing analytical testing and clinical trial services. Initiatives for research on rare diseases and orphan drugs, and focus on drug discovery are driving the growth of the global drug discovery services market. Growth in biologics, patent expiries and emerging economies are expected to provide a wide range of growth opportunities for players in the market.
Restraints: High cost of drug discovery and development:
Drug discovery and development involve high costs due to the high attrition rate of drug candidates in development. Since R&D for some rare diseases is very challenging and requires a specific group of people to conduct a clinical trial, drug R&D processes can be prone to failure. In addition, only 7 of 100 cancer drugs that reach the clinical testing phase end up gaining regulatory approval; most drugs fail long before this point. From drug discovery through FDA approval, developing a new medicine, on average, takes 10–15 years and costs USD 2.6 billion. Less than 12% of the candidate medicines that make it to phase I clinical trials are approved by the FDA (Source: Biopharmaceuticals in Perspective, Summer 2019).
In addition, high financial costs, difficulties in the recruitment and retention of participants, insufficiencies in the clinical research workforce, drug sponsor-imposed barriers, regulatory and administrative barriers, disconnect between clinical research and medical care, and barriers related to the globalization of clinical research may also negatively affect the overall drug development process. This compels companies to invest in the development of generics instead of new drug development
Ask for FREE PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129
Small molecule drugs accounted for largest share in drug discovery services market in 2019.
Based on drug type, the drug discovery services market is segmented into small-molecule drugs and biologic drugs. In 2019, small molecule drugs accounted for the largest market share as small-molecule drugs are simple, well-defined, and easy t’o characterize. Due to these features, they can quickly enter cells, affect molecules, and cause cancer cells to die.
Oncology segment accounted for the largest share in the drug discovery services market in 2019
Based on the therapeutic area, the drug discovery services market is segmented into oncology, cardiovascular diseases, neurology, infectious and immune system diseases, digestive system diseases, and other therapeutic areas. The oncology segment accounted for the largest market share in 2019, with the highest growth rate as well. This can primarily be attributed to the increasing number of patients who have cancer and the subsequent increase in the demand for cancer therapies.
Medicinal Chemistry accounted for the largest share the drug discovery services market in 2019
Based on type, the drug discovery services market is segmented into medicinal chemistry services, biology services, and drug metabolism and pharmacokinetics (DMPK). Of all these type segments, the medicinal chemistry services segment accounted for the largest share of the drug discovery services market in 2019 The large share of this segment is due to factors such as the widespread application of medicinal chemistry in various phases of preclinical drug discovery to deliver robust candidates. Furthermore, the extensive usage of medicinal chemistry in academics, biotechnology companies, and large pharmaceutical companies are also supporting market growth.
North America accounted for largest share of the drug discovery services market in 2019.
Based on the region, the global drug discovery services market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the drug discovery services market. The large share of this market segment can be attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and the availability of latest techniques, instruments, and facilities for drug discovery research.
The major players operating in this market Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec A.G. (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), Thermo Fisher Scientific, Inc. (US), Pharmaceutical Product Development, LLC (US), Syngene International Ltd. (India), and Selvita S.A. (Poland) among others.
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About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Contact Information:
MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
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MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results