Drug Discovery Services Market Overview
According to a comprehensive research report by Market Research Future (MRFR), the "Drug Discovery Services Market Information by Drug Type, Types of Services, Therapeutic Area, Technology, End-user, and Region" is projected to be worth USD millions by 2030, registering a CAGR of 13.92% during the forecast period (2022–2030).
Market Synopsis
Drug discovery involves designing new medications through various methods such as molecular manipulation, random screening, and serendipity. Drug discovery services aim to reduce costs and time associated with discovering new treatments in fields like pharmacology, biotechnology, and healthcare. Increased R&D spending and outsourcing by big pharmaceutical companies are driving the market growth.
Key Benefits of Drug Discovery Services
- Reduced time and costs in discovering new drugs
- Improved efficiency through outsourcing analytical and clinical study services
- Expanded use in forensics, DNA analysis, and disaster victim identification
As awareness of chronic diseases increases, there is growing demand for drug discovery services. Factors like unmet medical needs, patent expirations, and improved regulatory frameworks for drug discovery are expected to contribute to market growth.
Top Players in the Drug Discovery Services Market
- Thermo Fisher Scientific (US)
- Sygnature Discovery (UK)
- Eurofins Scientific (Europe)
- IQVIA (US)
- Evotec (Germany)
- WuXi AppTec (China)
- Charles River Laboratories (US)
- Laboratory Corporation of America effects (US)
- Aragen Life lores Pvt. Ltd (India)
- Piramal Pharma results (India)
- Charles River Laboratories (US)
- Selvita( Poland)
- NuChem lores Inc (Canada)
- Paraza Pharma,Inc.(Canada)
Market Dynamics
Drivers
The drug discovery services market is driven by increased biopharmaceutical R&D investments, growing outsourcing of testing services, and efforts to develop treatments for rare diseases. Additionally, technological advancements and increasing drug demand fuel market growth.
Challenges
Despite growth opportunities, the market faces challenges from strict regulations, a shortage of skilled professionals, and high costs associated with research. Strict animal testing regulations and FDA guidelines also pose barriers.
Impact of COVID-19
The COVID-19 pandemic has accelerated drug discovery and development efforts. Bioinformatics and high-throughput screening are increasingly used to identify drug candidates that can combat COVID-19. Companies are prioritizing anti-infective drug R&D for future preparedness.
Market Segmentation
By End-user
End-users include pharmaceutical and biotechnology companies, as well as research institutes and academics.
By Drug Type
The market segments into small molecule drugs and biologics.
By Therapeutic Area
Therapeutic areas include oncology, cardiovascular diseases, respiratory conditions, and diabetes.
By Service Type
Services include drug metabolism and pharmacokinetics (DMPK), medicinal chemistry, and pharmaceutical services.
By Technology
Technologies include high-throughput screening, biochips, pharmacogenomics, and metabolomics.
Regional Insights
North America leads the global pharmaceutical sector in R&D spending. The region's transparent trading practices and regulatory framework contribute to market dominance. Asia is expected to have the fastest CAGR during the forecast period due to lower costs, skilled labor, and favorable regulations. Japan, in particular, offers significant opportunities for outsourcing drug discovery activities to CROs.
No comments:
Post a Comment