Oncology Segment to Dominate Drug Discovery Services Market During 2022–2030
According to our new research study on "Drug Discovery Services Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis," the drug discovery services market size is projected to grow from US$ 19,539.00 million in 2022 to US$ 56,783.29 million by 2030; the market is anticipated to record a CAGR of 14.3% from 2022 to 2030. The burgeoning demand for novel therapies across a wide range of therapeutic areas and increasing R&D spending in the pharmaceutical and biotechnology industries are driving the drug discovery services market growth. However, the high cost of drug discoveries hinders the market growth.
The drug discovery services market is experiencing significant growth due to the increasing demand for novel therapies across a wide range of medical applications. The drug discovery process is complex and time-consuming, requiring extensive research, testing, and validation of potential drug candidates. As a result, pharmaceutical companies and research institutions rely on drug discovery service providers who support their drug development efforts. These service providers offer a range of services, including target identification and validation, lead optimization, preclinical studies, and pharmacokinetic and toxicology testing. The growing emphasis on personalized and precision medicine therapies further fuels the demand for drug discovery services. Companies are seeking to develop targeted treatments that can cure medical conditions based on specific genetic and molecular characteristics of individual patients, leading to a more personalized approach to healthcare.
Drug Discovery Services Market, by Region, 2022 (%)
Drug Discovery Services Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Process (Target Selection and Validation, Hit to Lead Identification, and Others), Type (Biology Services, Medicinal Chemistry, and Drug Metabolism and Pharmacokinetics), Molecule Type (Biologics and Small Molecules), Therapeutic Area (Cardiovascular Diseases, Oncology, Neurology, Diabetes, Respiratory Diseases, and Others), End User (Pharmaceutical and Biotechnology Companies, Academic Institutes, and Others), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa)
Drug Discovery Services Market Size, Growth Drivers and Future Outlook
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Source: The Insight Partners Analysis
Pharmaceutical companies are investing increasingly high amounts in research and development. Further, the growing availability of advanced technologies such as high-throughput screening, computational modeling, and artificial intelligence benefits the drug discovery services market. These technologies enable more efficient and effective drug discovery processes, leading to a higher success rate in bringing new drugs to market. The process of discovering and developing new drugs is expensive, often requiring substantial investment in research, development, and clinical trials. The average cost of creating a new medication among the top 20 worldwide biopharmaceuticals examined in the Genetic Engineering & Biotechnology study increased by 15% ($298 million) to almost $2.3 billion last year.
Abbott Laboratories Inc., Advinus Therapeutics, Albany Molecular Research Inc., Agilent Technologies Ubiquigent, AstraZeneca PLC, Aurigene, Charles River Laboratories International, Bayer AG, ChemBridge Corporation, and Covance are among the key players operating in the drug discovery services market. The companies have been implementing organic (launches, expansion, and product approvals) and inorganic (such as product launches, partnerships, and collaborations) strategies that contribute to their growth and lead to market transformation.
In February 2020, PharmaResources—a contract research organization (CRO) located in Shanghai, China—and Eurofins Discovery, a drug discovery services provider, disclosed a combined drug discovery platform that could expedite the development of small molecule medications for clinical use.
The report segments the drug discovery services market as follows:
The drug discovery services market is segmented on the basis of process, type, molecule type, therapeutic area, and end user. Based on process, the market is segmented into target selection and validation, hit to lead identification, and others (assay development, screening, etc.). The drug discovery services market, by type, is segmented into biology services, medicinal chemistry drug metabolism, and pharmacokinetics. In terms of molecule type, the drug discovery services market is classified as biologics and small molecules. On the basis of therapeutic areas, the market is differentiated into cardiovascular diseases, oncology, neurology, diabetes, respiratory diseases, and others. By end user, the drug discovery services market is segmented into pharmaceutical and biotechnology companies, academic institutes, and others. Based on geography, the drug discovery services market is divided into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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