Drug Discovery Services Market Scope And Analysis

Drug Discovery Services Market Report Scope

Regional Analysis: 

Based on geography, the drug discovery services market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America is the most significant contributor to the growth of the global market. Market growth in this region is attributed to investments made by drug development companies, large grants offered by the US government, the robust presence of major drug development companies, a well-established healthcare infrastructure, and an increase in chronic disease incidences.

The American Cancer Society's "Cancer Facts & Figures 2022" estimated ~1,918,030 new cancer cases and 609,360 cancer-related deaths in the US by the end of 2022. Given the high rate of cancer in this area, research activities to innovate cancer drugs are likely to flourish in the US in the coming years. CytoReason and Pfizer signed a multi-year cooperation in September 2022. According to this deal, Pfizer can use CytoReason's artificial intelligence technology for the development of medicines. The use of AI technology in drug discovery by major companies in the US is anticipated to propel the expansion of the drug discovery services market.

Asia Pacific is expected to register the highest CAGR in the drug discovery services market during 2022–2030. The market growth in this region is ascribed to increasing investments in research & development activities in countries such as China, India, Japan, and South Korea, which are emerging as key pharmaceutical and biotechnology hubs. Furthermore, the presence of a large pool of skilled researchers and scientists, along with lower operating costs compared to Western countries, makes Asia Pacific an attractive destination for outsourcing drug discovery services. The increasing prevalence of chronic diseases and the need for innovative medications to address unmet medical needs are creating demand for new medications, thereby benefiting the drug discovery services market growth in the region.

Competitive Landscape and Key Companies:

Agilent Technologies Ubiquigent, Abbott Laboratories Inc., Advinus Therapeutics Albany Molecular Research Inc., Aurigene, Bayer AG, AstraZeneca PLC, Charles River Laboratories International, Covance, and ChemBridge Corporation are a few prominent players operating in the drug discovery services market. These companies focus on expanding service offerings to meet the growing consumer demand worldwide. Their global presence allows them to serve a large set of customers, subsequently allowing them to expand their market share.