Drug Discovery Services Market
The global drug discovery services market accounted for US$ 10.7 billion in 2020 and is estimated to be 19.1 billion by 2025 and is anticipated to register a CAGR of 12.1 %.
The report "Global Drug Discovery Services Market, By Process (Target Selection, Target Validation, Hit-to-lead Identification, Candidate Validation, and Others), By Type (Medicinal Chemistry, Biology Services, Drug Metabolism, Pharmaceutical Services, and Pharmacokinetics), By Therapeutic Area (Oncology, Neurology, Cardiovascular Disease, Respiratory Disease, Diabetes, and Others), By Drug Type (Small Molecules and Biologics), By Technology (High Throughput Screening, Biochips, Pharmacogenetics, Nanotechnology, and Spectroscopy), By End User (Hospital & Clinics, Pharmaceutical Companies, Biotechnology Companies, and Research Institute), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2025”.
Key Highlights:
· In January 2020, Abbott Laboratories Inc. received expanded FDA clearance for its Deep Brain Stimulation system for Parkinson's disease.
· In October 2019, AstraZeneca PLC increased its sales outlook for the second quarter in a row as new drugs continued to prove popular, mainly in developing markets. New drugs sales raised 62% to US$ 2.7 bn in the quarter, including an 85% surge in evolving markets to US$ 539 mln
· In May 2019, BenevolentAI which is an AI company started AI collaboration with AstraZeneca to accelerate drug discovery
Analyst View:
Major pharmaceutical companies involved in drug discovery and services are shifting their focus on attaining a significant position in developing countries such as India, China, Brazil, and Mexico in order to enlarge their business strategies and explore new markets. Developing nations in Asia Pacific are launching early-stage research programs, in order to meet the specific medical requirements of patients in the region. This is likely to drive the global drug discovery services market growth.
Key Market Insights from the report:
The global drug discovery services market accounted for US$ 10.7 billion in 2020 and is estimated to be 19.1 billion by 2025 and is anticipated to register a CAGR of 12.1 %. The market report has been segmented on the basis of process, type, therapeutic area, drug type, technology, end-user, and region.
· By process, the target market is segmented into target selection, target validation, hit-to-lead identification, candidate validation, and others.
· By type, the medicinal chemistry services segment is accounted for highest share of the drug discovery services market in 2020, owing to factors such as the extensive applications of preclinical drug discovery in various phases of medicinal chemistry to deliver robust candidates.
· By therapeutic area, the oncology segment is projected to register largest market share in 2020, primarily due to growing number of patients who have cancer and the subsequent growth in the demand for cancer therapies.
· By drug type, small molecule drugs are projected to register for the highest market share in 2020, as small-molecule drugs are well-defined, simple, and easy to characterize.
· By technology, the target market is segmented into high throughput screening, biochips, pharmacogenetics, nanotechnology, and spectroscopy.
· By end-user, the target market is segmented into hospital & clinics, pharmaceutical companies, biotechnology companies, and research institute.
· By region, North America and Europe are projected to maintain their dominance over the forecast period owing to advanced health care infrastructure.
To know the upcoming trends and insights prevalent in this market, click the link below:
https://www.prophecymarketinsights.com/market_insight/Global-Drug-Discovery-Services-Market-4223
Competitive Landscape:
The prominent player operating in the global drug discovery services market includes Abbott Laboratories Inc., Agilent Technologies Ubiquigent, Advinus Therapeutics, Albany Molecular Research Inc., AstraZeneca PLC, Aurigene, Charles River Laboratories International, Bayer AG, ChemBridge Corporation, and Covance.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
