Drug Discovery Services Market Overview
The Drug Discovery Services Market has expected to grow at a 10.8% CAGR for the forecast period of 2017 to 2023. Drug discovery services are popular across the world, which is a process of new drug designing. Different methods have been used for drug discovery. The most common drug discovery methods are random screening, molecular designing, molecular manipulation, drug metabolites, and uncertainty. Drug discovery services are developed to reduce drug discovery timelines and minimize the costs of drug delivery.
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Market Segmentation
The global drug discovery services market is studied for various segments on the basis of drug types, types of services, technology, therapeutic area, process, and end-user. Based on drug types, the global drug discovery services market is segmented into small molecule drugs and biologics drugs. Based on types of services, the drug discovery services market is segmented into drug metabolism and pharmacokinetics (DMPK) services, medicinal chemistry, pharmaceutical services, and biological services. Based on technology, the drug discovery services market is segmented into biochips, pharmacogenomics & pharmacogenetics, combinatorial chemistry, high throughput screening, nanotechnology, metabolomics, and spectroscopy.
Detailed Regional Analysis
The drug discovery services market is regionally segmented into the Americas, Asia Pacific, Europe, and the Middle East & Africa. The Americas is expected to retain dominance over the drug discovery services market. This can be attributed to the increasing prevalence of chronic diseases and high healthcare expenditure. The Center for Disease Control & Prevention recently stated that approximately 92.1 million adults have at least one type of cardiovascular disease.
Europe is expected to follow behind the Americas and garner the second-largest share in the drug discovery services market over the forecast period. Such growth can be credited to the growing financial support provided by the government towards the research and development as well as the patent expiration of various blockbuster drugs. Different biologic drugs such as Genentech’s Rituxan, Abbott & Eisai’s Humira, and J&J’s Remicade are expected to lose their patent protection soon.
Asia Pacific is anticipated to be the fastest-growing drug discovery services market due to the growing patient pool in the region. Further, developments in the pharmaceutical sector are expected to push favorable growth in the regional drug discovery services market. The Middle East & Africa is holding the smallest share in the drug discovery services market owing to a sluggish development, lack of technical knowledge, and a poor healthcare sector.
Key Players
Some of the profiled market vendors include Abbott Laboratories Inc., Agilent Technologies Ubiquigent, Advinus Therapeutics, Albany Molecular Research Inc. (AMRI), Bayer AG, AstraZeneca PLC, Aurigene, Charles River Laboratories International, Covance, ChemBridge Corporation, Eli Lilly and Company, Domainex, Evotec, F. Hoffmann-La Roche Ltd, GenScript, GE Healthcare, GlaxoSmithKline LLC, Jubilant Biosys, GVK Biosciences, Lonza, Merck, Piramal Enterprises, Pharmaceutical Product Development, LLC (PPD), Promega Corporation, Shimadzu Corp., Selcia Limited, SRI International, Thermo Fisher Scientific, Syngene International Ltd., Viva Biotech, and WuXi AppTec.
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