Market Highlights:
Drug Discovery Services refer to as the outsourcing the process of development of a new medicine. These services minimize the costs and timelines of drug discovery. The most common methods employed for drug discoveries are molecular manipulation, drug metabolites, random screening, molecular designing, and serendipity.
The Global Drug Discovery Services Market is growing at a rapid pace; mainly due to the burgeoning healthcare sector. The market is predominantly driven by the augmented demand and supply for the medicines, the generic drugs, and the growing number of patents expires.
Additionally, factors such as increasing geriatric population, and technological advancements in the medicinal field escalating the market on the global level.
Acknowledging the ascending graph of the growth, the market is climbing constantly, Market Research Future (MRFR), in its recently published study report foretells that the global frozen pizza market will grow rapidly by 2023, registering a CAGR over 10% during the forecast period (2017 to 2023).
Additional factors substantiating market growth include the increasing demand for cancer treatment, technological advancements, and increasing healthcare expenditure that are led by improving economic conditions, worldwide. Besides, factors such as the spreading awareness towards the availability of novel drugs, unmet medical needs, and the patent expiration of blockbuster drugs foster the market growth.
On the other hand, factors such as the huge capital investment with low-profit margins, strict FDA regulations, and inadequate healthcare systems especially in underdeveloped regions are impeding the market growth. Nevertheless, factors such as the improving regulatory framework, increasing government assistance, and rising funding & reimbursement are estimated to support the market growth during the review period.
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Drug Discovery Services Market – Segments
MRFR has segmented the analysis into seven key dynamics for better understanding:
By Drug Type: Small Molecule Drug, and Biologics.
By Types of Services: Drug Metabolism & Pharmacokinetics (DMPK) Services, Pharmaceutical Services, Medicinal Chemistry, and Biological Services and others.
By Therapeutic Area: Oncology, Neurology, Cardiovascular Diseases, Respiratory Diseases, and Diabetes among others.
By Process: Target Selection, Target Validation, Hit-To-Lead Identification, Lead Optimization, and Candidate Validation among others.
By Technology: High Throughput Screening, Biochips, Pharmacogenomics & Pharmacogenetics, Combinatorial Chemistry, Nanotechnology, Spectroscopy, and Metabolomics among others.
By End-user: Hospitals & Clinics, Pharmaceutical Companies, Biotechnology Companies, and Research Institutes, among others.
By Regions: Europe, North America, APAC and the Rest-of-the-World.
Drug Discovery Services Market – Geographical Analysis:
Globally the North American region dominates the drug discovery services market heading with the increasing consumption of medicines. This market is projected to grow at a strong CAGR, creating a large revenue pocket by the end of the review period. This is due to around the world. Also, factors such as the increasing prevalence of chronic diseases, high healthcare expenditures, and augmenting demand for the novel drug discoveries substantiates the growth of the drug discovery services market in the North American Region.
The European region accounts for the second-largest market for drug discovery services which is expected to grow at a considerable CAGR. The financial support by the government for research and development alongside the patent expiration of various blockbuster drugs are estimated to drive the drug discovery services market in the region. Furthermore, the burgeoning pharmaceutical industry fosters the growth of the regional market.
The Asia Pacific region is rapidly emerging as a promising market for drug discovery services owing to the availability of cost-competitive skilled workforce and raw materials. Factors such as the huge developments in the pharmaceutical sector, demand for breakthrough drug discoveries, and huge patient pool propels the market growth in the region.
Drug Discovery Services Market – Competitive Analysis:
The widely expanded drug discovery services market appears highly competitive with the presence of numerous major and small-scale players operating at the international and regional level. Based upon pricing and an array of services these vendors compete against each other. The competitive strength of these players is reliant on service pricing, service precision, versatility, and reliability of services. The market is projected to witness a fierce competition with the potential extensions in innovations. Players operating in the drug discovery services market strive to offer services with unique features.
These service providers are looking for rapid expansion and integration set for 2017-2018, with which they build a pharmaceutical services company that can offer complementary services in key regions, serving the rapidly growing market. In the case of an acquisition, they ensure to acquire a company that has significant professional experience, state-of-the-art capabilities, and a long history of delivering high-quality pharmaceuticals that can meet or exceed customer expectations and regulatory requirements.
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Key Players:
Some of the players leading the market include Advinus Therapeutics, Abbott Laboratories Inc., Agilent Technologies Ubiquigent, AstraZeneca PLC, Albany Molecular Research Inc. (AMRI), Aurigene, Charles River Laboratories International, Bayer AG, ChemBridge Corporation, Eli Lilly and Company, Covance, Evotec, GE Healthcare, Domainex, F. Hoffmann-La Roche Ltd, GlaxoSmithKline LLC, GenScript, GVK Biosciences, Lonza, Jubilant Biosys, 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.
Industry/ Innovation/ Related News:
November 27, 2018 – Cyclica Inc. (Canada), a leading provider of bioinformatics and computational systems biology solutions for the pharmaceutical industry announced its collaboration with Bayer AG (Germany), a multinational pharmaceutical and life sciences company to advance drug discovery. The collaboration will involve looking further into polypharmacological profiles of small molecules.
Bayer will also use ADMET-Prediction technology developed by Cyclica to develop insights into pharmacokinetic properties, and it's deferential drug design technology to further multi-targeted drug design.
November 07, 2018 – Genesis Drug Discovery & Development (US), a contract research organization (CRO) contract research organization (CRO) announced its partnership with the Yale University (US), a private Ivy League research university to strengthen its drug discovery services.
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