Drug Discovery Services Market Share Recent Opportunities with Growth Forecast By 2027
Drug Discovery Services Market Research Report: By Drug Type (Small Molecule Drug, Biologics), by Type (DMPK, Pharmaceutical Services, Others), by Therapeutic Area (Oncology, Others), by Process, by Technology, and by End-User – Global Forecast Till 2027
Market Insight
An insightful report by Market Research Future (MRFR) states that the global drug discovery services market is set to perform well at a CAGR of 10.8% during the forecast period (2017–2023).
Market Drivers and Key Barriers
Drug discovery services means outsourcing the development process of any new drug or medicine. These kinds of services reduce the costs as well as the time taken during drug discovery. The commonly used methods for drug discoveries include drug metabolites, serendipity, molecular manipulation, molecular designing, and random screening. The drug discovery services market is expanding at a quick rate; mostly owing to the rapid expansion of the healthcare industry. The primary drivers of the market include the increased demand and supply of medicines, rise in generic drugs, and the hike in the number of patents that expires. Besides, the expanding geriatric population coupled with technological advancements within the medicinal field has led the market to a prominent position internationally.
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Other supplementary factors substantiating the market development include the boost in the demand for cancer treatment, a rise in the healthcare expenditure brought on by the improving economy around the world. On top of this, the growing awareness levels with regard to the novel drugs and its rising availability, unfulfilled medical needs, and the patent expiration of significant drugs are anticipated to bring in lucrative results for the drug discovery services market in the subsequent years.
At the same time, stringent FDA regulations, as well as poor healthcare systems in the underdeveloped regions, could decelerate the growth rate of the market in the coming years. With that said, favorable factors, including growing government assistance, improving regulatory framework, and the increased funding and reimbursement, are gauged to be vital to the market growth in the evaluation period.
Market Segmentation
The global drug discovery services market has been segmented on the basis of drug type, types of services, technology, therapeutic area, process, and end-user.
In terms of the drug type, the drug discovery services market can be fragmented into small molecule drug and biologics drug.
The types of services in the drug discovery services market include drug metabolism and pharmacokinetics (DMPK) services, biological, pharmaceutical services, and medicinal chemistry services.
Depending on the technology, the drug discovery services market has been broken down into high throughput screening, biochips, pharmacogenomics and pharmacogenetics, combinatorial chemistry, nanotechnology, spectroscopy, metabolomics, and others.
With respect to therapeutic area, the drug discovery services market covers oncology, neurology, cardiovascular diseases, respiratory diseases, diabetes, and others.
Process-wise, the segments in the drug discovery services market are target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation.
The end-users in the drug discovery services market include hospitals and clinics, pharmaceutical companies, biotechnology companies, research institutes, and others.
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Regional Outlook
Europe, America, Asia Pacific, and the Middle East & Africa are the key regions where the drug delivery services market is expected to develop during the forecast period.
The Americas proved to be the supreme region in the global drug discovery services market, with strong backing from factors like the growing prevalence of chronic diseases along with the high healthcare expenditure. The data furnished by the Center for Disease Control and Prevention (CDC) states that roughly 92.1 million adults are afflicted with at least one kind of cardiovascular disease. In another report, in 2015, it was found that almost 15.1% or 36.5 million adults in the United States were smokers, accounting for over 480,000 deaths annually. Close to 86% (USD 2.7 trillion) of the total healthcare expenditure in the United States is spent on those affected by chronic and mental health conditions. These statistics are indicative of the growing need for drug delivery services in the region, further establishing regional dominance in the global market.
Europe secures the runner-up position in the global drug discovery services market. The regional market finds immense leverage from supportive factors, including strong financial support by the government for research and development activities along with patent expiration of a variety of blockbuster drugs. It is estimated that a number of biologic drugs including Abbott & Eisai's Humira, J&J's Remicade, and Genentech's Rituxan are will be losing their patent protection in the years ahead.
The Asia Pacific is anticipated to be the fastest growing drug discovery services market, on account of vital factors such as the presence of a huge patient pool in the region and the expansion of the pharmaceutical sector at a steady pace. Also, the increasing healthcare expenditure and the consequent development of the healthcare industry are believed to be highly beneficial for the Asia Pacific market. On that note, various studies by Australian Institute of Health and Welfare state that from 2015 to 2016, the overall health expenditure in the region was close to USD 170.4 billion, which is 3.6% higher than the expenditure from 2014 to 2015.
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