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Overview of Global Drug Discovery Services Market: Proposals & Trends Leading to 8.9% CAGR Growth during 2017-2026

07-05-2018 12:14 PM CET | Health & Medicine

Press release from: Fact.MR

Fact.MR

Fact.MR

In the past few decades, the time and cost of drug development have soared. Significant investment is being made to convert new compound into a drug, reflecting complexity of the process. With the technological advancements, drug discovery technology is also improving. New technologies and in-depth understanding of biology by pharmaceutical companies is also likely to reduce costs of new drugs. Also discovery of new drugs is driving the demand for specialized support and tools. This FactMR report analyzes the expansion of global drug discovery services market till date, and provides key insights on the growth of the market during the forecast period, 2017-2026.

The scope of FactMR’s report is to analyze the global drug discovery services market for the forecast period 2017-2026 and provide readers an unbiased and accurate analysis. Pharmaceutical companies and research institutes, in the global drug discovery services market can benefit from the analysis offered in this report. This report offers a comprehensive analysis, which can be of interest to leading trade magazines and medical journals pertaining to drug discovery services.

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Increase in the research and development activities and expenditure, leading pharmaceutical companies moving towards outsourcing are some of the factors resulting in the growth of drug discovery services. Introduction of advanced technology in the drug discovery process is also the major driver in the market growth. However, stringent regulations in some regions on drug discovery services, high cost involved in the discovery of drug and development and usage of animals in testing are hampering the market growth.

6 Key Insights on Global Drug Discovery Services Market

1) North America is likely to remain dominant in the global drug discovery services market throughout the forecast period 2017-2026. Presence of leading pharmaceutical companies in the region is one of the factors driving the growth of drug discovery services in North America.
2) Asia Pacific Excluding Japan (APEJ) is also anticipated to witness significant growth during 2017-2026. India and China are slowly becoming preferred locations for drug discovery outsourcing due to the technological capabilities developed. Fewer regulations and low manufacturing costs are also fueling the growth in APEJ region.
3) Hit-To-Lead identification is likely to be the most preferred process in the global drug discovery services market. By the end of 2026, hit-to-lead identification is projected to reach nearly US$ 7,000 million revenue.
4) By drug discovery service type, medicinal chemistry is likely to witness the significant growth. Towards the end of 2026, medicinal chemistry is projected to surpass US$ 6,000 million revenue.
5) Small molecules are anticipated to be the largest drug type in the global drug discovery service market. Small molecules are projected to create an incremental opportunity of more than US$ 5,800 million between 2017 and 2026.
6) On the basis of therapeutic area, highest growth is expected to be seen in oncology. Oncology is projected to reach nearly US$ 7,000 million revenue towards the end of 2026.

Hit-To-Lead Identification to Gain Maximum Traction

Compared to the various processes in the drug discovery services, Hit-To-Lead identification is anticipated to gain maximum traction. Hit-To-Lead identification is likely to exceed US$ 6,900 million revenue towards 2026 end. Increasing research based on the High-Throughput Screening (HTS) is the main factor driving the use of hit-to-lead identification process.

Medicinal Chemistry to be the Largest Type of Drug Discovery Services

Medicinal chemistry is projected to emerge as the largest type in the drug discovery services market. Medicinal chemistry is estimated to bring in close to US$ 6,100 million revenue. There has been an increase in the outsourcing by pharmaceutical companies, this is emerging as the driving factor. Many drug discovery services providers based in Asia are increasing their foothold in North America and Europe.

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Small Molecules to Witness Highest Growth in Terms of Revenue

Compared to biologics, small molecules are estimated to account for the highest share in terms of revenue. By 2026 end, small molecules are estimated to exceed US$ 10,800 million revenue. Small molecules are gaining traction as they are easy to characterize, simple and well defined. Also, small molecules can easily enter cells, and can cause cancer cells to die.

Oncology to Hold Largest Revenue Share in the Therapeutic Area

By therapeutic area, oncology is likely to emerge as the largest segment throughout the forecast period. Towards 2026 end, oncology is estimated to exceed US$ 6,900 million revenue. Increasing number of people suffering from cancer is resulting in the high demand for cancer therapies. Hence, oncology is anticipated to experience a significant growth in the coming years.

Competition Tracking

The report also profiles companies that are expected to remain active in the expansion of global drug discovery services market through 2026, which include Syngene, Wuxi Apptec, Aurigene Discovery Technologies, Genscript Biotech Corporation, Covance, Jubilant Biosys, Pharmaceutical Product Development, LLC. (Ppd), Evotec, Charles River Laboratories International, Albany Molecular Research, Inc. (AMRI), GE Healthcare, Merck Millipore, and Thermo Fisher Scientific, Inc.

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About FactMR

FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Healthcare Market Research Reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

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