Drug Discovery Service Market Booming at a CAGR of 10.8% - Most Popular Abbott Laboratories, Jubilant Biosys, GenScript AstraZeneca and ChemBridge Corporation Forecast to 2023

Drug discovery is the process of designing a new drug. The most common methods employed for drug discovery are molecular manipulation, random screening, drug metabolites, molecular designing, and serendipity. Drug discovery services are specifically designed to minimize the costs and timelines of drug discovery.

It is noted that the increasing demand for cancer treatment, technological advancements, and increasing healthcare expenditure are the key factors driving the drug discovery services market. According to the World Health Organization (WHO), cancer is one of the leading causes of mortality worldwide. The disease was responsible for 8.8 million deaths in 2015. The most common cancers are lung cancer, liver cancer, colorectal cancer, stomach cancer, and breast cancer. Cancer-causing infections are responsible for up to 25% cases of cancer in the low- and middle-income countries.

Various other factors such as the growing awareness about chronic diseases, increasing patient pool, unmet medical needs, patent expiration of blockbuster drugs, enhancing regulatory framework, increasing government assistance, and rising funding and reimbursement are continuously contributing to the growth of the global drug discovery services market.

Despite these drivers, there are some setbacks associated with the drug discovery services market. The huge capital investment with low-profit margins, strict FDA regulations, and poor healthcare system in low and middle-income countries may hinder the growth of the drug discovery services market to a considerable extent.

It is estimated that the drug discovery services market is expected to grow at a CAGR of 10.8% during the forecast period of 2017–2023.

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Key Players for Drug Discovery Service Market:

Abbott Laboratories Inc., Advinus Therapeutics, Agilent Technologies Ubiquigent, Albany Molecular Research Inc. (AMRI), AstraZeneca PLC, Aurigene, Bayer AG, Charles River Laboratories International, ChemBridge Corporation, Covance, Eli Lilly and Company, Evotec, Domainex, F. Hoffmann-La Roche Ltd, GE Healthcare, GenScript, GlaxoSmithKline LLC, GVK Biosciences, Jubilant Biosys, Lonza, Merck, Pharmaceutical Product Development, LLC (PPD), Piramal Enterprises, Promega Corporation, Selcia Limited, Shimadzu Corp., SRI International, Syngene International Ltd., Thermo Fisher Scientific, Viva Biotech, WuXi AppTec, and others.

Segments for Global Drug Discovery Service Market:

The global drug discovery services market is segmented by drug type, type of services, technology, therapeutic area, process, and end-user.

On the basis of drug type, the drug discovery services market is classified as small molecule drug and biologics drug.

On the basis of types of services, the drug discovery services market is classified as Drug Metabolism and Pharmacokinetics (DMPK) services, pharmaceutical services, medicinal chemistry, and biological services.

On the basis of technology, the drug discovery services market is classified as high throughput screening, biochips, pharmacogenomics and pharmacogenetics, combinatorial chemistry, nanotechnology, spectroscopy, metabolomics, and others.

On the basis of therapeutic area, the drug discovery services market is classified as oncology, neurology, cardiovascular diseases, respiratory diseases, diabetes, and others.

On the basis of process, the drug discovery services market is classified as target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation.

On the basis of end-user, the drug discovery services market is segmented into hospitals and clinics, pharmaceutical companies, biotechnology companies, research institutes, and others.

Regional Analysis for Global Drug Discovery Service Market:

The Americas dominates the drug discovery services market owing to the increasing prevalence of chronic diseases and healthcare expenditure. According to the data suggested by the Center for Disease Control and Prevention (CDC), around 92.1 million adults have at least one type of cardiovascular disease. It is also reported that around 15.1% of adults in the United States i.e. 36.5 million adults smoked cigarettes in 2015, which accounted for more than 480,000 deaths each year. Nearly 86% of the healthcare cost in the United States i.e. USD 2.7 trillion is spent for people with chronic and mental health conditions.

Europe holds the second position in the drug discovery services market. The financial support by the government towards research and development and patent expiration of various blockbuster drugs are expected to drive the European drug discovery services market. Various biologic drugs such as Genentech's Rituxan, Abbott & Eisai's Humira, J&J's Remicade are likely to lose their patent protection in the coming years.

Asia Pacific is the fastest growing drug discovery services market owing to a huge patient pool and development in the pharmaceutical sector. The healthcare expenditure is found to be boosting in various regions of Asia Pacific. As per the data suggested by the Australian Institute of Health and Welfare during the year 2015–16, the total health expenditure was nearly USD 170.4 billion, i.e., 3.6% higher than the expenditure of 2014–2015.

The Middle East and Africa holds the lowest share of the global market due to slow development, lack of technical knowledge, and poor medical facilities.

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Some Brief Table of Contents of Report

Chapter 1. Report Prologue

Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations

Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation

LIST OF TABLES
Table 1 Drug Discovery Services Industry Synopsis, 2017–2023
Table 2 Drug Discovery Services Market Estimates And Forecast, 2017–2023, (USD Million)
Table 3 Drug Discovery Services Market, By Region, 2017–2023, (USD Million)
Table 4 Drug Discovery Services Market, By Drug Type, 2017–2023, (USD Million)
Table 5 Drug Discovery Services Market, By Types Of Services, 2017–2023, (USD Million)

LIST OF FIGURES
Figure 1 Research Process
Figure 2 Segmentation For Drug Discovery Services Market
Figure 3 Segmentation Market Dynamics For Drug Discovery Services Market
Figure 4 Global Drug Discovery Services Market Share, By Drug Type 2016
Figure 5 Global Drug Discovery Services Market Share, By Types Of Services 2016

TOC Continued…

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