Drug Discovery Services Market To Witness Exponential Growth By 2023

Market Highlights
Owing to the rising demand for cancer treatment, technological advancements, increasing healthcare expenditure, 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, the drug discovery services market has evolved significantly.
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However, huge capital investments with low-profit margins, strict FDA regulations, and poor healthcare system in the low and middle-income countries are likely to hamper the growth of the drug discovery services market over the forecast period.
It is estimated that the drug discovery services market is expected to grow at a CAGR 10.8% during the forecast period of 2017–2023.

Regional Analysis
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.

Segmentation
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.

Key Players
Some of the key players in the global drug discovery services market are 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.

Table of Content: Key Points
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global Drug Discovery Services Market, By Drug Type
Chapter 7. Global Drug Discovery Services Market, By Types Of Services
Chapter 8. Global Drug Discovery Services Market, By Technology
…Continued
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