Press release
Drug Discovery Services Market Size, Share and Sales Channels till 2028
Most pharmaceutical, biopharmaceutical, and medical device companies invest heavily in the development of novel drugs and devices. Pharmaceutical companies invest in R&D to deliver high-quality and innovative products. These investments, along with collaborative R&D efforts, also help them obtain significant returns in the longer term. Per the EvaluatePharma report, global pharmaceutical R&D spending grow from US$ 137 billion in 2012 to US$ 198 billion in 2020.Get PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00003410/?utm_source=OpenPR&utm_medium=10357
The COVID-19 outbreak, the global pharmaceutical R&D growth rate dropped to 0.1% in 2020. Nevertheless, the rising R&D expenditure allows pharmaceutical and biopharmaceutical companies to opt for fully integrated or functional outsourcing services in all key stages of drug discovery and development.
The Drug Discovery Services market is expected to grow from US$ 16.00 billion in 2021 to US$ 32.56 billion by 2028; it is expected to grow at a CAGR of 14.5% from 2022 to 2028.
Covance Inc.; Evotec; Merck KGaA; Thermo Fisher Scientific Inc.; GenScript; Domainex; WuXi AppTec; Selcia Limited; Charles River; and SRI International are a few of the key players profiled during the study of the drug discovery services market. Several other major companies were also analyzed to get a holistic view of the market and its ecosystem.
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