Drug Discovery And Development Solutions Market To Be Driven By The Increasing R&D Spending And Initiatives For Rare Disease And Orphan Drugs Research In The Forecast Period Of 2023-2028

The new report by Expert Market Research titled, 'Global Drug Discovery and Development Solutions Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028', gives an in-depth analysis of the global drug discovery and development solutions market, assessing the market based on its segments like service type, process type, technology type, therapeutic area, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 13%

The global drug discovery and production solutions market is supported by the growth of the industry in North America. The growth of the outsourcing industry for drug discovery in the area could be due to an increased focus on the discovery of medicines for the treatment of COVID-19, resulting in the outsourcing of drug discovery to companies equipped with AI technology. Furthermore, the increase in R&D spending by major pharmaceutical and biotechnology companies and their focus on streamlining the internal costs of outsourcing drug discovery is fuelling the growth of the drug discovery and development solutions industry.

Industry Definition and Major Segments

Drug discovery refers to the discovery of new drugs and the method of producing a therapeutically active substance for a specific molecule or pathway of the target. Drug research consists of screening hits, medicinal chemistry, and hit optimization to decrease potential drug side effects. Together, the discovery and production of drug solutions is a complete mechanism for the detection and consumer release of a new product.

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The service types in the market can be divided into the following:

• Medicinal Chemistry
• Biology Services
• Drug Metabolism
• Pharmaceutical Services
• Pharmacokinetics
• Others

The drug types in the market can be divided into:

• Small Molecules
• Biologics.

The process types can be segmented as:

• Target Selection
• Target Validation
• Hit-To-Lead Identification
• Lead Optimisation
• Candidate Validation
• Others

The technology types in the industry can be segmented into the following:

• High Throughput Screening
• Biochips
• Pharmacogenetics
• Nanotechnology
• Spectroscopy
• Others

Based on therapeutic area, the market can be segmented into:

• Oncology
• Neurology
• Infectious and Immune System Diseases
• Digestive System Diseases
• Cardiovascular Diseases
• Others

The regional markets for drug discovery and development solutions include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

The increase in demand for outsourcing drug discovery can be attributed to the rise in the emphasis on discovering drugs for the treatment of the rising COVID-19 pandemic, which has led to the outsourcing of drug discovery to companies equipped with AI technology. Furthermore, growth in research and development (R&D) investment by major pharmaceutical and biotechnology firms and their emphasis on streamlining the internal costs of outsourcing drug discovery are fuelling market growth. In computational information processing for predictive chemistry, developments in fundamental algorithms are used, leading to improvements in scientific innovation and in laboratory informatics. In the coming years, this is likely to increase the demand in the market.

Key Market Players

The major players in the market are Abbott Laboratories Inc., AstraZeneca plc, Genentech, USA Inc, Charles River Laboratories International, Inc., Gilead Sciences, Inc., Pfizer Inc., Jubilant Biosys Ltd., Sanofi SA, F. Hoffmann-La Roche Ltd, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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