Press release
Drug Discovery Services Market: Projected to Grow from USD 22.45 Billion in 2023 to USD 61.93 Billion by 2030
drug Discovery Services Market
In-Depth Report Presents Market Estimates, Growth Contributors, U.S. Trends, Primary Segments, Competitive Scenario, & Regional Insights
Market Sizing, Key Growth Factors and Opportunities
The global drug discovery services market has witnessed substantial growth and is anticipated to grow in the upcoming years. Market Overview- In 2023, the market was valued at USD 22.45 Billion approximately and by 2030 is anticipated to reach USD 61.93 Billion, at a CAGR of 15.6% during the forecast period.
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Why is this happening? The growth is driven by several factors, including the following:
Technological Advancements: The growing use of Artificial Intelligence (AI) in drug discovery is transforming the way we discover drugs through the analysis of large datasets, predicting behaviours of molecules and optimising clinical trials, hitting two birds with one stone as both time and cost reduction has together been achieved.
Current Milieu of Outsourcing - Contract Research Organizations market: Outsourcing drug discovery services to Contract Research Organizations (CROs) offers pharmaceutical companies better efficiency as well as savings on research and development costs.
R&D Investments - The demand for specialized drug discovery services is being propelled by growing investments in the research and development activities of pharmaceutical and biopharmaceutical companies worldwide.
Trends in the U.S. market & capital investments
The drug discovery services market in the United States is characterized by the following trends:
AI Integration: AI techniques are increasingly being used by pharmaceutical companies to speed up the drug discovery process. Take for example Cardiff-based Antiverse, in partnership with Japan's Nxera, are turning to AI to assist antibody design to help fast-track drugs.
High Demand for Drug Development Tools: Firms such as Thermo Fisher Scientific have seen robust demand for their drug development tools and services and have upgraded earnings expectations as a result.
Market Segmentation Visualization and Segments Dominated
Based on process, therapeutic area, type, end-user, and region, the drug discovery services market has been divided. Dominant segments include:
Process: The market share is dominated by Lead Identification and Lead Optimization service which acts as the major component in early stages of drug development.
Considering, therapeutic area Oncology and Neurology are leading therapeutic area as there is large unmet need of novel therapies in both indications.
Biologics services: Biologics services account for an emerging segment due to growing focus on biologic drugs.
End-User: Pharmaceutical & Biotechnology companies are the main end-users with the highest share in the world, as these companies invest a lot of money in R&D.
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Competitive Analysis
Below mentioned are some of the major players in the drug discovery services market:
Thermo Fisher Scientific (TMO:NYSE) -- A leader across drug development with tools and services. Growing demand saw profits forecasts adjusted higher.
Advanced Micro Devices Inc. (AMD)AMD is making a $20 million investment in Absci Corp., entering the AI-supported drug discovery space "to accelerate biologics innovation with AMD chips and software.
Antiverse - Based in Cardiff, this company is using AI to design new antibodies from scratch, and has partnered with Japan-based Nxera to understand how this could be used to improve processes in drug development.
Nvidia Corp.: Nvidia is combining its deep-learning research offerings with the aim of providing additional boost to its AI-based drug discovery activities with team-ups with companies such as Amgen Inc. and Recursion Pharmaceuticals Inc. by using its BioNeMo generative-AI platform.
Exscientia: An UK based AI drug dev company that has attracted major capital to speed the development of new drugs.
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Regional Analysis
United States: The U.S. has been leading the drug discovery services market and this can be attributed to its strong pharmaceutical R&D and investments in AI technologies. Thermo Fisher Scientific, AMD, and several other companies are investing big on the market solutions to push the market demand further.
Conclusion
Key players in the drug discovery services industry are investing heavily in technological innovations, outsourcing, and research and development investments, which continue to follow a strong growth trajectory. But the integration of doc AI can be revolutionary and is particularly perfect for drug discovery. Since the market is still in early days, businesses that are enabled with leading-edge technologies, have the right alliances, and address high-value and/or shortage therapeutic areas are expected to do well.
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