Drug Discovery Services Market to Reach USD 75.13 Billion by 2034, Growing at a CAGR of 14.6% 4o

Drug Discovery Services Market

The global drug discovery services market is estimated to grow from its initial estimated value of USD 19.27 billion in 2024 to an estimated value of USD 75.13 billion by 2034. It is projected to register a CAGR of 14.6% in the forecast period of 2025-2034.

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Market Overview

Drug discovery is the procedure of recognizing a compound that can be utilized to cure illnesses. A drug discovery endeavor normally marks a biological target that has been portrayed to play a role in illness advancements and commences with a molecule with compelling biological ventures. It has currently developed notably due to surfacing technologies which permits the procedure to become more clear, precise and extended.

Target identification and validation discover probable targets for medicines and exhaustively check if they could be productive cures. Hit identification and lead optimization unravel nature's secret to detecting candidate molecules with appropriate biological ventures and drug-resembling attributes. Medicinal chemistry plays a critical role in refining and optimizing these lead molecules, transforming them into strong and selective drug candidates.

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Market Drivers

Growing Demand for Outsourcing Research Activities: One of the principal drivers of the market is the escalating inclination for pharmaceutical and biotechnology firms to outsource research ventures. This shift is pushed by the requirement to decrease prices and enhance productivity in drug advancement procedures. Outsourcing permits firms to capitalize on specific prowess and progressive technologies provided by Contract Research Organizations (CROs), thereby boosting the drug discovery services market demand.

Rising Cases of Chronic Illnesses: The growing existence of detrimental illnesses such as diabetes, cancer, and cardiovascular disorders is another notable market driver. While the worldwide load of these illnesses is surging, there is an increased demand for contemporary therapeutics. The World Health Organization (WHO) evaluates that in 2021, detrimental illnesses accounted for roughly 71% of all mortalities globally, highlighting the pressing requirement for inventive drug discovery endeavors.

Major Competitors

Leading market contenders are funding extensively in R&D to augment their product portfolios. Some of the prominent players operating in the market include:

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Charles River Laboratories International, Inc.
Covance Inc. (part of Labcorp)
ICON plc
Syngene International Ltd.
WuXi AppTec Co., Ltd.
Pharmaceutical Product Development, LLC (PPD, part of Thermo Fisher Scientific)
Eurofins Scientific
GVK Biosciences
Jubilant Biosys
Evotec SE
Medpace Holdings, Inc.
TCG Lifesciences
Pharmaron Beijing Co., Ltd.
Frontage Laboratories, Inc.
Selvita S.A.

Leading Segments

By Process Outlook (Revenue-USD Billion, 2020-2034)
Target Selection
Target Validation
Hit-To-Lead Identification
Lead Optimization
Candidate Validation

By Type Outlook (Revenue-USD Billion, 2020-2034)
Chemistry Services
Biology Services

By End User Outlook (Revenue-USD Billion, 2020-2034)
Pharmaceutical & Biotechnology Companies
Academic Institutes
Others

Key Regions

North America holds the largest drug discovery services market share due to the region's entrenched pharmaceutical industry, notable funding in research and development, and the existence of prominent market contenders.
Asia Pacific is witnessing rapid growth due to growing funding in the healthcare framework and the rising inclination to outsource research ventures in nations such as China and India.

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