Press release
Drug Discovery Services Market to Reach US$ 46.52 Billion by 2031, Growing at 14.8% CAGR
Drug Discovery Services Market
The global drug discovery services market was valued at US$ 15.58 billion in 2023 and is projected to reach US$ 46.52 billion by 2031, expanding at a CAGR of 14.8% (2024-2031), according to DataM Intelligence. Advances in AI-driven drug discovery, growing outsourcing trends, the shift toward personalized medicine, and rising incidences of chronic diseases are the key forces transforming this market landscape.
Pharmaceutical and biotechnology companies are significantly increasing R&D expenditures to accelerate timelines and improve success rates in early-stage drug discovery. High-throughput screening, computational chemistry, genomics, and bioinformatics tools have become critical in identifying, screening, and optimizing new therapeutics more efficiently than ever before.
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Key Highlights from the Report
➤ Market to grow from US$ 15.58 billion (2023) to US$ 46.52 billion (2031) at 14.8% CAGR
➤ Computational chemistry segment leads with a 31.7% market share, driven by AI integration
➤ North America dominates with 38.6% market share due to strong R&D infrastructure and funding
➤ Growing outsourcing trend to CROs for speed, efficiency, and cost-effectiveness
➤ Rising focus on personalized medicine and targeted therapies
➤ AI and machine learning revolutionizing drug candidate identification and optimization
Market Segmentation
Based on process type, computational chemistry is set to maintain dominance, leveraging methods such as molecular docking, virtual screening, QSAR modeling, and molecular dynamics to rapidly identify and refine promising drug candidates. The integration of machine learning and quantum chemistry, as seen in collaborations like Bayer and Google Cloud, is further enhancing speed, accuracy, and predictive capacity.
By service type, offerings span target identification, hit-to-lead studies, lead optimization, and preclinical development, with strong uptake from pharmaceutical and biotech companies outsourcing early-stage studies to optimize resource usage and reduce overhead costs.
By application, oncology holds a significant share, given the escalating demand for novel cancer treatments, followed by infectious and neurological disease research.
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Regional Insights
North America leads the market, accounting for approximately 38.6% of global revenue, supported by advanced research ecosystems, robust funding, and an extensive clinical trial infrastructure. Collaborations between industry giants and CROs, such as Charles River Laboratories' partnership with SAMDI Tech for high-throughput screening services, are further strengthening the region's leadership.
Asia-Pacific is the fastest-growing region, driven by cost-effective research capabilities, expanding biotech sectors in China and India, and increasing government incentives for drug R&D. Rising investments in AI-based research platforms are enabling the region to close the innovation gap with developed markets.
Market Dynamics
Market Drivers
The rise in global chronic disease burden-especially cancer, cardiovascular, and neurological disorders-coupled with high R&D investments from pharma and biotech companies, has intensified demand for advanced drug discovery services.
Market Restraints
The high cost of drug discovery, averaging up to US$ 2.3 billion per approved drug, poses a barrier for small and mid-sized companies. Long development cycles, high attrition rates, and regulatory compliance costs further challenge market growth.
Market Opportunities
The growing integration of AI/ML platforms, the push toward universal and multifunctional drug candidates, and expanding partnerships between tech firms and pharma companies present lucrative growth opportunities in the coming decade.
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Reasons to Buy the Report
✔ Comprehensive coverage of market size, growth drivers, and challenges
✔ Deep insights into technological innovations reshaping the drug discovery process
✔ Competitive benchmarking of leading CROs and service providers
✔ Regional analysis identifying investment hotspots and emerging markets
✔ Strategic recommendations for capturing high-growth segments within the market
Frequently Asked Questions (FAQs)
◆ How big is the global drug discovery services market in 2023?
◆ What are the main drivers of growth in the drug discovery services market?
◆ Who are the top players in the global drug discovery outsourcing industry?
◆ What CAGR is projected for the market during 2024-2031?
◆ Which region will dominate the drug discovery services market by 2031?
Company Insights
Piramal Pharma Solutions
Biopta
Charles River Laboratories International
Domainex
Evotec AG
Albany Molecular Research Inc.
GenScript
Pharmaceutical Product Development (PPD)
WuXi AppTec
Merck & Co., Inc.
Recent Developments:
May 2023 - Google Cloud launched AI-powered suites-Target and Lead Identification Suite & Multiomics Suite-to accelerate biotech drug discovery and precision medicine.
November 2022 - Sanofi entered a multi-year strategic AI collaboration with Insilico Medicine to accelerate discovery of up to six novel drug targets.
Conclusion
The global drug discovery services market is entering a transformative phase where AI, computational chemistry, and outsourcing models are redefining timelines, costs, and success rates in new drug development. While North America leads in capability and revenue share, Asia-Pacific is quickly emerging as a competitive hub with scalable, cost-effective solutions. Continuous innovation and collaboration across tech, biotech, and pharma will ensure sustained growth and scientific breakthroughs in the years to come.
Contact Us
Mr. Sai Kiran
DataM Intelligence 4market Research LLP Ground floor
DSL Abacus IT Park, Industrial Development Area
Uppal, Hyderabad, Telangana 500039
USA: +1 877-441-4866
Email: Sai.k@datamintelligence.com
Visit Our Website: https://www.datamintelligence.com
About Us
DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.
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