Drug discovery is the process of designing a new drug. The most common methods employed for drug discovery are molecular manipulation, random screening, drug metabolites, molecular designing, and serendipity. Drug discovery services are specifically designed to minimize the costs and timelines of drug discovery. In pharmacology, biotechnology, and medicine, the method of drug discovery is used to design and discover new medications. This process comprises the identification of aspirants, production, depiction, selection, and assays for therapeutic usefulness. Once a compound has presented its value in these assessments, it will initiate the course of drug development leading to clinical trials. The drug target recognition, drug discovery selection, and drug design based on the fragment, lead compound recognition, and lead optimization form the core of drug discovery services.
Drug discovery services are widely used in forensics, paternity testing, disaster victim identification, and anthropology with DNA analysis being an extremely important tool in this sector. The major factors driving the growth of this market are increase in R&D expenditure, inclination of major pharmaceutical companies toward outsourcing to avoid hurdles, and surge in demand for outsourcing of analytical testing & clinical trial services.
The drug discovery services market is growing pervasively majorly due to the augmented demand and supply for the medicines. Moreover, factors such as technological advancements and upsurge in adoption of new techniques for discoveries along with rise in demand for generic drugs and increase in number of patents expiries escalate the market growth on the global platform. Additional factors that are boosting the growth of the market include the increase the R&D activities, development of the healthcare sector, rise in demand for generic drugs, increase in geriatric population, and technological advancements in drug discovery services. Furthermore, increase in number of contract development and manufacturing organizations that are fostering the activities of drug discovery and the rapidly proliferating pharmaceutical industry encourage the growth of the market. Various other factors such as surge in awareness about chronic diseases, increase in patient pool, rise in unmet medical needs, patent expiration of blockbuster drugs, enhanced regulatory framework toward drug discovery, and rise in funding & reimbursement contribute for the growth of the global drug discovery services market. However, the requirement of huge capital investment with low-profit margins, stringent regulations of FDA, and comparatively poor healthcare system in middle-income and low-income countries hinder the growth of the drug discovery services market.
The drug discovery services market is segmented based on process, type, therapeutic area, drug type, technology, end user, and region. Depending on process, the market is divided into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. By type, it is categorized into medicinal chemistry, biology services, drug metabolism, pharmaceutical services, and pharmacokinetics. Based on therapeutic area, it is classified into oncology, neurology, cardiovascular disease, respiratory disease, diabetes, and others. According to drug type, it is divided into small molecules, biologics. Based on technology, the market is segregated into high throughput screening, biochips, pharmacogenetics, nanotechnology, and spectroscopy. As per end user, it is fragmented into hospital & clinics, pharmaceutical companies, biotechnological companies, and research institute. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global drug discovery services market are Abbott Laboratories Inc., Advinus Therapeutics, Agilent Technologies Ubiquigent, Albany Molecular Research Inc., AstraZeneca PLC, Aurigene, Bayer AG, Charles River Laboratories International, ChemBridge Corporation, and Covance.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a detailed quantitative analysis of the current drug discovery services market trends and drug discovery services market forecast estimations, which assists to identify the prevailing drug discovery services market opportunities.
- An in-depth drug discovery services market analysis includes analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global drug discovery services market is provided.
- Region-wise and country-wise drug discovery services market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current drug discovery services market trends and future market potential in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the drug discovery services market are profiled in this report and their strategies are analyzed thoroughly, which helps to understand the competitive outlook of global drug discovery services market.
Drug Discovery Services Market Report Highlights
| Aspects | Details |
 By Process |
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 By Type |
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 By Therapeutic Area |
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 By Drug type |
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 By Technology |
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 By End User |
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 By Region |
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 Key Market Players | Covance, Agilent Technologies Ubiquigent, Albany Molecular Research Inc., Abbott Laboratories Inc., Charles River Laboratories International, AstraZeneca PLC, Aurigene, ChemBridge Corporation, Bayer AG, Advinus Therapeutics |
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