Drug Discovery Services Market Worth $19.1 Billion by 2025 - Exclusive Report by MarketsandMarketTM
CHICAGO, Jan. 31, 2020 /PRNewswire/ -- According to the new market research report "Drug Discovery Services Market by Process Target Selection, Validation, Lead Optimization, Type Medicinal Chemistry, DMPK, Drug Type Biologics, Small Molecules, Therapeutic Oncology, Neurology, Company Tier 1, 2, 3 - Global Forecast to 2025", published by MarketsandMarkets, the Drug Discovery Services Market is projected to reach USD 19.1 billion by 2025 from USD 10.7 billion in 2020, at a CAGR of 12.1% from 2020 to 2025.
The market will be driven by growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, thus necessitating increasing demand for outsourcing analytical testing and clinical trial services. Initiatives for research on rare diseases and orphan drugs, and focus on drug discovery are driving the growth of the global drug discovery services industry. Growth in biologics, patent expiries and emerging economies are expected to provide a wide range of growth opportunities for players in the market.
Based on drug type, the market is segmented into small-molecule drugs and biologic drugs. In 2020, small molecule drugs are expected to account for the largest market share as small-molecule drugs are simple, well-defined, and easy to characterize. Due to these features, they can quickly enter cells, affect molecules, and cause cancer cells to die.
Oncology segment is expected to dominate the Drug Discovery Services Market in 2020
Based on the therapeutic area, the market is segmented into oncology, cardiovascular diseases, neurology, infectious and immune system diseases, digestive system diseases, and other therapeutic areas. The oncology segment is expected to account for the largest market share in 2020, with the highest growth rate as well. This can primarily be attributed to the increasing number of patients who have cancer and the subsequent increase in the demand for cancer therapies.
Medicinal Chemistry expected to dominate the Drug Discovery Services Market in 2020
Based on type, the market is segmented into medicinal chemistry services, biology services, and drug metabolism and pharmacokinetics (DMPK). Of all these type segments, the medicinal chemistry services segment is estimated to account for the largest share of the market in 2020. The large share of this segment is due to factors such as the widespread application of medicinal chemistry in various phases of preclinical drug discovery to deliver robust candidates. Furthermore, the extensive usage of medicinal chemistry in academics, biotechnology companies, and large pharmaceutical companies are also supporting market growth.
North America is expected to command the largest share of the Market in 2020.
Based on the region, the global market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2020, North America is expected to command the largest share of the Drug Discovery Services Market. The large share of this market segment can be attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and the availability of latest techniques, instruments, and facilities for drug discovery research.
The major players operating in this Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec SE (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), Thermo Fisher Scientific, Inc. (US) Pharmaceutical Product Development, LLC (US), Syngene International Ltd. (India), and Selvita S.A. Poland among others.
Courtesy : CISION PR NEWSWIRE