In the past few decades, the time and cost of drug development have soared. Significant investment is being made to convert new compound into a drug, reflecting complexity of the process. With the technological advancements, drug discovery technology is also improving. New technologies and in-depth understanding of biology by pharmaceutical companies is also likely to reduce costs of new drugs. Also discovery of new drugs is driving the demand for specialized support and tools. This Fact.MR report analyzes the expansion of global drug discovery services market till date, and provides key insights on the growth of the market during the forecast period, 2017-2026.
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The scope of Fact.MR’s report is to analyze the global drug discovery services market for the forecast period 2017-2026 and provide readers an unbiased and accurate analysis. Pharmaceutical companies and research institutes, in the global drug discovery services market can benefit from the analysis offered in this report. This report offers a comprehensive analysis, which can be of interest to leading trade magazines and medical journals pertaining to drug discovery services.
6 Key Insights on Global Drug Discovery Services Market
- North America is likely to remain dominant in the global drug discovery services market throughout the forecast period 2017-2026. Presence of leading pharmaceutical companies in the region is one of the factors driving the growth of drug discovery services in North America.
- Asia Pacific Excluding Japan (APEJ) is also anticipated to witness significant growth during 2017-2026. India and China are slowly becoming preferred locations for drug discovery outsourcing due to the technological capabilities developed. Fewer regulations and low manufacturing costs are also fueling the growth in APEJ region.
- Hit-To-Lead identification is likely to be the most preferred process in the global drug discovery services market. By the end of 2026, hit-to-lead identification is projected to reach nearly US$ 7,000 million revenue.
- By drug discovery service type, medicinal chemistry is likely to witness the significant growth. Towards the end of 2026, medicinal chemistry is projected to surpass US$ 6,000 million revenue.
- Small molecules are anticipated to be the largest drug type in the global drug discovery service market. Small molecules are projected to create an incremental opportunity of more than US$ 5,800 million between 2017 and 2026.
- On the basis of therapeutic area, highest growth is expected to be seen in oncology. Oncology is projected to reach nearly US$ 7,000 million revenue towards the end of 2026.
Oncology to Hold Largest Revenue Share in the Therapeutic Area
By therapeutic area, oncology is likely to emerge as the largest segment throughout the forecast period. Towards 2026 end, oncology is estimated to exceed US$ 6,900 million revenue. Increasing number of people suffering from cancer is resulting in the high demand for cancer therapies. Hence, oncology is anticipated to experience a significant growth in the coming years.
Competition Tracking
The report also profiles companies that are expected to remain active in the expansion of global drug discovery services market through 2026, which include Syngene, Wuxi Apptec, Aurigene Discovery Technologies, Genscript Biotech Corporation, Covance, Jubilant Biosys, Pharmaceutical Product Development, LLC. (Ppd), Evotec, Charles River Laboratories International, Albany Molecular Research, Inc. (AMRI), GE Healthcare, Merck Millipore, and Thermo Fisher Scientific, Inc.
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