CHICAGO, Sept. 3, 2020
CHICAGO, Sept. 3, 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 21.4 billion by 2025 from USD 11.1 billion in 2020, at a CAGR of 14.0% during the forecast period.
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The Market growth is largely driven by the growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increasing demand for outsourcing analytical testing and clinical trial services, initiatives for research on rare diseases and orphan drugs, and the focus on drug discovery.
Small molecule drugs accounted for largest share in drug discovery services market in 2019.
Based on drug type, the market is segmented into small-molecule drugs and biologic drugs. In 2019, small molecule drugs accounted for the largest market share as small-molecule drugs are simple, well-defined, and easy t'o characterize. Due to these features, they can quickly enter cells, affect molecules, and cause cancer cells to die.
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Oncology segment accounted for the largest share in the market in 2019
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 accounted for the largest market share in 2019, 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 accounted for the largest share the market in 2019
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 accounted for the largest share of the drug discovery services market in 2019 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.
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North America accounted for largest share of the drug discovery services market in 2019.
Based on the region, the global market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the 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 drug discovery services market Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec A.G. (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.
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