The “Drug Discovery Services Market: Trends, Opportunities and Competitive Analysis 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global drug discovery services market is expected to reach an estimated value of $37.3 billion by 2028, with a remarkable CAGR of 14.1% from 2023 to 2028. The market is driven by several factors, including the increasing need for drug discovery services due to the growing cases of various diseases, rising demand for specialized testing services among end users, and a surge in research activity on unidentified drugs.
Key Market Segments Covered:
- Process: The report includes a comprehensive forecast for the drug discovery services market by process, including Target Selection, Target Validation, Hit-to-Lead Identification, Lead Optimization, and Candidate Validation.
- Type: The study provides insights into the market by type, which includes Chemistry Services and Biology Services.
- Drug Type: The report analyzes the market based on Drug Type, which comprises Small-molecule Drugs and Biologics.
- Therapeutic Area: The market forecast also considers Therapeutic Areas, such as Oncology, Neurology, Cardiovascular Diseases, Respiratory Diseases, and Diabetes, among other Therapeutic Areas.
- End Users: The report evaluates the market by End Users, including Pharmaceutical & Biotechnology Companies, Academic Institutes, and Others.
- Region: The market insights cover regions such as North America, Europe, Asia Pacific, and the Rest of the World
Major Players in the Market:
The competitive landscape of the drug discovery services market includes prominent players such as Eurofins Scientific, Evotec SE, Charles River Laboratories International, GenScript, Thermo Fisher Scientific, Oncodesign Services, ChemPartner Co., DiscoverX Corp., QIAGEN, and Domainex Ltd, among others.
These companies focus on product quality, expansion of manufacturing facilities, R&D investments, infrastructural development, and integration opportunities across the value chain to cater to the increasing demand, develop innovative products, and ensure competitive effectiveness.
Market Insights:
Chemistry services are expected to remain the largest segment over the forecast period, driven by the growing number of outsourcing projects for small molecules and increasing adoption in academics, biotechnology companies, and large pharmaceutical companies. Among end users, pharmaceutical & biotechnology companies are projected to remain the largest segment due to the surge in the number of chronic diseases among the elderly population and the growing interest of pharmaceutical and biopharmaceutical companies in developing new drugs.
North America is expected to maintain its dominance during the forecast period, supported by financial investment in R&D activities by pharmaceutical and biopharmaceutical companies, availability of advanced equipment for continuous drug discovery research, and the presence of key Contract Research Organizations (CROs) in the region.
This report provides a comprehensive analysis of the drug discovery services market, including trend and forecast analysis, segmentation analysis, regional breakdown, growth opportunities, strategic analysis, and a competitive intensity assessment based on Porter’s Five Forces model.
For more information about this report visit https://www.researchandmarkets.com/r/lzjyg
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SOURCE Research and Markets