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(Medical-NewsWire.com, November 26, 2020 ) Research Methodologies Followed in This Study:
Primary Research
Extensive primary research was conducted after acquiring basic knowledge about the global Drug Discovery Techniques Market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand side (such as personnel from the pharmaceutical and biopharmaceutical industry) and supply-side (such as C-level and D-level executives, product managers, marketing and sales managers of key manufacturers, distributors, and channel partners, among others) across four major regions—North America, Europe, the Asia Pacific, and the Rest of the World.
Secondary Research
The secondary sources referred to for this research study include publications from government sources, such as Association of International Contract Research Organizations (AICROS), American Association of Pharmaceutical Scientists (AAPS), Clinical and Contract Research Association (CCRA), Association of Clinical Research Organizations (ACRO), Clinical Research Society (CRS), Clinical Research Association of Canada (CRAC), Pharmaceutical Research and Manufacturers of America (PhRMA), National Center for Biotechnology Information (NCBI), Parenteral Drug Association (PDA), Food and Drug Administration (FDA), Annual Reports, SEC Filings, Investor Presentations, Expert Interviews, and MarketsandMarkets Analysis. Secondary data was collected and analyzed to arrive at the overall size of the global drug discovery services market, which was validated through primary research.
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The Drug Discovery Services Market size 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.
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.
Medicinal Chemistry accounted for the largest share the drug discovery services market in 2019
Based on type, the drug discovery services 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.
North America accounted for largest share of the drug discovery services market in 2019.
Based on the region, the global drug discovery services 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 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.
Global Leaders:
The major players operating in Drug Discovery Techniques Market are 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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raviraj.tak@marketsandmarkets.com
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