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(Medical-NewsWire.com, July 26, 2021 ) The global 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.
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.
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By drug type, Small molecule drugs accounted for the largest share in the drug discovery services market
Based on drug type, the drug discovery services market is segmented into small-molecule drugs and biologic drugs. In 2019, small molecule drugs are accounted 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.
By therapeutic area, Oncology segment accounted for the largest share of the drug discovery services market
Based on the therapeutic area, the drug discovery services 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.
By Type,Medicinal Chemistry accounted for the largest share of the drug discovery services market
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 is estimated to account for the largest share of the drug discovery services 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 accounted for the 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.
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Some of the key players include Thermo Fisher Scientific, Inc. (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec A.G. (Germany), Domainex (UK), GenScript Biotech Corporation (China), Laboratory Corporation of America Holdings (US), WuXi AppTec (China), Pharmaceutical Product Development, LLC (US), Jubilant Biosys Ltd. (India), Eurofins Scientific SE (Luxembourg), Piramal Enterprises Ltd. (India), and Selvita S.A. (Poland)
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