Global Drug Discovery Services Market is projected to achieve a valuation exceeding US$ 76.5 Billion by 2033, according to FMI

Drug Discovery Services Market

The global drug discovery services market growth is anticipated to expand significantly between 2023 and 2033. The research report predicts that the global market will achieve a valuation of US$ 19.7 billion in 2023. By 2033, its value will probably reach US$ 76.5 billion. From 2023 to 2033, the market is anticipated to grow at a CAGR of 14.5%.

The need for medications to treat chronic illnesses and unmet medical demands is growing. The pharmaceutical industry’s expanding market is expanding the market share for services related to drug discovery. The market is projected to grow more quickly as a result of technical developments. In addition, creative discovery techniques have become more popular recently. For instance, mass spectrometry is a proteomics method used to reveal each stage of the development of an oncology therapy.

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Rising drug distribution is a result of escalating generic medicine demand and an increase in patent expirations. Demand for drug discovery services is increasing due to expanding healthcare sector and the rising demand for generic drugs. The aging population, as well as technological advancements in drug discovery services, aid the market’s rapid expansion.

Discovering and developing new drugs can incur huge costs and time. The need for specialization in different scientific fields grows as drug research becomes more difficult. Toxicology, medicinal chemistry, pharmacology, and formulation development experts are typically involved in the development of new medications. Research organizations and pharmaceutical businesses can cut costs and time by outsourcing these services. Without making significant expenditures, the market for outsourced drug delivery services offers access to specialized infrastructure and knowledge.

North America is anticipated to dominate global market shares. The drug discovery services industry in the region operates as a free market with transparent trading practices and restrictions on anti-competitive behavior. The market for biosimilars in the United States is growing tremendously as biologics are more expensive in the region.

Key Takeaways from Drug Discovery Services Market:

• In 2022, the global drug discovery services market size stood at US$ 17.5 billion.
• The pharmaceutical companies segment accounted for 42% market share in 2022.
• In terms of market share, the Hit-to-lead identification method is the dominant segment.
• During the projection period, the biological services segment in the market is expected to increase at a high CAGR.
• The oncology segment accounted for an impressive 39.7% market share in 2022.
• North America accounted for a massive 35.2% market share in 2022.

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Recent Developments Observed by FMI:

• Genentech announced in January 2023 that it had been granted Priority Review and Fast Track designation for Glofitamab. To treat adult patients with refractory or relapsing LBCL, the medication, a new bispecific antibody, activates immune system T-cells.
• Brexpiprazole, an atypical antipsychotic supplement NDA authorized for schizophrenia, was released in January 2023 under FDA Priority Review. Brexpiprazole was developed by H. Lundbeck A/S and Otsuka Pharmaceuticals.
• The FDA approved UCB’s Rozanolixizumab for additional Phase III research in January 2023.
• Harm Reduction Therapeutics announced about RiVive in December 2022. As the FDA accepted and awarded Priority for Review to their new drug application. The product is an over-the-counter nasal spray form of naloxone.

Key Players in the Market:

• Laboratory Corporation of America Holdings
• Charles River Laboratories International Inc.
• Genscript Biotech Corporation
• Thermo Fisher Scientific Inc.
• Pharmaron Beijing Co. Ltd.
• Evotec SE
• Eurofins Scientific SE
• Pharmaceutical Product Development Inc.
• Piramal Enterprise Limited
• Syngene International Limited

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Market Segmentation:

By Process:

• Target Selection
• Target Validation
• Hit-to-lead identification
• Lead Optimization
• Candidate Validation

By Type:

• Chemistry Services
• Biology Services

By Drug Type:

• Small Molecule Drugs
• Biologics Drugs

By Therapeutic Area:

• Neurology
• Infectious and Immune Systems Diseases
• Digestive System Diseases
• Oncology
• Other Therapeutic Areas

By End User:

• Pharmaceutical & Biotechnology Companies
• Academic Institutes
• Manufacturing
• Other End Users

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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