According to FutureWise analysis the market for Drug Discovery Services in 2023 was US$ 19.70 billion, and is expected to reach US$ over 65 billion by 2031 at a CAGR of 14.50%.
The process of designing a drug is called drug discovery. Molecular manipulation, random screening, drug metabolites, molecular designing, and serendipity are the most common methods of drug discovery. Drug discovery services are designed to reduce the costs and timelines involved in the discovery of new drugs. A method of drug discovery is used in pharmacology, biotechnology, and medicine to discover and design new medications. There are several steps to this process, including identification, production, depiction, selection, and assays for therapeutic utility. As soon as a compound has demonstrated its value in these assessments, it will begin the process of drug development leading to a clinical trial. The core of drug discovery services includes drug target identification, drug discovery selection, drug design based on fragments, lead compound recognition, and lead optimization. In forensics, paternity testing, disaster victim identification, and anthropology, drug discovery services are widely used, with DNA analysis being an extremely important tool in this field. Increased R D spending, a preference among big pharmaceutical firms for outsourcing to avoid roadblocks, and a spike in demand for analytical testing and clinical trial services are the primary reasons driving this market's growth. The drug discovery services industry is expanding rapidly, owing to increased demand and supply for pharmaceuticals. Furthermore, factors like as technical developments and an increase in the adoption of novel methodologies for discovery, as well as an increase in demand for generic medications and an increase in the number of patents expiring, all contribute to the market's worldwide expansion. Increased R D activities, the expansion of the healthcare sector, the rise in demand for generic medications, the rise in the elderly population, and technical developments in drug discovery services are all contributing to the market's growth.
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Drug Discovery Services Market Segmentation:
By Process
- Target Selection
- Target Validation
- Hit-to-Lead Identification
- Lead Optimization
- Candidate Validation
By Type
- Medicinal Chemistry
- Biology Services
- Drug Metabolism and Pharmacokinetics
By Drug Type
- Small Molecules
- Biologics
By Therapeutic Area
- Oncology
- Neurology
- Cardiovascular Diseases
- Respiratory Diseases
- Diabetes
- Other Therapeutics Areas
By Company Type
- Tier 1 Pharmaceutical Companies
- Tier 2 Pharmaceutical Companies
- Tier 3 Pharmaceutical Companies
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Competitive Landscape in Drug Discovery Services Market:
- Thermo Fisher Scientific
- Merck
- GE Healthcare
- Albany Molecular Research, Inc (AMRI)
- Charles River Laboratories International
- Evotec
- Pharmaceutical Product Development, LLC. (Ppd)
- Jubilant Biosys
- Covance
- Genscript Biotech Corporation
- Aurigene Discovery Technologies
- Wuxi Apptec
- Syngene
- Eurofins Scientific
- GVK Biosciences Private Limited
- Laboratory Corporation of America Holdings
- Lonza Group AG
- Piramal Enterprises Ltd
- Viva Biotech
- Dalton Pharma Services
- Domainex
- Selvita S.A.
- SRI International
- BioDuro
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**Objectives of this Study: **
- To provide a comprehensive analysis of the Drug Discovery Services Market By Process, By Type, By Drug Type, By Therapeutic Area, By Company Type and By Region.
- To offer detailed insights into factors such as drivers, restraints, trends, and opportunities, as well as segmental and regional influences on market growth.
- To evaluate current market trends and forecast micro-markets, presenting overall market projections in the form of data sets and PowerPoint presentations.
- To predict the market size in key regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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