Key Leaders of the Global Drug Discovery Services Market

Posted December 2, 2020 by mmvaidya

The global drug discovery services market size is projected to reach USD 21.4 billion by 2025 from USD 11.1 billion in 2020
This market research study involved the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the global drug discovery services market.

In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess market prospects. The size of the drug discovery services market was estimated through various secondary research approaches and triangulated with inputs from primary research to arrive at the final market size.

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. 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

The major players operating in this 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), and Thermo Fisher Scientific, Inc. (US) among others.

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Laboratory Corporation of America Holdings (US)

Laboratory Corporation of America Holdings is a leading player in the drug discovery services market. LabCorp has built its expertise in entering new markets and successfully impacting them. The company has pursued competitive strategies such as acquisitions and expansions to strengthen its presence in the drug discovery services market. In 2017, LabCorp acquired Chiltern International, which increased its position as a global life sciences company with leading diagnostic and drug development businesses. This development significantly helped LabCorp in tapping into new revenue streams and diversifying its economic cycle. The free cash flow has helped LabCorp expand its capabilities into new projects, thus strengthening its leading position in the market.

Charles River Laboratories (US)

Charles River Laboratories is a prominent company in the drug discovery services market. The company offers various services ranging from target discovery to candidate validation. As one of the leading firms in the industry, Charles River Laboratories has numerous strengths that help it to thrive in the market place. The firm also has a successful track record of integrating complimentary firms via mergers and acquisitions. It has successfully integrated a large number of technology companies in the past few years to streamline its operations and build a reliable supply chain.

Eurofins Scientific SE (Luxembourg)

Eurofins Scientific SE is another crucial player in the drug discovery services market. Eurofins is a prominent provider of drug discovery services. Eurofins pharmaceutical services are offered for the entire drug development cycle, inclusive of discovery pharmacology, preclinical/early development, clinical-stage/central lab, development & manufacturing, and biopharma product testing. Moreover, Eurofins Pharma Discovery Services is recognized as an industry leader in providing drug discovery researchers the most extensive and most diverse portfolio of standard and custom in vitro safety & pharmacology assays and panels for drug screening and profiling. To strengthen its position in the market, over the last decade, Eurofins has acquired several pharma discovery services companies, including Cerep (France), Pan Labs (US), DDS-Millipore (US & Canada), Villapharma (Spain), and DiscoverX (US)

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.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags drug discovery services , drug discovery services market
Last Updated December 2, 2020