Overview of this Study:

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.

Expected Revenue Growth:

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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Covid-19 impact on the global Drug Discovery Services Market:

The COVID-19 outbreak is an unprecedented global public health challenge and is expected to have a significant impact on the ISH market for diagnostics and research applications.

In order to expedite the research and development process, leading pharmaceutical and biotechnology companies are entering into a collaboration and partnership program with drug discovery services firms to develop vaccines and therapeutics to combat coronavirus. For instance, Eurofins has joined hands with pharmaceutical and biotech companies to support and identify potential drug molecules. Some of the services offered by Eurofins include safety profiling, drug repositioning services, custom assay development, efficacy testing, and cytokine storm assessment. In June 2020, Covance entered into a partnership with Medable to accelerate the adoption of decentralized clinical trial technology. In June 2020, Covance also launched a COVID-19 clinical trial platform in the US to provide information about COVID-19 trails and to speed up the recruitment process for clinical research.

Such strategies and initiatives by drug discovery services firms will accelerate the growth of this market during the forecast period.

Geographical Growth Scenario:

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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Global Key Players:

The major players operating in this market 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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