Drug Discovery Services Market - Global Revenue Growth is Expected to be at a Steady Rate

Posted June 23, 2022 by vmack2187

The global market size estimated through secondary research was then triangulated with inputs from primary research to arrive at the final market size.

This research study involved the extensive use of secondary sources, directories, and databases to identify and collect valuable information for the analysis 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, to obtain and verify critical qualitative and quantitative information and assess growth prospects of the market. The global market size estimated through secondary research was then triangulated with inputs from primary research to arrive at the final market size.

Major Growth Driving Factors:

Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increasing demand for outsourcing analytical testing services, initiatives for research on rare diseases and orphan drugs, and the high cost of in-house drug development are creating new revenue pockets in the drug discovery services market. On the other hand, stringent regulations governing drug discovery and animal usage are expected to restrain market growth to a certain extent. The shortage of skilled professionals poses a challenge for drug discovery service providers.

Projected Surge in Revenue Generation:

The global Drug discovery services market is projected to reach USD 31.4 billion by 2026 from USD 16.1 billion in 2021, at a CAGR of 14.3% during the forecast period of 2021 to 2026.

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Recent Developments:

# In December 2021, Curia (US) launched messenger RNA (mRNA) solution, which includes discovery, process development, and mRNA drug substance production, through large-scale lipid manufacturing, lipid nanoparticle (LNP) formulation, and development for full-scale sterile fill-finish services.

# In September 2021, Eurofins collaborated with Liverpool ChiroChem Ltd to provide enhanced chemical expertise by accessing LCC’s fragment library and PROTAC linker molecules to augment their integrated drug discovery platform, DiscoveryOne.

Research Methodologies Followed for This Study:

Primary Research:

Extensive primary research was conducted after acquiring basic knowledge about the global drug discovery services market scenario through secondary research. Several primary interviews were conducted with market experts from the demand side, such as personnel from pharmaceutical and biopharmaceutical industries, CDMOs and CROs, academic & research institutes, and experts from the supply side, such as C-level and D-level executives, product managers, marketing & sales managers of key manufacturers, distributors, and channel partners.

Secondary Research:

The secondary sources referred to for this research study include publications from government sources, such as Association of International Contract Research Organizations (AICROS), American Association of Pharmaceutical Scientists (AAPS), Clinical and Contract Research Association (CCRA), Association of Clinical Research Organizations (ACRO), Clinical Research Society (CRS), Pharmaceutical Research and Manufacturers of America (PhRMA), National Center for Biotechnology Information (NCBI), Food and Drug Administration (FDA).

OPPORTUNITY: Growth in drugs and biologics market despite Covid-19 Pandemic

Despite the ongoing COVID-19 pandemic, 2020 has been the second-best year for the pharmaceutical industry regarding the number of drugs approved by the US FDA. This year witnessed the authorization of 53 drugs—a number surpassed only in 2018 with 59 pharmaceutical agents. The 53 approvals in 2020 comprised 40 new chemical entities and 13 biologics (of which ten were monoclonal antibodies, two were antibody-drug conjugates, three were peptides, and two, oligonucleotides). The FDA authorized 160 drugs in the last three years (2018–2020), compared to the approval of only 21 drugs in 2010.

CHALLENGE: Shortage of Skilled Personnel

The global pharmaceutical, biotechnology, and medical device R&D outsourcing industry is constantly evolving. Professionals must keep pace with the continuing changes in pharmaceutical R&D technologies and methodologies, provide quality services, and comply with good laboratory practices. CROs face challenges in attracting and retaining highly skilled professionals as they compete with pharmaceutical and biotechnology companies and academic and research institutions for qualified and experienced scientists.

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North America was the largest regional market for Drug discovery services Market in 2020.

The global drug discovery services market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional market for drug discovery services with an estimated share of in 2020. This can be attributed to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, rapid growth in the biosimilar and biologics markets, and the availability of the latest techniques, instruments, and facilities for drug discovery research in the region.
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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags drug discovery , drug discovery services , drug discovery services market
Last Updated June 23, 2022