Overview of This Study:

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.

Recent Developments in the Global Drug Discovery Services Market:

# IIn 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.

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.

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.

Downlaod PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138732129

This growth in the number of approved products worldwide is attributed to the rising investments by biopharmaceutical companies to develop biologics and biosimilars. More than half of the drug candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies. Biologics are expected to contribute around half of the revenue generated by the top 100 pharmaceutical product sales in 2022.

Although small-molecule drugs dominate the global pharmaceutical market, the share of biologics, biosimilars, and large-molecule drugs is growing, led by the launch of new biologic-based drugs and increased revenues from existing biologics. Biologics and biosimilars require more specialty testing services at each stage than small molecules. The increasing need for outsourcing these services to CROs is expected to stimulate the growth of the drug discovery services market in the coming years

Global Leading Companies:

The global drug discovery services market is competitive, with Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), WuXi AppTec (China), and Thermo Fisher Scientific Inc. (US) together major share of the global market.

Thermo Fisher Scientific (US) offers a complete and integrated portfolio of discovery services. The company has a strong geographic footprint and operates in more than 150 countries across North America, Europe, Latin America, and Asia. The company gained more than USD 12 billion in revenue in 2020 from its Life Sciences Solutions segment, which provides drug discovery services. In 2021, Thermo Fisher Scientific acquired PPD to strengthen its drug discovery service portfolio.

Laboratory Corporation of America Holdings (US) is one of the leading players in the global drug discovery services market. The company’s strong focus on a broad range of customers, technology-enabled solutions, investments in joint ventures & partnerships, and comprehensive quality systems and processes contribute to the growth of the company’s market share. The company focuses on organic and inorganic growth strategies such as acquisitions and expansions to enhance its share in the global drug discovery services market. The company acquired Toxicon to expand its footprint in the bioanalytical testing and drug discovery services markets. Additionally, in September 2019, LabCorp established a new R&D center in Shanghai.

Charles River Laboratories (US) is a global drug discovery service CRO with a comprehensive portfolio of drug discovery and early-stage development products and services. The company has made multiple acquisitions, partnerships, and collaborations. An integrated early-stage service portfolio, pharmaceutical manufacturing support portfolio, deep scientific expertise, a diversified global presence, and a flexible & customized environment to provide solutions have ensured strong revenue and expanded its market position.

Request Sample Pages@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=138732129

WuXi AppTec (China) has a comprehensive discovery and development services portfolio. It has a strong customer base, mainly in China, the US, Germany, Iceland, Israel, and Korea. To maintain its leading position in the market, the company mainly focuses on maintaining the quality of services delivered and adapting quickly to transformational and innovative conditions. The company is actively focusing on expansions and service launches to improve its capability and capacity in the global market. The company has conducted two expansions and two service launches in the last four years. For example, its subsidiary WuXi Advanced Therapies Inc. (WuXi ATU) opened a new process development and commercial manufacturing facility in Lin-gang, Shanghai.