Drug Discovery Services Market - Trends Forecast Till 2028

Market Overview

The global drug discovery market is expected to display a positive market trend over the forecast period of 2021-2028, exhibiting a CAGR of 6.50%.

Drug discovery is the process of designing a new drug. The most common methods employed for drug discovery are molecular manipulation, random screening, drug metabolites, molecular designing, and serendipity. Drug discovery services are specifically designed to minimize the costs and timelines of drug discovery. In pharmacology, biotechnology, and medicine, the method of drug discovery is used to design and discover new medications. This process comprises the identification of aspirants, production, depiction, selection, and assays for therapeutic usefulness.

Rising prevalence of chronic diseases, acute diseases, rise in the pharmaceutical and biotechnology industry among the others are some of the factors that have supported long-term expansion for 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.

Regional Analysis

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.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key Players

• Covance Inc.
• Evotec
• Merck KGaA
• Thermo Fisher Scientific Inc
• GenScript
• Domainex
• WuXi AppTec
• Selcia Limited
• Charles River
• SRI International

Recent Developments

• In 2020, Covance entered into a partnership with Medable to expedite the adoption of decentralized trial technology
• In 2020, Eurofins entered into partnership with Pharma Resources (China). This partnership enabled both companies to build a joint drug discovery platform to accelerate small molecule drug development.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Drug Discovery Services Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope