Immunoassay Market 1 14

Drug Discovery Services Market Size is Estimated to Reach USD 24.2 Bn by 2027

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New York, United States: The Report on Drug Discovery Services Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Drug Discovery Services Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors. The global Drug Discovery Services market gathered revenue around USD 13.2 Billion in 2020 and market is set to grow USD 24.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 15.10% during the prediction period 2021 to 2027.

Overview of Drug Discovery Services Market Study

Drug Discovery Services market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

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.

Drug Discovery Services Market Dynamics
Driver: Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry
R&D activity has grown significantly in the pharmaceutical and biopharmaceutical industry. In 2017, the pharmaceutical industry alone spent USD 149.8 billion on R&D (Source: International Federation of Pharmaceutical Manufacturers & Associations). Also, pharmaceutical companies spend, on average, 17% of their revenue on R&D.

Pharmaceutical, biopharmaceutical, and medical device companies invest heavily in the development of novel drugs and devices, with most of the expenditure concentrated on phase III and the preclinical stages of drug development. Growth in R&D expenditure, fueled by the need for numerous preclinical and clinical services during the drug discovery and development process, is one of the major factors propelling the drug discovery services market, globally.

According to the Pharmaceutical Research and Manufacturers of America (PhRMA) Annual Membership Survey (2018), the R&D expenditure of PhRMA members increased to USD 71.4 billion in 2017 from USD 59.6 billion in 2015. Further increases in R&D spending in the coming years will provide a significant boost to drug discovery and development activities, which will ensure the growth of the drug discovery services market in the forecast period.

Restraints: 
Drug discovery and development involve high costs due to the high attrition rate of drug candidates in development. Since R&D for some rare diseases is very challenging and requires a specific group of people to conduct a clinical trial, drug R&D processes can be prone to failure. In addition, only 7 of 100 cancer drugs that reach the clinical testing phase end up gaining regulatory approval; most drugs fail long before this point. From drug discovery through FDA approval, developing a new medicine, on average, takes 10–15 years and costs USD 2.6 billion. Less than 12% of the candidate medicines that make it to phase I clinical trials are approved by the FDA (Source: Biopharmaceuticals in Perspective, Summer 2019).

In addition, high financial costs, difficulties in the recruitment and retention of participants, insufficiencies in the clinical research workforce, drug sponsor-imposed barriers, regulatory and administrative barriers, disconnect between clinical research and medical care, and barriers related to the globalization of clinical research may also negatively affect the overall drug development process. This compels companies to invest in the development of generics instead of new drug development

Opportunity: 
Many companies are investing heavily in the development of biologics. Currently, more than half of the drug candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies. As newer biologics are being discovered or are in the pipeline, pharmaceutical and biopharmaceutical companies are heavily investing in their R&D. CROs have also become important in this field as providers of specialized services, such as drug discovery services, for biologics.

According to the US FDA, the number of new biologic approvals in the US increased from 41 in 2014 to 59 in 2018. This is nearly double the 10-year (2009–2017) average of 33 new molecular entities (NME) approvals by the Center for Drug Evaluation and Research (CDER). Growing investments by biopharmaceutical companies to develop biologics are further expected to increase the number of approved products worldwide.

The approval pathway for a biologic is more stringent than that for generic medicines, as, unlike chemically synthesized APIs, establishing bioequivalence for a biotech-based API is difficult and complex. Thus, compared to small molecules, biologics require specialized testing services. This will offer opportunities for contract research service providers to expand their portfolios and capabilities and offer drug discovery services

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COVID-19 Impact on Drug Discovery Services Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Drug Discovery Services market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Drug Discovery Services market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Drug Discovery Services market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Drug Discovery Services market include:

Thermo Fisher Scientific, Inc. (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), GVK Biosciences Private Limited (India), Jubilant Life Sciences (India), Laboratory Corporation of America Holdings (US), Lonza Group AG (Switzerland), Piramal Enterprises Ltd. (India), Viva Biotech (China), Dalton Pharma Services (Canada), (Domainex (UK), Selvita S.A. (Poland), SRI International (US), and BioDuro (US)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Process

  • Target Selection
  • Target Validation
  • Hit-To-Lead Identification
  • Lead Optimization
  • Candidate Validation

By Type

  • Medicinal Chemistry
  • Biology Services
  • Drug Metabolism and Pharmacokinetics (DMPK)

By Drug Type

  • Small Molecules
  • BiologicsInfectious Disease Diagnostics

By Therapeutic Area

  • Oncology
  • Neurology
  • Infectious and Immune System Diseases
  • Digestive System Diseases
  • Cardiovascular Diseases
  • Other Therapeutic Areas

By Company Type

  • Tier 1 Pharmaceutical Companies
  • Tier 2 Pharmaceutical Companies
  • Tier 3 Pharmaceutical Companies

Why Buy this Report?

The purpose of Nova one advisor’s Drug Discovery Services market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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