The global drug discovery services market is primed for a remarkable expansion, with a projected valuation of USD 76.5 billion by 2033, according to a recent market research report. This anticipated figure marks a substantial leap from the USD 19.7 billion valuation forecasted for 2023, showcasing a robust compound annual growth rate (CAGR) of 14.5% over the next decade.
This growth is attributed to several key factors:
- Rising Demand for Chronic Disease Treatments: The prevalence of chronic illnesses is fueling the need for novel therapies, creating a significant market opportunity for drug discovery services.
- Unmet Medical Needs: Unmet medical needs in various therapeutic areas are driving innovation and research & development (R&D) expenditure in the pharmaceutical sector, further propelling the drug discovery services market.
- Technological Advancements: The constant evolution of technologies like mass spectrometry, a proteomics technique used in oncology drug development, is streamlining discovery processes and expediting drug development timelines.
- Rise of Innovative Discovery Techniques: The increasing adoption of creative discovery methods is fostering a more efficient drug discovery landscape.
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This positive outlook indicates a flourishing future for the drug discovery services market. With the combined forces of rising chronic disease burden, unmet medical needs, and continuous technological advancements, the market is well-positioned for exceptional growth in the years to come.
Key Takeaways from Drug Discovery Services Market:
- In 2022, the global drug discovery services market size stood at USD 17.5 billion.
- The pharmaceutical companies segment accounted for 42% market share in 2022.
- In terms of market share, the Hit-to-lead identification method is the dominant segment.
- During the projection period, the biological services segment in the market is expected to increase at a high CAGR.
- The oncology segment accounted for an impressive 39.7% market share in 2022.
- North America accounted for a massive 35.2% market share in 2022.
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Recent Developments Observed by FMI:
- Genentech announced in January 2023 that it had been granted Priority Review and Fast Track designation for Glofitamab. To treat adult patients with refractory or relapsing LBCL, the medication, a new bispecific antibody, activates immune system T-cells.
- Brexpiprazole, an atypical antipsychotic supplement NDA authorized for schizophrenia, was released in January 2023 under FDA Priority Review. Brexpiprazole was developed by H. Lundbeck A/S and Otsuka Pharmaceuticals.
- The FDA approved UCB’s Rozanolixizumab for additional Phase III research in January 2023.
- Harm Reduction Therapeutics announced about RiVive in December 2022. As the FDA accepted and awarded Priority for Review to their new drug application. The product is an over-the-counter nasal spray form of naloxone.
Key Players in the Market:
- Laboratory Corporation of America Holdings
- Charles River Laboratories International Inc.
- Genscript Biotech Corporation
- Thermo Fisher Scientific Inc.
- Pharmaron Beijing Co. Ltd.
- Evotec SE
- Eurofins Scientific SE
- Pharmaceutical Product Development Inc.
- Piramal Enterprise Limited
- Syngene International Limited
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Market Segmentation:
By Process:
- Target Selection
- Target Validation
- Hit-to-lead identification
- Lead Optimization
- Candidate Validation
By Type:
- Chemistry Services
- Biology Services
By Drug Type:
- Small Molecule Drugs
- Biologics Drugs
By Therapeutic Area:
- Neurology
- Infectious and Immune Systems Diseases
- Digestive System Diseases
- Oncology
- Other Therapeutic Areas
By End User:
- Pharmaceutical & Biotechnology Companies
- Academic Institutes
- Manufacturing
- Other End Users
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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