The global drug discovery services market is set to undergo a transformative expansion, reaching an estimated valuation of USD 76.5 billion by 2033, as detailed in a comprehensive market analysis released today. This projection represents a substantial increase from the projected USD 19.7 billion valuation in 2023, reflecting a robust compound annual growth rate (CAGR) of 14.5% over the next decade.
The accelerating demand for innovative therapies to address chronic diseases is a key driver propelling the growth of the drug discovery services market. The prevalence of chronic illnesses worldwide has intensified the urgency for novel treatment solutions, creating fertile ground for advancements in drug discovery services.
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“Investments in research and development (R&D) are surging, fueled by unmet medical needs across various therapeutic domains,” said FMI. “This trend underscores a pivotal moment for the pharmaceutical sector, where innovation and technological advancements are crucial in meeting evolving healthcare challenges.”
Technological breakthroughs, such as advancements in mass spectrometry for oncology drug development, are revolutionizing discovery processes. These innovations are not only enhancing the efficiency of drug discovery but also accelerating the timelines for bringing new therapies to market.
The optimistic forecast for the drug discovery services market underscores a promising future, driven by the convergence of escalating chronic disease burdens, unmet medical needs, and continuous technological innovations. The stage is set for exceptional growth and innovation in the years ahead.
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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