DUBLIN–(BUSINESS WIRE)–The “Drug Discovery Services Market: Trends, Opportunities and Competitive Analysis 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global drug discovery services market is set to witness significant growth with a promising future in the pharmaceutical & biotechnology companies and academic institute markets. According to this latest report, the market is projected to reach an estimated value of $37.3 billion by 2028, exhibiting a robust CAGR of 14.1% during the forecast period from 2023 to 2028.
The major driving factors for this market growth include the increasing need for drug discovery services to combat the growing cases of various diseases, rising demand for specialized testing services among end users, and a surge in research activity on unidentified drugs.
Key Market Segments:
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Drug Discovery Services Market by Process:
- Target Selection
- Target Validation
- Hit-to-Lead Identification
- Lead Optimization
- Candidate Validation
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Drug Discovery Services Market by Type:
- Chemistry Services
- Biology Services
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Drug Discovery Services Market by Drug Type:
- Small-molecule Drugs
- Biologics
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Drug Discovery Services Market by Therapeutic Area:
- Oncology
- Neurology
- Cardiovascular Diseases
- Respiratory Diseases
- Diabetes and Other Therapeutic Areas
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Drug Discovery Services Market by End Users:
- Pharmaceutical & Biotechnology Companies
- Academic Institutes
- Others
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Drug Discovery Services Market by Region:
- North America
- Europe
- Asia Pacific
- The Rest of the World
Insights from the Market:
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Chemistry services are expected to remain the largest segment over the forecast period due to the growing number of outsourcing projects for small molecules and increasing adoption in academics, biotechnology companies, and large pharmaceutical firms.
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Pharmaceutical & biotechnology companies are expected to maintain their dominance in the market, driven by a surge in the number of chronic diseases among the elderly population and the growing interest of pharmaceutical and biopharmaceutical companies in developing new drugs.
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North America is anticipated to remain the largest region during the forecast period due to supportive financial investment in R&D activities by pharmaceutical and biopharmaceutical companies, the availability of advanced equipment for continuous drug discovery research, and the presence of key Contract Research Organizations (CROs) in the region.
Market Insight:
The drug discovery services market is on a growth trajectory due to the demand for efficient and cost-effective drug development solutions. With a focus on quality and expanding their customer base, companies in this space are continually looking to enhance their offerings and leverage integration opportunities across the value chain.
FAQs:
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What is the estimated market size of the global drug discovery services market by 2028? The market is projected to reach an estimated value of $37.3 billion by 2028.
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What are the key factors driving the growth of the drug discovery services market? The market is driven by the increasing need for drug discovery services with growing cases of various diseases, a rising demand for specialized testing services among end users, and rising research activity on unidentified drugs.
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Which segment is expected to be the largest over the forecast period? Chemistry services are expected to remain the largest segment over the forecast period due to growing outsourcing projects and increasing adoption by academia and biotechnology companies.
Companies Covered (Selected):
- Eurofins Scientific
- Evotec SE
- Charles River Laboratories International
- GenScript
- Thermo Fisher Scientific
- Oncodesign Services
- ChemPartner Co.
- DiscoverX Corp.
- QIAGEN
- Domainex Ltd
For more information about this report visit https://www.researchandmarkets.com/r/49nv23
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