Drug Discovery Services Market Worth $32+ Billion, Globally, by 2028 at 14+% CAGR | The Insight Partners

NEW YORK, Oct. 17, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Drug Discovery Services Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Drug Type, Therapeutic Area and Geography," the global drug discovery services market size is expected to grow from USD 16.00 billion in 2021 to USD 32.56 billion by 2028; it is expected to grow at a CAGR of 14.5% from 2022 to 2028.

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Global Drug Discovery Services Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 150 pages with list of tables & list of figures from the report, "Drug Discovery Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Biology Service, Medicinal Chemistry, Drug Metabolism, and Pharmacokinetics), Drug Type (Biologics and Small Molecule), Therapeutic Area (Cardiovascular Disease, Oncology, Neurology, Diabetes, Respiratory Disease, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/drug-discovery-services-market

Covance Inc.; Evotec; Merck KGaA; Thermo Fisher Scientific Inc.; GenScript; Domainex; WuXi AppTec; Selcia Limited; Charles River; and SRI International are a few of the key players profiled during the study of the global drug discovery services market. Several other major companies were also analyzed to get a holistic view of the market and its ecosystem.

Most pharmaceutical, biopharmaceutical, and medical device companies invest heavily in the development of novel drugs and devices. Pharmaceutical companies invest in R&D to deliver high-quality and innovative products. These investments, along with collaborative R&D efforts, also help them obtain significant returns in the longer term. Per the EvaluatePharma report, global pharmaceutical R&D spending grow from US$ 137 billion in 2012 to US$ 198 billion in 2020. However, upon the onset of the COVID-19 outbreak, the global pharmaceutical R&D growth rate dropped to 0.1% in 2020. Nevertheless, the rising R&D expenditure allows pharmaceutical and biopharmaceutical companies to opt for fully integrated or functional outsourcing services in all key stages of drug discovery and development.

On the basis of type, the global drug discovery services market is segmented into biology service, medicinal chemistry, drug metabolism, and pharmacokinetics. In 2021, the biology service segment accounted for the largest share of the market.

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Based on drug type, the global drug discovery services market is segmented into biologics and small molecules. The small molecules segment accounted for a larger market share in 2021, and it is expected to dominate the market during the forecast period owing to higher demand and popularity of these molecules due to their simple and well-defined structures, and easy descriptions. Small chemicals can also readily infiltrate cells and kill cancer cells.

Based on therapeutic area, the global drug discovery services market is further segmented into cardiovascular diseases, oncology, neurology, diabetes, respiratory diseases, and others. The oncology segment accounted for the largest market share in 2021, and it is expected to continue its dominance during the forecast period. The growing number of cancer patients has resulted in a large need for cancer medicines, which is likely to drive developments in oncology in the next years, thereby fueling the drug discovery services market for this segment.

North America dominated the drug discovery services market with ~42% market share in 2021. The market growth in the region is majorly attributed to increasing R&D expenditure and government funding, well-developed healthcare infrastructure, high cancer prevalence, continuously flourishing pharmaceutical and life sciences sector, and strategic initiatives by prominent players in the region. Further, the COVID-19 pandemic offered a massive boost to the pharmaceutical industry in the region, as the US FDA authorized many medications in the last two years (including emergency use authorizations).

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