Drug Discovery Services Market Worth 14.40 Billion USD by 2022
PUNE, India, October 27, 2017 /PRNewswire/ --
According to a new market research report "Drug Discovery Services Market by Process (Target Selection, Hit-to-Lead Identification, Lead Optimization), Type (Medicinal Chemistry, Biology Services, DMPK), Drug Type (Small Molecules, Biologics), Therapeutic Areas (Oncology, Neurology) - Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 14.40 Billion by 2022 from USD 8.32 Billion in 2017, at a CAGR of 11.6%.
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Browse 92 Market Data Tables and 39 Figures spread through 168 Pages and in-depth TOC on "Drug Discovery Services Market"
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The major factors driving the growth of this market are increasing research and development expenditure, inclination of major pharmaceutical companies towards outsourcing to avoid hurdles, and increasing demand for outsourcing of analytical testing and clinical trial services.
By process, the hit-to-lead identification segment is expected to dominate the market in 2017
On the basis of process, the Drug Discovery Services Market is segmented into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. In 2017, the hit-to-lead identification process segment is expected to account for the largest share of the Drug Discovery Services Market. The growth of this market segment is mainly driven by the increasing research based on high-throughput screening (HTS).
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By therapeutic area, the oncology segment is expected to hold the largest share of the market in 2017
By therapeutic area, the Drug Discovery Services Market is segmented into oncology, neurology, cardiovascular diseases, respiratory diseases, diabetes, and other therapeutic areas. The oncology segment is estimated to account for the largest share of the market in 2017. The market is mainly driven by the increasing number of patients suffering from cancer, which leads to a high demand for cancer therapies.
The medicinal chemistry segment to dominate the Drug Discovery Services Market during the forecast period
The Drug Discovery Services Market is classified by type into medicinal chemistry, biology services, and drug metabolism and pharmacokinetics (DMPK). In 2017, the medicinal chemistry segment is expected to command the largest share and is estimated to grow at the fastest rate as compared to other segments. The market is mainly driven by the increasing inclination of pharmaceutical companies towards outsourcing.
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The small molecules segment to dominate the Drug Discovery Services Market in 2017
The Drug Discovery Services Market is classified by drug type into small molecules and biologics. In 2017, the small molecules segment is expected to command the largest share of the market. Small molecule drugs are simple, well defined, and easy to characterize. Due to their features, they can easily enter cells, affect other molecules, and cause cancer cells to die. As a result, many targeted therapies are small molecules or small-molecule inhibitors.
Asia Pacific to offer lucrative growth opportunities for players operating in the market
By region, the global Drug Discovery Services Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America is expected to account for the largest share of the market. On the other hand, Asia Pacific is expected to grow at the highest CAGR during the forecast period. The high growth rate of this market is attributed to less stringent regulations and economical manufacturing costs in APAC.
Some of the major players operating in the Drug Discovery Services Market are Albany Molecular Research Inc. (AMRI) (US), Charles River Laboratories International (US), Evotec (Germany), GenScript (US), Covance (US), WuXi AppTec (China), Pharmaceutical Product Development, LLC (PPD) (US), Jubilant Biosys (India), GE Healthcare (US), Merck (Germany), Piramal Enterprises (India), and Advinus Therapeutics (India).
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