Drug Discovery Services Market – Emerging Innovations to Boost the Global Revenue

PUNE, India, 2021-Mar-19 — /EPR Network/ —

Major Growth Driver: Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry

R&D activity has grown significantly in the pharmaceutical and biopharmaceutical industry. In 2017, the pharmaceutical industry alone spent USD 149.8 billion on R&D (Source: International Federation of Pharmaceutical Manufacturers & Associations). Also, pharmaceutical companies spend, on average, 17% of their revenue on R&D.

Pharmaceutical, biopharmaceutical, and medical device companies invest heavily in the development of novel drugs and devices, with most of the expenditure concentrated on phase III and the preclinical stages of drug development. Growth in R&D expenditure, fueled by the need for numerous preclinical and clinical services during the drug discovery and development process, is one of the major factors propelling the drug discovery services market, globally.

According to the Pharmaceutical Research and Manufacturers of America (PhRMA) Annual Membership Survey (2018), the R&D expenditure of PhRMA members increased to USD 71.4 billion in 2017 from USD 59.6 billion in 2015. Further increases in R&D spending in the coming years will provide a significant boost to drug discovery and development activities, which will ensure the growth of the drug discovery services market in the forecast period.

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North America accounted for the largest share of the drug discovery services market in 2019

Based on the region, the global Drug Discovery Technology Market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the drug discovery services market. The large share of this market segment can be attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and the availability of latest techniques, instruments, and facilities for drug discovery research.

Market Size Estimation:

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by process, type, drug type, therapeutic area, company type, and region).

Expected Revenue Growth:

The size of the global Drug Discovery Services Market is projected to reach USD 21.4 billion by 2025 from USD 11.1 billion in 2020, at a CAGR of 14.0% during the forecast period.

Data Triangulation:

After arriving at the market size, the total Drug Discovery Technology Market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

Major Growth Restraints:

Drug discovery and development involve high costs due to the high attrition rate of drug candidates in development. Since R&D for some rare diseases is very challenging and requires a specific group of people to conduct a clinical trial, drug R&D processes can be prone to failure. In addition, only 7 of 100 cancer drugs that reach the clinical testing phase end up gaining regulatory approval; most drugs fail long before this point. From drug discovery through FDA approval, developing a new medicine, on average, takes 10–15 years and costs USD 2.6 billion. Less than 12% of the candidate medicines that make it to phase I clinical trials are approved by the FDA (Source: Biopharmaceuticals in Perspective, Summer 2019).

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Global Key Players:

The major players operating in Drug Discovery Technology Market are Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec A.G. (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China),  and  Thermo Fisher Scientific, Inc. (US) among others.

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