Drug Discovery Services Market to Witness Remarkable Growth by 2026
Posted by Preet on October 21st, 2019
The report compiled by Fact.MR expects the global drug discovery services market is to witness robust growth, registering CAGR of 8.9% during 2017-2026. By the end of 2026, the global drug discovery services market is projected to reach US$ 16,800.1 million revenue. Increasing prevalence of chronic diseases and new diseases is driving the drug discovery services. Also, new technologies supporting drug discovery methods and techniques are evolving at a significant phase. Following are insight on how the global drug discovery services market will perform in the near future.
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Drug discovery services have undergone a drastic change with the advancements in modern molecular biology methods and advanced knowledge of human genome. Drug discovery is becoming more hypothesis-driven target-based approach. Pharmaceutical companies and regulatory bodies are contributing to the drug discovery. Major pharmaceutical companies are also focusing on developing the team of excellent scientists working in many therapeutic fields and technologies. In the recent years, there has been an increase in a number of approvals for first-in-class drugs, this reflects the impact of advanced drug discovery technologies, and approaches. Drug discovery service providers are also focusing on sequencing of the human genome in order to open the way to genomics-based methods in drug discovery. Innovation currently seen in the drug discovery methods is based on more information about targets, disease phenotypes, and compounds.
North America is likely to remain dominant in the global drug discovery services market throughout the forecast period 2017-2026. Presence of leading pharmaceutical companies in the region is one of the factors driving the growth of drug discovery services in North America. Asia Pacific Excluding Japan (APEJ) is also anticipated to witness significant growth during 2017-2026. India and China are slowly becoming preferred locations for drug discovery outsourcing due to the technological capabilities developed. Fewer regulations and low manufacturing costs are also fueling the growth in APEJ region.
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Hit-To-Lead identification is likely to be the most preferred process in the global drug discovery services market. By the end of 2026, hit-to-lead identification is projected to reach nearly US$ 7,000 million revenue. By drug discovery service type, medicinal chemistry is likely to witness the significant growth. Towards the end of 2026, medicinal chemistry is projected to surpass US$ 6,000 million revenue.
The report offers a profile of some prominent players in the global drug discovery services market, which will stay active through 2026. The leading companies are Thermo Fisher Scientific, Inc., Merck Millipore, GE Healthcare, Albany Molecular Research, Inc. (AMRI), Charles River Laboratories International, Evotec, Pharmaceutical Product Development, LLC. (Ppd), Covance, Jubilant Biosys, Genscript Biotech Corporation, Aurigene Discovery Technologies, Wuxi Apptec, and Syngene
