Drug discovery is the process where new drugs are designed random screening, drug metabolites, molecular designing, drug metabolites, molecular designing, and serendipity. Drug discovery services mainly designed to reduce cost and timelines of drug discovery process. Drug discovery processes are used to development of new drugs.
Increase in prevalence of chronic diseases like cancer is expected to boost the growth of global drug discovery service market. For instance, according to WHO (World Health Association) around 8.8 million people are dead due to cancer in 2015 worldwide. Furthermore, rise in demand for medicine for treatment of various diseases is expected to propel the global drug discovery services market growth. In addition to that, rise in technological advancements, new drug discovery techniques, as well as increase in demand for generic medicine expected to fuel the global drug discovery market growth.
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Global Drug Discovery Services Market Restraints
However, huge capital investments, and low profit margins are the major restraining factors which is expected to hamper the global drug discovery services market growth. Also, strict Food and Drug Administration (FDA) regulations and poor healthcare system will affect the growth of global drug discovery services market.
Global Drug Discovery Services Market Segmentation
Global Drug Discovery Services Market is segmented into by process such as Target Selection, Validation, and Lead Optimization, by type such as DMPK, and Medicinal Chemistry. Further, Global Drug Discovery Services Market is segmented into drug type such as Biologics, and Small Molecules, and by Therapeutics such as Oncology, and Neurology.
Also, Global Drug Discovery Services Market is segmented into five regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Global Drug Discovery Services Market Key Competitors
Various key competitors are discussed in this report such as Albany Molecular Research Inc., Charles River Laboratories, International Domainex, Thermo Fischer Scientific, Covance, GenScript, Selcia Limited, SRI International, WuXI App Tec, Viva Biotech, Evotec, and Pharmaceutical Product Developmemt LLC.
Global Drug Discovery Services Market Taxonomy
- Target Selection
- Lead Optimization
- Medicinal Chemistry
By Drug Type
- Small Molecules
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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