The study involved four major activities in estimating the current size of the drug discovery services market. Exhaustive secondary research was done to collect information on the market and its different subsegments.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
# In 2019, Charles River (US) and CHDI Foundation, Inc. (US), Extended collaboration on drug discovery and development for Huntington’s Disease by five years
# In 2019, Laboratory Corporation of America Holdings’s (US) opened the Covance Drug Development segment opened a new R&D Center in Shanghai, China—its largest facility in the Asia Pacific. This will help the company to grow its business in China and the APAC.
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The global drug discovery services market size is projected to reach USD 19.1 billion by 2025 from USD 10.7 billion in 2020, at a CAGR of 12.1% from 2020 to 2025, the market will be driven by growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, thus necessitating increasing demand for outsourcing analytical testing and clinical trial services.
Initiatives for research on rare diseases and orphan drugs, and focus on drug discovery are driving the growth of the global drug discovery services industry. Growth in biologics, patent expiries and emerging economies are expected to provide a wide range of growth opportunities for players in the market.
North America is expected to command the largest share of the drug discovery services market in 2020.
Based on the region, the global drug discovery services market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2020, North America is expected to command 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.
Key Questions Addressed in the Report:
# What are the growth opportunities in the market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of drug discovery services. Will this scenario continue during the next five years?
# What are the various drug discovery services and their respective market shares in the overall market?
# What are the new trends and advancements in the market?
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The major players operating in this market Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec SE (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), Thermo Fisher Scientific, Inc. (US), Pharmaceutical Product Development, LLC (US), Syngene International Ltd. (India), and Selvita S.A. (Poland) among others.