Drug Discovery Services Market worth USD 18,562.4 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Drug Discovery Services Market by Process (Target Selection, Target Validation, Hit-to-Lead Identification, Lead Optimization, and Candidate Validation), by Type (Medicinal Chemistry Services, Biology Services, and Drug Metabolism and Pharmacokinetics), by Drug Type (Small Molecule Drugs and Biologic Drugs), by Therapeutic Area (Oncology, Cardiovascular Diseases, Infectious Diseases, Metabolic Disorders, and Others), by Company Type (Tier 1 Pharmaceutical Companies, Tier 2 Pharmaceutical Companies, and Tier 3 Pharmaceutical Companies), and Region - Global Trends, Market Share, and Forecast to 2027". The global drug discovery services market is estimated to grow from USD 9,324.1 Million in 2020 to USD 18,562.4 Million by 2027, at a CAGR of 9.8% from 2021 to 2027. Drug discovery is the process used in medicine, biotechnology, and pharmacology to identify new candidate medications. Drug discovery services play an important role in enabling the pharmaceutical industry to deliver new and better cures across multiple therapeutic areas. AI/ML Platform, in-depth data analysis, drug repurposing, target identification, and validation are among the emerging technologies witnessed by the pharma companies to foster speedy execution. The outsourcing paradigm supporting R&D continues to transform rapidly to support industry needs. Pharmaceutical leaders realize that outsourcing has the potential to deliver excellent business value beyond simple cost savings and operational flexibility. 

Global Drug Discovery Services Market Segmentation

The drug discovery services market has been segmented into the process, drug type, therapeutic area, company type, and region.

• By Process (Target Selection, Target Validation, Hit-to-Lead Identification, Lead Optimization, and Candidate Validation)
• By Type (Medicinal Chemistry Services, Biology Services, and Drug Metabolism and Pharmacokinetics)
• By Drug Type (Small Molecule Drugs and Biologic Drugs)
• By Therapeutic Area (Oncology, Cardiovascular Diseases, Infectious Diseases, Metabolic Disorders, and Others)
• By Company Type (Tier 1 Pharmaceutical Companies, Tier 2 Pharmaceutical Companies, and Tier 3 Pharmaceutical Companies)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Oncology, by therapeutic area, is estimated to hold the largest market share during the forecast period

Based on the therapeutic area, the global drug discovery services market is segmented into oncology, cardiovascular diseases, infectious diseases, metabolic disorders, and others. The oncology segment accounted for the largest share of around 26.2% in 2020. The major factors for the dominance of the segment in the market include the increasing incidence rate of cancer cases globally and the subsequent increase in the demand for cancer therapies. Innovation in oncology drug development is constantly driving more efficient and effective development in new cancer treatments. This innovation is offering cancer patients unparalleled access to new therapies.

The metabolic disorders are estimated to exhibit the fastest CAGR of 11.9% of the drug discovery services market during the forecast period. The recent advances of developing pharmaceutical agents for various metabolic disorders by considering their pathogenesis, mechanisms of action, therapeutic and adverse effects. Despite the arrival of new drug classes, the global epidemic of cardiometabolic disease has not abated; therefore, the acceleration in demand for drug discovery services can be projected in the metabolic disorder’s therapeutics in the near future.

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North America accounts for the largest market share during the forecast period in the drug discovery services market.

Based on the regions, the global drug discovery services market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 36.8% in the global drug discovery services market and was anticipated to maintain its dominance throughout the forecast period. South America and the Middle East & Africa is expected to emerge as a lucrative area with maximum growth potential.

In North America, the rising R&D expenditure by pharmaceutical & biopharmaceutical companies, the presence of well-established CROs, and the accessibility of the latest techniques, instruments, and facilities for drug discovery research. Moreover, the increasing incidences of chronic health conditions, high expenditure on healthcare infrastructure, and favorable reimbursement policies lead to segmental growth across the globe.

This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategies of the leading companies operating in the drug discovery services market. It also consists of the profiles of leading companies such as Thermo Fisher Schientific, Merck KGaA, Charles River Laboratories International, GE Healthcare, Evotec, Jubilant Biosys, Covance, Genscript Biotech Corporation, Aurigene Discovery Technologies, Wuxi Apptec, Syngene, Eurofins Scientific, Laboratory Corporation of America Holdings, GVK Biosciences Private Limited, Lonza Group AG, Piramal Enterprises Ltd., Dalton Pharma Services, Viva Biotech, and Selvita. These market players have focused on acquisitions and expansion to gain a larger market share in the drug discovery services market.

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