Drug Discovery Services Market Worth $21.4 Billion By 2025
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- Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry.
- Increasing demand for outsourcing analytical testing and clinical trial services.
- Initiatives for research on rare diseases and orphan drugs.
- Focus on drug discovery.
Overview of This Study:
This market research study involved the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the Global Drug Discovery Services Market.
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess market prospects. The size of the drug discovery services market was estimated through various secondary research approaches and triangulated with inputs from primary research to arrive at the final market size.
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).
After arriving at the market size, the total 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.
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What the Market Looks Like?
The global drug discovery services market size 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.
Recent Developments in the Global Market:
# In 2020, Covance entered into a partnership with Medable to expedite the adoption of decentralized trial technology
# In 2020, Eurofins entered into partnership with PharmaResources (CHINA). This partnership enabled both companies to build a joint drug discovery platform to accelerate small molecule drug development.
# In 2020, LabCorp launched its extensive preclinical, clinical, and post-approval cell and gene therapy development solutions through Covance, its drug development business
# In 2020, WuXi AppTec Research Service Division and BioSolveIT launched GalaXi, a new chemical space of tangible molecules
# In 2020, Charles River acquired HemaCare to strengthen its Research Models Services segment through Hemacare’s broad range of human primary cell and cell processing services that support the discovery and development of cell therapies
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