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(MoneyNewsWire.Net, March 27, 2018 ) Drug discovery services are widely used in forensics, paternity testing, disaster victim identification, and anthropology with DNA analysis/profiling being a key tool in this sector. The global drug discovery services market is expected to reach USD 14.40 Billion by 2022 from USD 8.32 Billion in 2017, at a CAGR of 11.6%. The major factors driving the growth of this market are increasing research and development expenditure, inclination of major pharmaceutical companies towards outsourcing to avoid hurdles, and increasing demand for outsourcing of analytical testing and clinical trial services.
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The drug discovery services market is segmented on the basis of process, type, drug type, and therapeutic area. On the basis of process, the global market is segmented into target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation. The hit-to-lead identification segment is expected to account for the largest share of the market in 2017. The growth in this segment is primarily attributed to emerging advanced technologies for high-throughput screening (HTS).
Based on type, the drug discovery services market is segmented into medicinal chemistry, biology services, and drug metabolism and pharmacokinetics (DMPK). In 2017, the medicinal chemistry segment is expected to account for the largest share of the market. Increasing R&D expenditure, growing number of drug discovery and developmental activities, and increasing inclination of pharmaceutical companies towards outsourcing are among the major factors driving the growth of the medicinal chemistry segment.
On the basis of drug type, the drug discovery services market is segmented into small molecules and biologics. In 2017, the small molecules segment is expected to account for the largest share of the global market. Small molecule drugs are simple, well defined, and easy to characterize. Due to their features, they can easily enter cells, affect other molecules, and cause cancer cells to die. As a result, many targeted therapies are small molecules or small-molecule inhibitors.
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By therapeutic area, the drug discovery services market is segmented into oncology, neurology, cardiovascular diseases, respiratory diseases, diabetes, and other therapeutic areas. In 2017, the oncology segment is expected to account for the largest share of the global market. The market is mainly driven by increasing number of cancer patients, which leads to a high demand for cancer therapies.
By region, the drug discovery services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The market is dominated by North America, followed by Europe. However, the Asia Pacific region is expected to witness the highest growth during the forecast period due to less stringent regulations and economical manufacturing costs.
The high cost involved in drug discovery & development and stringent regulations governing drug discovery and animal usage are expected to restrain market growth during the forecast period.
Albany Molecular Research Inc. (AMRI) (US), Charles River Laboratories (US), Evotec (Germany), Domainex (UK), GenScript (US), Covance (US), WuXi AppTec (China), Pharmaceutical Product Development, LLC (PPD) (US), Jubilant Biosys (India), GE Healthcare (US), Merck (Germany), Piramal Enterprises (India), and Advinus Therapeutics (India) are some of the leading players in this market.
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