Healthcare

According to a market report by Lucintel, the future of the drug discovery services market looks promising with opportunities in the pharmaceutical & biotechnology companies and academic institute markets. The global drug discovery services market is expected to reach an estimated $37.3 billion by 2028 with a CAGR of 14.1% from 2023 to 2028. The major drivers for this market are increasing need for drug discovery services with augmenting cases of various diseases, growing demand for specialized testing services among end users, and rising research activity on unidentified drugs.



In this market, chemistry services and biology services are different segments of drug discovery services by type. Lucintel forecasts that chemistry services will remain the largest segment over the forecast period due to growing number of outsourcing projects for small molecules and increasing adoption in academics, biotechnology companies, and large pharmaceutical companies.



Within this market, pharmaceutical & biotechnology companies  is expected to remain the largest segment due to surge in the number of chronic diseases among the elderly population and growing interest of pharmaceutical and biopharmaceutical companies in developing new drugs.



North America is expected to remain the largest region during the forecast period due to supportive financial investment in the R&D activities by pharmaceutical and biopharmaceutical companies, availability of advanced equipment for continuous drug discovery research, and presence of key CROs in the region.

Eurofins Scientific, Evotec SE, Charles River Laboratories International, GenScript, Thermo Fisher Scientific, Oncodesign Services, ChemPartner Co., DiscoverX Corp., QIAGEN, and Domainex Ltd are the major suppliers in the global drug discovery services market.



Lucintel, a leading global strategic consulting and market research firm, has analysed growth opportunities in the global drug discovery services market by process, type, drug type, therapeutic area, end users, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Drug Discovery Services Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global drug discovery services market by process, type, drug type, therapeutic area, end users, and region, as follows:

This more than 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at helpdesk@lucintel.com.

 

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

 

Q.1. What are some of the most promising, high-growth opportunities for the drug discovery services market by process (target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation), type (chemistry services and biology services), drug type (small-molecule drugs and biologics), therapeutic area (oncology, neurology, cardiovascular diseases, respiratory diseases, and diabetes and other therapeutic areas), end users (pharmaceutical & biotechnology companies, academic institutes, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity did occur in the last five years and how did they impact the industry?