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Drug Discovery Services Market Trends

Report ID: GMI6004
Published Date: Jun 2023
Report Format: PDF

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Drug Discovery Services Market Trends

Escalating disease burden has created the demand for effective therapeutics and diagnostic solutions. The emergence of severe infectious disorders including COVID-19 and the Ebola pandemic has resulted in the rising need for R&D across the globe. Therefore, catering to such huge demand for novel drugs and treatment therapies, the companies are compelled to broaden their R&D capabilities with significant investments. Some of the leading pharmaceutical and medical device companies are noted to significantly increase spending on their research activities.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

In 2022, the global market for drug discovery services was valued at USD 16.3 billion and will grow at 14.1% CAGR from 2023 to 2032, driven by rising R&D investments by private players and the government on novel drug discovery and development.

The small-molecule drugs segment will grow at a 14.4% CAGR from 2023 to 2032, owing to the oral bioavailability and favorable pharmacokinetic properties of small molecule drugs.

North America market held over 43.8% of the revenue share in 2022, attributed to the growing prevalence of chronic diseases coupled with rising demand for novel drugs in the region.

Notable players in the drug discovery services industry include Thermo Fisher Scientific, Inc., Eurofins Scientific, EVOTEC, Syngene International Limited, Wuxi AppTec, Laboratory Corporation of American Holdings, and Curia Global, Inc., among others.