Drug Discovery Services Market with Current Status, Recent Developments
Global Drug Discovery Services Market Overview
The process of designing a new drug is called as drug discovery. Some of the most common methods deployed for effective drug discovery are molecular manipulation, drug metabolites, random screening, and serendipity. Drug discovery services are designed specifically to enable efficient economies of scale in the process of drug discovery. The global drug discovery services market is expected to exhibit a lucrative CAGR of 10.8% over the forecast period of 2017-2023.
Market Research Future (MRFR), in their latest report, has mentioned many factors leading to a fast-paced acceleration of the global drug discovery services market. A rise observed in demand for cancer treatment has pushed sizeable growth in the global drug discovery services market. Further, technological advances and mounting healthcare expenditure are other primary factors contributing to the burgeoning drug discovery services market. As per the data published by the World Health Organization (WHO), cancer is one of the most significant causes of death across the globe. According to the data, cancer killed 8.8 million deaths in 2015.
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The global drug discovery services market is studied for various segments on the basis of drug types, types of services, technology, therapeutic area, process, and end-user. Based on drug types, the global drug discovery services market is segmented into small molecule drugs and biologics drugs. Based on types of services, the drug discovery services market is segmented into drug metabolism and pharmacokinetics (DMPK) services, medicinal chemistry, pharmaceutical services, and biological services. Based on technology, the drug discovery services market is segmented into biochips, pharmacogenomics & pharmacogenetics, combinatorial chemistry, high throughput screening, nanotechnology, metabolomics, and spectroscopy.
Detailed Regional Analysis
The drug discovery services market is regionally segmented into the Americas, Asia Pacific, Europe, and the Middle East & Africa. The Americas is expected to retain dominance over the drug discovery services market. This can be attributed to the increasing prevalence of chronic diseases and high healthcare expenditure. The Center for Disease Control & Prevention recently stated that approximately 92.1 million adults have at least one type of cardiovascular disease.
Europe is expected to follow behind the Americas and garner the second-largest share in the drug discovery services market over the forecast period. Such growth can be credited to the growing financial support provided by the government towards the research and development as well as the patent expiration of various blockbuster drugs. Different biologic drugs such as Genentech’s Rituxan, Abbott & Eisai’s Humira, and J&J’s Remicade are expected to lose their patent protection soon.
Some of the profiled market vendors include Abbott Laboratories Inc., Agilent Technologies Ubiquigent, Advinus Therapeutics, Albany Molecular Research Inc. (AMRI), Bayer AG, AstraZeneca PLC, Aurigene, Charles River Laboratories International, Covance, ChemBridge Corporation, Eli Lilly and Company, Domainex, Evotec, F. Hoffmann-La Roche Ltd, GenScript, GE Healthcare, GlaxoSmithKline LLC, Jubilant Biosys, GVK Biosciences, Lonza, Merck, Piramal Enterprises, Pharmaceutical Product Development, LLC (PPD), Promega Corporation, Shimadzu Corp., Selcia Limited, SRI International, Thermo Fisher Scientific, Syngene International Ltd., Viva Biotech, and WuXi AppTec
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