Fort Collins, Colorado, April 27, 2024 (GLOBE NEWSWIRE) --
The rise in research and development expenditure in pharmaceutical and biotechnology companies drives industry growth.
The increasing research and development (R&D) expenditure by pharmaceutical and biotechnology companies is a crucial driving factor for the growth of the drug discovery services market. As highlighted by the Pharmaceutical Research and Manufacturers of America (PhRMA), significant investments are being made in R&D within the pharmaceutical industry, reflecting a commitment to innovation and the development of new therapeutic solutions.
Rising R&D expenditures are driven by various factors, including the need to address unmet medical needs, pursue breakthrough discoveries, and remain competitive in the market. With technological advances and a deeper understanding of disease mechanisms, pharmaceutical companies are expanding their drug development pipelines across multiple therapeutic areas.
In particular, there is a growing focus on areas such as oncology, neurology, and rare diseases, where significant medical challenges persist and where there is considerable potential for scientific breakthroughs. The increasing number of drug development pipelines in these fields has led to a corresponding demand for drug discovery services to support pharmaceutical and biotechnology companies' research and development efforts. Data from the Tufts Center for the Study of Drug Development underscore the expanding pipeline of potential therapies. The center reports a steady increase in the average number of new drugs approved by the U.S. Food and Drug Administration (FDA) annually. This trend highlights the need for robust drug discovery services to accelerate the identification and development of novel drug candidates.
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Segmentation Overview:
The drug discovery services market has been segmented into process, type, drug type, end-user, and region.
Chemistry emerged as the largest segment in 2023.
- Chemistry services emerged as the largest segment in 2023. Chemistry services encompass a wide range of activities, including medicinal, synthetic, and analytical chemistry, which are essential for designing, synthesizing, and optimizing drug candidates.
Hit-to-lead identification emerged as the segment for 2023.
- Hit-to-lead identification will emerge as the largest segment in 2023. This critical step in the drug discovery process involves screening large compound libraries to identify promising lead compounds that exhibit desired biological activity and drug-like properties.
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Drug Discovery Services Market Report Highlights:
- The drug discovery services market growth is anticipated at a CAGR of 15.4% by 2032.
- Growth in R&D expenditures and drug development pipelines to boost market growth.
- North America is a rapidly growing market for drug discovery services, attributed to global spending on pharmaceutical and drug development.
- Some prominent players in the drug discovery services market report include Thermo Fisher Scientific, Charles River Laboratories, WuXi AppTec, Evotec SE, Albany Molecular Research Inc. (AMRI), Eurofins Scientific, Covance (a subsidiary of LabCorp), Syngene International Ltd., Domainex Ltd., Jubilant Biosys Ltd., Genscript Biotech Corporation, and Selvita S.A.
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