As per a recent report published by Future Market Insights, the global demand for drug discovery services is expected to rise at a 14.5% CAGR to acquire a valuation of US$ 50.9 Bn by the end of forecast period.
The global drug research services industry is booming as a result of increased funding for research and innovation in a multitude of segments. The drug discovery process is a significant part of the pharmaceutical sector.
The study on drug discovery services market finds that the efforts of researchers towards the development of new drug prototypes have popularized outsourcing of drug discovery services. Moreover, growing spending on research and the development of novel medications for the treatment of deadly diseases and disorders has stimulated the demand for drug discovery platform.
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Pharmaceutical and biopharmaceutical businesses are opting for seamlessly engaged and multifunctional solution providers for drug discovery research, from the developing phase to the late testing stages. Emerging trends in drug discovery services market portends that pharmaceutical companies opt for outsourcing as a key choice to offset the shortage of in-house manpower required for new product development, as pharmaceutical businesses face great pressure to reduce overhead costs.
Restrictive laws regulating drug research and animal testing are projected to limit drug distribution to some extent. Drug discovery service organizations are facing restrictions due to a limitation of trained employees.
The use of animals in pharmaceutical research is governed by strict laws. Mice, rats, fish, amphibians, and reptiles are the most common animals utilized in scientific studies. Considerations over the ethical use of animal experimentation have prompted countries to enact animal safety and use statutes, which raises a number of impediments to the future of drug discovery services market.
The drug discovery trends indicate that Biologics, such as proteins, peptides, and monoclonal antibodies, account for more than half of the therapeutic possibilities in the initial cycle. In 2022, biologics are estimated to make up for approximately half of the income earned by the top 100 pharmaceutical drugs. As per the global market study on drug discovery services, they provide the drug discovery services market with highest growth potential through the forecast period.
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Despite the fact that small-molecule pharmaceutical companies monopolize the global pharmaceutical market, players working with biologics, biosimilars, and large-molecule drugs are tapping into the drug discovery services market opportunities primarily to introduce new biologic-based treatments and rising revenue from current biologics.
All-in-all, the drug discovery services market is expected to reach a valuation of US$ 32 Bn by 2026.
Key Takeaways
- The drug discovery services market is divided into two types–chemistry and biology services. In 2020, the chemistry drug discovery services category held the greatest proportion of the market.
- Small molecules are expected to occupy the largest share of revenue when compared to biologics. Drug discovery statistics specify that small molecules are expected to generate more than US$ 10,800 million in revenue by the end of 2026.
- The oncology category is predicted to have the leading position, owing to the increasing number of cancer patients around the world.
- In comparison to other innovative drug discovery services, Hit-To-Lead identification is expected to acquire the most traction.
- As the most revenue generating phase, several CROs are already delivering Hit-to-lead identification services to pharmaceutical corporations.
Competitive Landscape
The COVID-19 pandemic highlighted the importance of outsourcing drug discovery services for companies and research groups in North America. These companies are now working together with the government to facilitate the drug discovery process.
- Existencia, a business using artificial intelligence in drug discovery, announced a collaboration with Diamond Light Source and Scripps Research on March 31, 2020, to identify COVID-19 antiviral treatments.
- Samsung Biologics, a South Korean pharmaceutical business, has signed a long-term partnership with Eli Lilly and Company to develop bamlanivimab, an investigational COVID-19 virus-neutralizing antibody.
- Genesis Therapeutics and Genentech announced a multi-target drug discovery AI partnership in November 2020. Genesis’ graph machine learning and drug discovery skills will be used in this cooperation to identify novel drug candidates for therapeutic targets in a variety of illness domains.
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