The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s drug discovery services market report forecasts the drug discovery services market size to grow to $26.06 Billion by 2027, with a CAGR (compound annual growth rate) of more than 12%.

Learn More On The Drug Discovery Services Market Report 2023 – https://www.thebusinessresearchcompany.com/report/drug-discovery-services-global-market-report

Drug Discovery Services Market Size Forecast
The global drug discovery services market is expected to grow from $14.22 billion in 2022 to $16.15 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The drug discovery services market is expected to grow to $26.06 billion in 2027 at a CAGR of 12.7%.

North America held the largest drug discovery services market share.

Key Drug Discovery Services Market Driver ­– Growth In Focus On Drug Discovery Trials
For instance, in February 2022, according to the World Health Organization’s International Clinical Trials Registry Platform (ICTRP), the number of clinical trials registered with WHO was 60,543 in 2019, rising to 65,409 in 2020. Furthermore, according to ClinicalTrials.gov, a platform for registering clinical trials, the total number of clinical trials reported until 2020 was 325,771 in March 2021, rising to 362,501 in 2021. Therefore, the growing focus on drug discovery trials will drive the drug discovery services market.

Request for A Sample Of The Global Drug Discovery Services Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=8324&type=smp

Key Drug Discovery Services Market Trend – Technological Advancement
Major companies operating in drug development services are witnessing the market demand for using robotics and automated screening to increase the overall speed of drug discovery. This advancement enables key players to gain a competitive edge in the market. For instance, in February 2021, Arctoris Ltd., a UK-based tech-enabled platform company using biotechnology, robotics, & data science to accelerate drug discovery, launched Ulysses. This fully automated robotic platform provides superior-quality data to accelerate drug discovery. This automated technology platform rapidly generates reliable, measurable, and fully auditable datasets, allowing for better decision-making early in the drug discovery process.

Drug Discovery Services Market Segment
1) By Type: Chemistry Services, Biology Services
2) By Process: Target Selection, Target Validation, Hit-to-Lead Identification, Lead Optimization, Candidate Validation
3) By Drug Type: Biologics Drug, Small Molecule Drug
4) By End user: Pharmaceuticals and Biotechnology Companies, Academic Institutes, Other End Users

Drug Discovery Services Market Major Players and Strategies
Major players in the drug discovery services market are Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex, GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Agilent Technologies Inc., Advinus Therapeutics, Jubilant Biosys Ltd., Evotec AG, Labcorp Drug Development, Syngene International Ltd., Bayer AG, Merck KGaA, and Ubiquigent.

In January 2020, Charles River, a US-based pharmaceutical company specializing in various preclinical and clinical laboratories, acquired HemaCare for an undisclosed amount. With this acquisition, HemaCare broadens Charles River’s scientific capabilities in the emerging high-growth cell therapy sector. HemaCare is a US-based biotechnology research company specializing in advancing drug discovery, scientific research, and cell therapy.

The Drug Discovery Services Global Market Report 2023 covers regional data on drug discovery services market size, drug discovery services market trends and drivers, opportunities, strategies, and drug discovery services market competitor analysis. The countries covered in the drug discovery services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Drug discovery services refer to the procedure for identifying potential new medicines. It combines many scientific disciplines, including biology, chemistry, and pharmacology. These drug discovery services are offered in four stages: early drug discovery, pre-clinical phase, clinical phases, and regulatory approval.

View More Reports Related To The Drug Discovery Services Market –
Drug Discovery Global Market Report 2023
Laboratory Automation Systems Global Market Report 2023
Research Antibodies And Reagents Global Market Report 2023

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: