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 The global drug discovery services market is on the brink of significant expansion, with projections indicating robust growth from $14.22 billion in 2022 to $16.15 billion in 2023, boasting a compound annual growth rate (CAGR) of 13.6%. Looking ahead, the market is poised to reach $26.06 billion in 2027, marking a substantial CAGR of 12.7%.

Driving Force: Focus on Drug Discovery Trials

• Critical Role of Drug Development Life Cycle: The drug development life cycle plays a pivotal role in ensuring the safe and effective delivery of pharmaceuticals. As a crucial component of this cycle, clinical trials are gaining prominence.
• Increasing Importance of Drug Development: With a growing emphasis on innovation in healthcare, the demand for drug discovery trials has witnessed a notable surge. In 2020, the World Health Organization’s International Clinical Trials Registry Platform (ICTRP) reported 65,409 registered clinical trials, reflecting the escalating significance of these trials in the drug development landscape.
• Rising Trial Numbers: Platforms like ClinicalTrials.gov reported a significant uptick in clinical trials, from 325,771 in March 2021 to 362,501 in 2021. This surge underscores the global focus on drug discovery trials as a driver for the drug discovery services market.

Industry Giants: Major Players Shaping the Market

• Key Players: The drug discovery services market is shaped by major players contributing to its growth. Prominent entities include Thermo Fisher Scientific Inc., Charles River Laboratories International Inc., Agilent Technologies Inc., and others.
• Diverse Offerings: These industry leaders offer a diverse array of drug discovery services, contributing to the market’s overall expansion.

Technological Advancements: A Transformative Trend

• Pivotal Role of Technology: Technological advancements are at the forefront of trends in the drug discovery services market. Companies engaged in drug development services are leveraging robotics and automated screening to enhance the speed and efficiency of drug discovery.
• Competitive Edge Through Automation: Notably, Arctoris Ltd., a UK-based tech-enabled platform company, launched Ulysses in February 2021. This fully automated robotic platform accelerates drug discovery by providing high-quality data. The platform ensures the rapid generation of reliable, measurable, and auditable datasets, facilitating informed decision-making early in the drug discovery process.

Market Segmentation: Understanding the Landscape

The drug discovery services market is segmented based on various factors:

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

Regional Dynamics: North America Takes the Lead

• Dominance of North America: In 2022, North America emerged as the largest region in the drug discovery services market. The region’s robust healthcare infrastructure and research capabilities contribute to its leading position.

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The Drug Discovery Services Global Market Report 2023  provides a comprehensive overview on the drug discovery services market size, trends and drivers, opportunities, strategies, and companies analysis. Through our reports businesses can effectively analyze data and frame well-informed strategies

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