Anticipated $64.08 Billion Drug Discovery Services Market, 14.40% CAGR

Drug Discovery Services Market Size Worth $64.08 Billion By 2032 | CAGR: 14.40 %


The global drug discovery services market size is expected to reach USD 64.08 Billion by 2032, according to a new study by Polaris Market Research. The Drug Discovery Services Market Share, Size, Trends, Industry Analysis Report, By Type (Small molecules, Large Molecules) By End-Use; By Region; Segment Forecast report, 2024 – 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The process of searching for a substance suitable for treating and controlling diseases is known as drug discovery. Typically, the quest for a potential drug starts with a molecule displaying fascinating biological characteristics or interacting with a biological target known to play a role in the advancement of a disease.

Recent technological progress has transformed the landscape of drug discovery, elevating it to a realm of greater sophistication, precision, and increased time investment. In the past, drug development primarily relied on pinpointing the active constituents within traditional remedies, a prime example being the discovery of penicillin.

The pharmaceutical industry's relentless pursuit of innovative and effective therapeutics is prompting a significant increase in research and development (R&D) budgets. As the global disease burden continues to escalate, there is a growing call for new medications capable of addressing unmet medical needs. Consequently, pharmaceutical companies are increasingly motivated to augment their R&D investments in the quest for groundbreaking treatments. This heightened commitment, in turn, fuels a rising demand for drug discovery services.

The landscape of drug discovery research has evolved significantly due to advancements in scientific knowledge and technology. The emergence of genomics, proteomics, high-throughput screening, computational modeling, and other state-of-the-art tools has intricately transformed the process of identifying and developing new drug candidates. These breakthroughs necessitate substantial investments in specialized equipment, expertise, and infrastructure, consequently leading to an escalation in R&D expenditures.

The drug discovery services market underwent a profound transformation due to the COVID-19 pandemic, impacting multiple facets of the industry. This global health crisis intensified the spotlight on infectious diseases. The pressing demand for COVID-19 treatments and vaccines spurred substantial investments and collaborations within the realm of infectious disease research and development. Numerous providers of drug discovery services pivoted their focus toward the development of drugs and treatments designed specifically to combat the virus. This change led to a growing need for services related to identifying targets, optimizing leads, and conducting preclinical testing for infectious diseases.

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Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective coronary stent devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for coronary stents throughout the forecast period.

Drug Discovery Services Market Report Highlights

  • In 2022, the small molecule segment held the largest revenue share in the drug discovery services market, small molecules are highly valued for their small size, which enables them to easily pass through cell membranes and precisely target intracellular pathways. The use of small molecules in drug discovery has become increasingly popular due to their numerous advantages. For many years, the pharmaceutical industry has successfully created drugs based on small molecules, proving their effectiveness in treating a wide range of medical conditions.
  • The pharmaceutical segment accounted for the largest market share during the forecast period. Companies allocate significant resources to research and development, driven by the desire to discover new drug candidates that can lead to groundbreaking treatments. Pharmaceutical and biotechnology firms excel in drug development and maintain strategic partnerships with contract research organizations and service providers. These collaborations enable them to leverage the specialized skills and resources of drug discovery service providers, resulting in more effective and efficient drug discovery processes.
  • In 2022, North America dominated the largest market, North America's pharmaceutical and biotechnology sectors are thriving, playing a pivotal role in driving the demand for drug discovery services. The continent is also home to a robust and enduring research ecosystem comprising renowned research centers, prestigious academic institutions, and strong government support, all contributing to advancing scientific endeavors. The region's market leadership is further bolstered by its abundance of highly skilled researchers, scientists, and state-of-the-art technological capabilities.
  • The Asia-Pacific region accounted for the fastest growth in the Drugs Discovery Services Market due to the expansion of the pharmaceutical sector owes its success to a variety of factors. Firstly, the rising incidence of chronic lifestyle-related illnesses within the region has driven companies to invest in developing treatments for these conditions. Secondly, the increasing number of biopharmaceutical enterprises in the area has created more opportunities for drug discovery services, thus fueling market growth.
  • Lastly, the adoption of effective business strategies and regional collaborations is expected to exert a significant positive influence on the market. Moreover, government initiatives aimed at promoting research and development, coupled with favorable regulatory frameworks and tax incentives, have further bolstered market growth in this region.
  • The global key market players include Aurigene Discovery Technologies, Charles River Laboratories International Inc., Eurofins Scientific, Evotec, Frontage Labs, Galapagos NV, General Electric, Genscript, Laboratory Corporations of America Holdings, PPD Inc., Syngene International Limited, Thermo Fisher Scientific Inc., and WuXi AppTec.

Polaris Market Research has segmented the drug discovery services market report based on type, end-use, and region:

Drug Discovery Services, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Small Molecules
  • Large Molecules

Drug Discovery Services, End-Use Outlook (Revenue - USD Billion, 2019 - 2032)

  • Pharmaceutical
  • Biotechnology
  • Academics
  • Others

Drug Discovery Services, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Global Drug Discovery Services Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 21.79 Billion

Revenue forecast in 2032

USD 64.8 Billion

CAGR

14.40 % from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Type, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization      

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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