The global drug discovery services market is expected to touch the compounded annual growth rate of more than 14% in the coming years and this particular market will reach approximately more than US$21.5 billion by the year 2025. The major reasons behind the growth of this particular market include the initiatives for researching rare diseases, focusing on the discovery of drugs and driving the growth of services into this particular industry. The growth into biologics and emerging economies also provide good opportunities to this particular market.
The key insights about the market as per the drug discovery services market report are explained as follows:
- Under the category of drug types the small molecule drugs accounting for the largest possible share of this particular sector because these kinds of drugs are very much easily defined, simple to use and easy in terms of characterisation. Because of all these kinds of features, these are very much successful in terms of quickly entering into the cells and affecting the molecules so that cancer-causing cells die very easily.
- Under the cases of the therapeutic area, the oncology segment is considered to be the best possible largest shareholder in this particular market which is because of the prominent growth attributed to the increasing number of patients who have cancer and subsequent increase in the demand for cancer therapies across the globe.
- Under the cases of type-based category, medicinal chemistry accounts for the largest share of this particular market and other services like medicine and chemistry, biology services, drug metabolism and several other kinds of things also play a very important role in the whole process. This particular shareholding is because of different kinds of factors like the widespread application of medicinal chemistry into different kinds of areas of preclinical drug discovery to deliver the most robust candidates. Further, the extensive utilisation of medicinal chemistry in the world of biotechnology, pharmaceutical companies and academics are also supporting a good amount of market growth.
- Under the regional analysis, North America accounts for the largest share. This is because of the presence of well-established CRO, increasing research and development expenditure into the biopharmaceutical companies and the availability of the latest possible techniques into this particular industry along with instruments and facilities for researching drug discovery.
The drug discovery market also comes with several kinds of opportunities for the future because various companies are heavily investing in the development of biologics the newer companies are coming up with discoveries into this particular area and the approval is also a very comprehensive process in comparison to the generic medicines. Hence, this concept comes with several kinds of opportunities for the contract research service providers in terms of expanding their portfolios and capabilities so that companies are very much successful in terms of providing drug discovery services without any kind of problem.
Hence, the pharmaceutical excipients market also lays proper emphasis on this particular area to ensure that every organisation in the industry becomes successful and there is comprehensive support for the discovery and development of cell therapies.