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(Health-NewsWire.Net, July 31, 2020 ) Recent Developments in the Global Drug Discovery Process Market:
# In 2019, Charles River (US) and CHDI Foundation, Inc. (US), Extended collaboration on drug discovery and development for Huntington’s Disease by five years.
# In 2019, Laboratory Corporation of America Holdings’s (US) opened the Covance Drug Development segment opened a new R&D Center in Shanghai, China—its largest facility in the Asia Pacific. This will help the company to grow its business in China and the APAC.
The market will be driven by growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, thus necessitating increasing demand for outsourcing analytical testing and clinical trial services.
Initiatives for research on rare diseases and orphan drugs, and focus on drug discovery are driving the growth of the global drug discovery services industry. Growth in biologics, patent expiries and emerging economies are expected to provide a wide range of growth opportunities for players in the market.
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Small molecule drugs are expected to dominate the drug discovery services market in 2020.
Based on drug type, the drug discovery services market is segmented into small-molecule drugs and biologic drugs. In 2020, small molecule drugs are expected to account for the largest market share as small-molecule drugs are simple, well-defined, and easy to characterize. Due to these features, they can quickly enter cells, affect molecules, and cause cancer cells to die.
Medicinal Chemistry expected to dominate the drug discovery services market in 2020
Based on type, the drug discovery services market is segmented into medicinal chemistry services, biology services, and drug metabolism and pharmacokinetics (DMPK). Of all these type segments, the medicinal chemistry services segment is estimated to account for the largest share of the drug discovery services market in 2020. The large share of this segment is due to factors such as the widespread application of medicinal chemistry in various phases of preclinical drug discovery to deliver robust candidates. Furthermore, the extensive usage of medicinal chemistry in academics, biotechnology companies, and large pharmaceutical companies are also supporting market growth.
North America is expected to command the largest share of the drug discovery services market in 2020.
Based on the region, the global drug discovery services market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2020, North America is expected to command the largest share of the drug discovery services market. The large share of this market segment can be attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and the availability of latest techniques, instruments, and facilities for drug discovery research.
Drug discovery services are provided by contract research organizations (CROs) to pharmaceutical companies (pharmaceutical companies outsource these services to CROs).
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The drug discovery services market is fragmented and is dominated by various players as per the segments. The major players operating in this market are Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec SE (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), and Thermo Fisher Scientific, Inc. (US) among others.
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