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(Health-NewsWire.Net, May 27, 2021 ) Overview of This Study:
This market research study involved the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the Drug Discovery Procedure Market.
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess market prospects.
The size of the drug discovery services market was estimated through various secondary research approaches and triangulated with inputs from primary research to arrive at the final market size.
Expected Revenue Growth:
The global drug discovery services market size is projected to reach USD 21.4 billion by 2025 from USD 11.1 billion in 2020, at a CAGR of 14.0% during the forecast period.
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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 Drug Discovery Procedure Market.
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by process, type, drug type, therapeutic area, company type, and region).
Data Triangulation:
After arriving at the market size, the total market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
North America accounted for largest share of the drug discovery services market in 2019.
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 2019, North America accounted for 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.
The major players operating in Drug Discovery Procedure Market Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec A.G. (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), Thermo Fisher Scientific, Inc. (US), Pharmaceutical Product Development, LLC (US), Syngene International Ltd. (India), and Selvita S.A. (Poland) among others.
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