22-Feb-2023 | Market Research Store
Drug discovery is the procedure by which new medications are developed. In the past, drugs were discovered by detecting the active component from traditional preparations. Contemporary drug discovery encompasses the identification of screening successes, optimization, and medicinal chemistry of those successes to surge the selectivity, affinity, efficacy/potency, oral bioavailability, and metabolic stability. Post the compound identification that satisfies all of these necessities, the drug development process preceding clinical trials is initiated.
Due to prolonged procedures, the contemporary drug discovery procedure is more often expensive that requires huge investments by pharmaceutical companies. Drug discovery services help in reducing timelines and costs, which, in turn, play a major role in meeting the drug discovery landmarks. Drug discovery services include drug target recognition, drug discovery selection, and drug design based on the fragment, lead compound recognition, and lead optimization.
The rising expenditure on research and development, growing inclination of pharmaceutical companies toward outsourcing to evade hurdles, increasing incidences of cancer and other life-threatening diseases, growing awareness regarding the use of new drugs, and increasing geriatric population worldwide are likely to be major driving the growth of the global drug discovery services market in the future.
Patent expiry of current products and technological improvements in drug discovery services due to an increased focus on research and development is anticipated to create new market opportunities in the drug discovery services market over the estimated timeframe. Nonetheless, high costs associated with drug discovery, strict guidelines in some regions, and the drug testing on animals may restrict the global drug discovery services market.
The global drug discovery services market has been split into type, process, drug type, and therapeutic area. By type, the drug discovery services market is segmented into pharmacokinetics and drug metabolism, biology services, and medicinal chemistry.
The process segment includes target validation, target selection, hit-to-lead identification, candidate validation, and lead optimization. The drug type segment includes biologics and small molecules. The therapeutic area segment includes neurology, diabetes, oncology, respiratory diseases, cardiovascular diseases, and others. The oncology segment is expected to hold a major market share in the future, owing to the increasing cases of cancer, growing tobacco usage, and unhealthy diets of people.
By region, North America is likely to lead the global drug discovery services market over the forecast time period. This can be attributed to the growing prevalence of chronic and auto-immune disorders, the presence of leading market players, availability of advanced healthcare infrastructure, and quick implementation of the latest technologies.
Europe is anticipated be the second largest regional market in the years ahead, due to the increasing number of cancer and diabetes cases, growing geriatric population base, advantageous reimbursement scenario, and the presence of state-of-the-art healthcare infrastructure. The Asia Pacific market is projected to grow considerably over the estimated timeframe, due to the growing cases of cancer owing to high tobacco usage, and increasing demand for small molecules and biologics.
By Drug Type
By Therapeutic Area