The global Discovery Services market reached a value of about USD 13.87 billion in 2021. The industry is projected to grow at a CAGR of around 13.5% in the forecast period of 2022-2027 to reach a value of about USD 29.66 billion by 2027.
The global Discovery Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rise in R&D activities in the pharmaceutical sector is primarily driving the market growth. North America is the highest category spender by region, driving the demand for the Discovery Services industry.
Drug discovery is the method of uncovering novel candidate pharmaceuticals in the domains of medicine, biotechnology, and pharmacology. It focuses on early-stage lead generation across various target classes in the drug discovery process. It uses multiple technologies to identify novel start points that are then selectively taken through the pre-clinical discovery process, including high throughput screening, molecular modelling, medicinal chemistry, structural biology, and computational chemistry. The Discovery Services industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America holds the largest share in the industry due to well-established CROs, growing R&D expenditure by pharmaceutical and biopharmaceutical firms, rapid growth in the biosimilar and biologics markets, and the accessibility of state-of-the-art procedures, instruments, and services for drug discovery research in the region.
The market is being driven by increased R&D activities in the pharmaceutical sector. Furthermore, the preference of big pharmaceutical firms for outsourcing to avoid barriers and the spike in demand for outsourcing analytical testing and clinical trial services are propelling the industry. Due to the increase in awareness about chronic diseases paired with an increase in the patient pool with unmet medical needs, the market is witnessing further demand. The patent expiration of blockbuster drugs, an improved regulatory framework for drug discovery, and increased funding and reimbursement further augment the market's expansion. Other factors like the need for generic pharmaceuticals, senior population growth, and technical developments in drug discovery services will likely expand the market further.
The global Discovery Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Discovery Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers.
The process of developing a novel medication is known as drug discovery. Molecular manipulation, random screening, drug metabolites, molecular designing, and serendipity are the most prevalent strategies used in drug discovery. Drug discovery services are specially developed to reduce drug discovery costs and schedules. The process of drug discovery is used to create and find novel pharmaceuticals in pharmacology, biotechnology, and medicine. Identification of aspirants, manufacture, depiction, selection and testing for therapeutic value are all part of this process. Once a chemical has proven its worth in these tests, it will begin the process of medication development, which will eventually lead to clinical trials. Drug discovery services include drug-target recognition, drug discovery selection, drug design based on fragments, and lead compound recognition and lead optimization.
The market is expanding owing to technological developments and an increase in the adoption of new methodologies for discovery. Major pharmaceutical companies are focusing on assembling a team of talented scientists with experience in various treatment areas and technology. Cancer drugs are in high demand due to the rising number of cancer patients. As a result, oncology is predicted to propel industry growth. However, the strict regulatory policies for drug research and animal testing are hampering the market's expansion.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The global market for Drug Discovery Services is highly fragmented, with only a few significant companies competing.
1. Executive Summary
2. Discovery Services Market Snapshot
2.1. Discovery Services Market Outlook
2.2. Region Overview
2.2.1. North America
2.2.2. Asia Pacific
2.2.4. Latin America
2.2.5. Middle East and Africa
3. Impact of Recent Events
4. Discovery Services Value Chain Analysis
5. Discovery Services Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Discovery Services Cost Structure
9. Discovery Services Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Discovery Services Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. IQVIA Holdings Inc.
14.2. Parexel International Corporation
14.3. Laboratory Corporation of America Holdings
14.4. Syneos Health
14.5. PPD Inc.
The global Discovery Services market size was valued at USD 13.87 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 13.5%.
The significant demand for cancer research is one of the essential drivers of the Discovery Services market growth.
IQVIA Holdings Inc., Parexel International Corporation, Laboratory Corporation of America Holdings, Syneos Health, PPD Inc.
The North American region of the Discovery Services industry holds a significant share in the market.
The global Discovery Services market attained a value of USD 13.87 billion in 2021, driven by the increase in R&D activities in the pharmaceuticals sector. Aided by the expansion due to technological developments and an increase in the adoption of new methodologies for discovery, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 13.5%. The market is projected to reach USD 29.66 billion by 2027. Some of the leading players in the industry are IQVIA Holdings Inc., Parexel International Corporation, Laboratory Corporation of America Holdings, Syneos Health, and PPD Inc.
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