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.
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.
Major Industry Leaders:
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 A.G. (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), and Thermo Fisher Scientific, Inc. (US) among others.
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Laboratory Corporation of America Holdings (US) is a leading player in the drug discovery services market. LabCorp has built its expertise in entering new markets and successfully impacting them. The company has pursued competitive strategies such as acquisitions and expansions to strengthen its presence in the drug discovery services market. In 2017, LabCorp acquired Chiltern International, which increased its position as a global life sciences company with leading diagnostic and drug development businesses.
Recent Developments in the Industry:
# In 2020, Covance entered into a partnership with Medable to expedite the adoption of decentralized trial technology.
# In 2020, Eurofins entered into partnership with PharmaResources (China). This partnership enabled both companies to build a joint drug discovery platform to accelerate small molecule drug development.
# In 2020, LabCorp launched its extensive preclinical, clinical, and post-approval cell and gene therapy development solutions through Covance, its drug development business.
# In 2020, WuXi AppTec Research Service Division and BioSolveIT launched GalaXi, a new chemical space of tangible molecules.
# In 2020, Charles River acquired HemaCare to strengthen its Research Models Services segment through Hemacare’s broad range of human primary cell and cell processing services that support the discovery and development of cell therapies.
Charles River Laboratories (US) is a prominent company in the drug discovery services market. The company offers various services ranging from target discovery to candidate validation. As one of the leading firms in the industry, Charles River Laboratories has numerous strengths that help it to thrive in the market place. The firm also has a successful track record of integrating complimentary firms via mergers and acquisitions.
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).
Eurofins Scientific SE (Luxembourg) is another crucial player in the drug discovery services market. Eurofins is a prominent provider of drug discovery services. Eurofins pharmaceutical services are offered for the entire drug development cycle, inclusive of discovery pharmacology, preclinical/early development, clinical-stage/central lab, development & manufacturing, and biopharma product testing. Moreover, Eurofins Pharma Discovery Services is recognized as an industry leader in providing drug discovery researchers the most extensive and most diverse portfolio of standard and custom in vitro safety & pharmacology assays and panels for drug screening and profiling.
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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.
