This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies in the global Drug Discovery Services Industry.
Objectives of the Study:
# To define, describe, segment, and forecast the market on the basis of process, type, drug type, therapeutic area, and region
# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restrains, opportunities, and burning issues)
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
# To analyze the opportunities in the market for stakeholders and provide details of a competitive landscape for market leaders
# To forecast revenue of the market segments with respect to four main regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
# To profile key players and comprehensively analyze their market shares and core competencies in terms of market development and growth strategies
# To track and analyze competitive developments such as agreements, partnerships, acquisitions, in the market
Target Audience for this Report:
# Research Institutes
# Pharmaceutical and Biotechnological Companies
# Venture Capitalists and Investors
# Contract Research Organizations (CROs)
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Factors Influencing Global Industry Growth:-
The major factors driving the growth of this market are increasing research and development expenditure, inclination of major pharmaceutical companies towards outsourcing to avoid hurdles, and increasing demand for outsourcing of analytical testing and clinical trial services.
Restraints:
# High Cost of Drug Discovery and Development
# Stringent Regulations Governing Drug Discovery, and Animal Usage
Key Market Opportunities:
# Introduction of Advanced Technologies
# Patent Expiries to Boost the Demand for Drug Discovery
Industry’s Revenue Growth Expectations:
The drug discovery services market is expected to reach USD 14.40 Billion by 2022 from USD 8.32 Billion in 2017, at a CAGR of 11.6%.
Geographical Growth Scenario:
Asia Pacific to offer lucrative growth opportunities for players operating in the market
By region, the global drug discovery services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2017, North America is expected to account for the largest share of the market. On the other hand, Asia Pacific is expected to grow at the highest CAGR during the forecast period. The high growth rate of this market is attributed to less stringent regulations and economical manufacturing costs in APAC.
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Leading Market Players:
# Albany Molecular Research Inc. (AMRI) (US)
# Charles River Laboratories International (US)
# Evotec (Germany)
# GenScript (US)
# Covance (US)
# WuXi AppTec (China) and many more…
Expansions, partnerships, agreements, and collaborations were the key strategies followed by players in the drug discovery services market. Some of the leading players that adopted this strategy include Charles River Laboratory (US), Evotec (Germany), Domainex (UK), GenScript (US), and Covance (US).
