The latest market intelligence report, titled ‘Global drug discovery services Market’, is intended to provide the target audience with the necessary information about the global drug discovery services industry. The report comprises a detailed analysis of the vital elements of the drug discovery services market, including key drivers, constraints, opportunities, limitations, threats, and micro- and macro-economic factors. The report carefully investigates the present market scenario and the fundamental growth prospects. The report entails an organized database of the drug discovery services market dynamics that helps market analysts estimate the global market growth rate over the projected timeline
Discovery and characterization of the novel drug candidate for preclinical development are primarily dependent on innovation, research, and science. Drug discovery is the process of discovering and designing novel candidates for medication and therapy. The most common drug discovery methods are molecular designing, molecular manipulation, drug metabolites, random screening, and others. However, the discovery process is generally expensive and time-consuming. Drug discovery services are predominantly designed with the purpose of minimizing the costs and time required for the process
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Some notable collaborations in the drug discovery services market are:
In February 2020, Eurofins Discovery and PharmaResources announced a collaboration to build a joint drug discovery platform for accelerating the development of small-molecule drugs.
In June 2020, Covance joined forces with Medable to pace up the adoption of the decentralized clinical trial technology. Covance also introduced a COVID-19 platform for clinical trials in the United States to offer vital information about the COVID-19 trials and accelerate the process of recruitment.
Various other factors have accelerated the growth of the Drug Discovery Services Market, along with the rapid expansion of the biotechnology and pharmaceutical industry. Rising awareness about chronic health conditions, increasing patient pool, a surge in unmet medical needs, an improved regulatory framework for drug discovery, and an increase in the number of contracts and agreements between prominent pharmaceutical and biotech giants are anticipated to add traction to the growth of the market. An increase in the outsourcing of drug discovery R D and clinical trials of crucial drug candidates and the availability of advanced diagnostic procedures is presumed to drive the market's growth throughout the projected timeline.
Segmental Analysis
The global drug discovery services market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the drug discovery services sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
However, the high costs associated with the research and development of new drug candidates and manufacturing, stringent FDA regulations, and inadequate healthcare facilities in low- and middle-income nations are expected to restrain the industry's growth.
Drug Discovery Services Market: Competitive Landscape
Advancements in the drug discovery services coupled with product launches by significant companies and strategic alliances between pharmaceutical and drug discovery services companies. Some key players operating in the global Drug Discovery Services Market are:
- Albany Molecular Research, Inc.
- Thermo Fisher Scientific
- Evotec
- Covance
- GenScript
- Pharmaceutical Product Development, LLC
- SRI International
- WuXiAppTec
- Charles River Laboratories International
- Selcia Limited
- Viva Biotech
- Domainex
- Merck KGaA
- Others
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Drug Discovery Services Market Segmentation
Process
- Target Selection
- Target Validation
- Lead Optimization
- Candidate Validation
- Others
Type
- Medicinal Chemistry
- Biology Services
- Pharmacokinetics and Drug Metabolism
Drug Type
- Biologics
- Small Molecules
Therapeutic Area
- Neurology
- Diabetes
- Oncology
- Cardiovascular Diseases
- Respiratory Illnesses
- Others
End-User Industry
- Hospital Clinics
- Pharmaceutical Companies
- Biotech Companies
- Research Institutes
- Others
Regional Analysis of the drug discovery services Market:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Points of drug discovery services Market:
Extensive coverage of the analysis of the drug discovery services market
Key insights into the regional spread of the industry in key geographies
Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the drug discovery services market
Complete data about the key manufacturers and vendors in the drug discovery services market
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