The drug discovery services market size was valued at USD 20.8 Billion in 2023 and is expected to reach a market size of USD 75.3 Billion by 2032 at a CAGR of 15.4%.
Fort Collins, Colorado, April 27, 2024 (GLOBE NEWSWIRE) --
The rise in research and development expenditure in pharmaceutical and biotechnology companies drives industry growth.
The increasing research and development (R&D) expenditure by pharmaceutical and biotechnology companies is a crucial driving factor for the growth of the drug discovery services market. As highlighted by the Pharmaceutical Research and Manufacturers of America (PhRMA), significant investments are being made in R&D within the pharmaceutical industry, reflecting a commitment to innovation and the development of new therapeutic solutions.
Rising R&D expenditures are driven by various factors, including the need to address unmet medical needs, pursue breakthrough discoveries, and remain competitive in the market. With technological advances and a deeper understanding of disease mechanisms, pharmaceutical companies are expanding their drug development pipelines across multiple therapeutic areas.
In particular, there is a growing focus on areas such as oncology, neurology, and rare diseases, where significant medical challenges persist and where there is considerable potential for scientific breakthroughs. The increasing number of drug development pipelines in these fields has led to a corresponding demand for drug discovery services to support pharmaceutical and biotechnology companies' research and development efforts. Data from the Tufts Center for the Study of Drug Development underscore the expanding pipeline of potential therapies. The center reports a steady increase in the average number of new drugs approved by the U.S. Food and Drug Administration (FDA) annually. This trend highlights the need for robust drug discovery services to accelerate the identification and development of novel drug candidates.
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Segmentation Overview:
The drug discovery services market has been segmented into process, type, drug type, end-user, and region.
Chemistry emerged as the largest segment in 2023.
Hit-to-lead identification emerged as the segment for 2023.
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