Key Trends To Watch Out For In The Drug Discovery Services Market Space As Per The Business Research Company's Drug Discovery Services Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

/EIN News/ -- LONDON, March 16, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the drug discovery services market highlights technological advancement as the key trend in the drug discovery services market. The major drug development service providers are witnessing a market demand for using robotics and automated screening to increase the overall speed of drug discovery. This advancement allows key market players to gain a competitive advantage. For instance, in February 2021, Arctoris Ltd., a UK-based tech-enabled platform company using biotechnology, robotics, & data science to accelerate drug discovery, launched Ulysses. This fully automated robotic platform provides superior-quality data to accelerate drug discovery. This automated technology platform rapidly generates reliable, measurable, and fully auditable datasets, allowing for better decision-making early in the drug discovery process.

The increasing emphasis on drug discovery trials is expected to drive the drug discovery services market. The drug development life cycle is critical for ensuring safe and effective drug delivery. As a result, clinical trials are becoming more widely recognized as an essential component of drug development. The global demand for drug discovery trials has increased as the importance of drug development and innovation in healthcare has grown. For instance, in February 2022, according to the World Health Organization's International Clinical Trials Registry Platform (ICTRP), the number of clinical trials registered with WHO was 60,543 in 2019, rising to 65,409 in 2020. Furthermore, according to ClinicalTrials.gov, a platform for registering clinical trials, the total number of clinical trials reported until 2020 was 325,771 in March 2021, rising to 362,501 in 2021. Therefore, the growing focus on drug discovery trials will drive the drug discovery services market.

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The global drug discovery services market size is expected to grow from $14.2 billion in 2022 to $16.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 13.6%. The drug discovery services market is then expected to grow to $26 billion in 2027 at a CAGR of more than 12%.

The global drug discovery services market is segmented by type into chemistry services, biology services; by process into target selection, target validation, hit-to-lead identification, lead optimization, candidate validation; by drug type into biologics drug, small molecule drug; by end user into pharmaceuticals and biotechnology companies, academic institutes, other end users.

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Major players in the drug discovery services market are Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex, GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Agilent Technologies Inc., Advinus Therapeutics, Jubilant Biosys Ltd., Evotec AG, Labcorp Drug Development, Syngene International Ltd., Bayer AG, Merck KGaA, and Ubiquigent.

North America was the largest region in the drug discovery services market in 2022. The regions covered in the drug discovery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Drug Discovery Services Global Market Report 2023 –Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides insights on the drug discovery services market size, drug discovery services market segments, drug discovery services market trends, drug discovery services market growth drivers and restraints, drug discovery services industry major competitors’ market positioning, revenues and drug discovery services market share.

The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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