Asia Pacific is Witnessing an Increasing Demand for Drug Discovery Services
" The global drug discovery services market is expected to witness a CAGR of 11.7% during the forecast period to reach revenue over $19.0 billion by 2025 "
Bangalore, India, November 2019: With its recently published study “Global Drug Discovery Services Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global drug discovery services market will continue to grow, owing to upsurge in externalization of R&D activities, rising expenditure on R&D, and increasing incidence of chronic diseases. Expiration of patents boosting the demand for drug discovery and the introduction of innovative drug discovery technologies are projected to support the market growth during the forecast period 2019–2025.
The global drug discovery services market, by type, is segmented into medicinal chemistry services, biology services, and pharmacokinetics and drug metabolism. Among these, the medicinal chemistry services segment accounted for the largest share in 2018 and is expected to grow at a high-double-digit CAGR by 2025. Increasing tendency of pharma companies to externalize discovery & development services, upsurge in the number of drug discovery & development activities, and growing R&D expenditure are the key factors driving the growth of the segment.
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Improvement in drug discovery technologies, such as iPS cells, patch-clamp, automated high content screening, gene editing, and DNA encoded libraries, has accelerated the discovery process with augmented efficiency.
Amgen acquired Nuevolution for $167 million in May 2019, following their three-year collaboration, which is expected to boost the Amgen’s drug discovery platform. Nuevolution has developed a patented DNA-encoded library drug discovery platform, Chemetics, that aids the discovery of novel small molecule drug candidates.
BenevolentAI, an AI company, has raised a whopping $202 million in recent years to look at early drug discovery through to late-stage clinical development. In 2019, it has inked a long-term collaboration with AstraZeneca to use AI and machine learning for the discovery and development of new treatments for chronic kidney disease and idiopathic pulmonary fibrosis.
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The global drug discovery services market is segmented in the regions of North America, Europe, Asia Pacific, and Rest of the World. North America occupied a significant market share in 2018, and Asia Pacific is likely to grow at a high CAGR during the forecast period. Increasing demand for personalized medicine, rising incidence of chronic diseases, well-established healthcare sector, availability of advanced technologies, and increasing growth of the biopharmaceutical market are few of the factors that make North America a major shareholder in the global drug discovery services market. Asia Pacific is expected to be the fastest-growing drug discovery services market due to the growing patient pool, availability of skilled labor at an affordable cost, rising disposable income, and favorable government policies.
“The drug discovery services market is growing steadily with the highest attraction in developing countries. Mergers & acquisitions are among the key strategies followed by the market players to enhance service capabilities and attain their share in the market. For instance, in October 2019, NuChem Therapeutics, a drug discovery and development CRO specialized in chemistry services, announced the acquisition of Amplia PharmaTek, an innovative service provider focused on in-vivo pharmacology, discovery biology, pharmacokinetics, and toxicology.” – Arpitha Shetty, Research Analyst, Infoholic Research
Key Insights of the Report Include:
- By Type:
- Medicinal Chemistry Services
- Biology Services
- Pharmacokinetics and Drug Metabolism
- By Drug Type:
- Small Molecules
- By Therapeutic Area:
- Neurological Disorder
- Respiratory Disease
- Cardiovascular Disease
- By Regions:
- North America
- Asia Pacific
- Rest of the World
- Industry Outlook: Market trends, drivers, restraints, and opportunities
Ms. Kathakali Basu
Infoholic Research LLP