oncology drug discovery services market 2020 by Key Driving Factor, Dazzling Growth, Vital Players, Regions, Segments, Type, Treatment Type, & Outlook to 2023

30/dic/2020 08:08:15 Market Research Future Contatta l'autore

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 The research study presented here is an intelligent take on oncology drug discovery services market by MRFR that explains important aspects such as competition, segmentation, and regional growth in great detail

Drug Discovery Services Market Insight

Drug discovery services means outsourcing the development process of any new drug or medicine. These kinds of services reduce the costs as well as the time taken during drug discovery. The commonly used methods for drug discoveries include drug metabolites, serendipity, molecular manipulation, molecular designing, and random screening.

An insightful report by Market Research Future (MRFR) states that the global drug discovery services market is set to perform well at a CAGR of 10.8% during the forecast period (2017–2023).

The drug discovery services market is expanding at a quick rate; mostly owing to the rapid expansion of the healthcare industry.

Also Read - https://www.medgadget.com/2019/07/drug-discovery-services-market-cost-structure-analysis-technological-enhancements-global-share-industry-trends-and-competitive-growth-drivers-2019-forecast-to-2023.html

The primary drivers of the market include the increased demand and supply of medicines, rise in generic drugs, and the hike in the number of patents expires. Besides, the expanding geriatric population coupled with technological advancements within the medicinal field has led the market to a prominent position internationally.

Leading Vendors

The leading vendors in the global drug discovery services market include Agilent Technologies Ubiquigent, Thermo Fisher Scientific, AstraZeneca PLC, Aurigene, GenScript, Charles River Laboratories International, ChemBridge Corporation, WuXi AppTec, Abbott Laboratories Inc., Bayer AG, Eli Lilly and Company, Evotec, Domainex, F. Hoffmann-La Roche Ltd, GE Healthcare, Covance, GVK Biosciences, Jubilant Biosys, Lonza, Merck, Syngene International Ltd., Pharmaceutical Product Development LLC (PPD), SRI International, Advinus Therapeutics, Selcia Limited, Shimadzu Corp., Viva Biotech, Albany Molecular Research Inc. (AMRI), Piramal Enterprises, Promega Corporation, GlaxoSmithKline LLC, and others.

Other supplementary factors substantiating the market development include the boost in the demand for cancer treatment, a rise in the healthcare expenditure brought on by the improving economy around the world. On top of this, the growing awareness levels with regard to the novel drugs and its rising availability, unfulfilled medical needs, and the patent expiration of significant drugs are anticipated to bring in lucrative results for the drug discovery services market in the subsequent years.

At the same time, stringent FDA regulations, as well as poor healthcare systems in the underdeveloped regions, could decelerate the growth rate of the market in the coming years. With that said, favorable factors, including growing government assistance, improving regulatory framework, and the increased funding and reimbursement, are gauged to be vital to the market growth in the evaluation period.

Latest News

June 2019

Reaction Biology Corporation (RBC) has recently been assigned a subcontract from Leidos Biomedical Research Inc., which involves RBC working on an early stage drug discovery project. This project will be for the National Cancer Institute's Experimental Therapeutics (NExT) program and will make use of the Surface Plasmon Resonance (SPR) technology.

Access Complete Premium Research Report at https://www.marketresearchfuture.com/reports/drug-discovery-services-market-5870

Drug Discovery Services Market Segmentation

The global drug discovery services market has been segmented on the basis of drug type, types of services, technology, therapeutic area, process, and end-user.

In terms of the drug type, the drug discovery services market can be fragmented into small molecule drug and biologics drug.

The types of services in the drug discovery services market include drug metabolism and pharmacokinetics (DMPK) services, biological, pharmaceutical services, and medicinal chemistry services.

Depending on the technology, the drug discovery services market has been broken down into high throughput screening, biochips, pharmacogenomics and pharmacogenetics, combinatorial chemistry, nanotechnology, spectroscopy, metabolomics, and others.

With respect to therapeutic area, the drug discovery services market covers oncology, neurology, cardiovascular diseases, respiratory diseases, diabetes, and others.

Process-wise, the segments in the drug discovery services market are target selection, target validation, hit-to-lead identification, lead optimization, and candidate validation.

The end-users in the drug discovery services market include hospitals and clinics, pharmaceutical companies, biotechnology companies, research institutes, and others.

Drug Discovery Services Market Regional Outlook

Europe, America, Asia Pacific, and the Middle East & Africa are the key regions where the drug delivery services market is expected to develop during the forecast period.

The Americas proved to be the supreme region in the global drug discovery services market, with strong backing from factors like the growing prevalence of chronic diseases along with the high healthcare expenditure. The data furnished by the Center for Disease Control and Prevention (CDC) states that roughly 92.1 million adults are afflicted with at least one kind of cardiovascular disease. In another report, in 2015, it was found that almost 15.1% or 36.5 million adults in the United States were smokers, accounting for over 480,000 deaths annually. Close to 86% (USD 2.7 trillion) of the total healthcare expenditure in the United States is spent on those affected by chronic and mental health conditions.

Europe secures the runner-up position in the global drug discovery services market. The regional market finds immense leverage from supportive factors, including strong financial support by the government for research and development activities along with patent expiration of a variety of blockbuster drugs. It is estimated that a number of biologic drugs including Abbott & Eisai's Humira, J&J's Remicade, and Genentech's Rituxan are will be losing their patent protection in the years ahead.

The Asia Pacific is anticipated to be the fastest growing drug discovery services market, on account of vital factors such as the presence of a huge patient pool in the region and the expansion of the pharmaceutical sector at a steady pace. On that note, various studies by Australian Institute of Health and Welfare state that from 2015 to 2016, the overall health expenditure in the region was close to USD 170.4 billion, which is 3.6% higher than the expenditure from 2014 to 2015.

Lastly, the Middle East and Africa is the holder of the least share in the global market, because of the sluggish development rate of the healthcare sector, poor technical knowledge, and substandard medical facilities within the region

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