According to the study, the global drug discovery services marketis anticipated to expand rapidly and to have a steady growth in the coming years. The market is to bring more valuation than previous years when it gained a moderate valuation. The factors such as advancements in the drug discovery technologies are leading to bring better drug discovery services to the population. The upcoming trends in the market related to the drug discovery technology are regulatory initiative towards pharmacogenomics technology, combinatorial chemistry technology and many more. These have resulted in a substantial increase in the adoption of label-free techniques, which, in turn, has motivated the global drug discovery services market to gain more traction during the forecast period.
Owing to the occurrence of numerous life-threatening diseases and frequent initiation of new health-associated issues, it is necessary to discover advanced drugs to fight against the illness. Some of the methods used for drug discovery are molecular manipulation, random screening, molecular designing, serendipity. These are specifically designed to minimize the costs of drug discovery. The global drug discovery services market was USD 7.84 billion in 2018 and is estimated to reach USD 15.70 billion by 2025 at a CAGR of 10.43% during the forecast period
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Growth by Region
North America dominates the market due to the presence of large number of pharmaceutical and biotech companies, and also because of the favourable regulatory framework and encouraging policies.
Europe is on the second position in the drug discovery services market. The financial aid by the government towards R&D and patent expiration of various blockbuster drugs are few factors that are expected to drive the European drug discovery services market.
Asia Pacific is the fastest growing drug discovery services market because of the development in the pharmaceutical sectors and increasing healthcare expenditure. Increasing population is also one of the factors that drives the market growth.
The Middle East and Africa has the lowest share of the global market because of slow development and poor medical facilities.
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Drivers vs Constraints
The demand and requirement for novel drugs and growing list of chronic illness are the driving factors for market growth. The increasing aging population with chronic illness, developments in the field of molecular biology, biotechnology, genomics, and nanotechnology have augmented the investments in the global drug discovery services market.
Rise in technological advancements and innovations in the field of pharmaceutical and biotech plays a crucial role in the development and innovation of new drugs. Stringent regulations in some regions on drug discovery services, huge capital involved in the discovery and development of the drugs and usage of animals in testing are hampering the market growth.
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