Driver: Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry

R&D activity has grown significantly in the pharmaceutical and biopharmaceutical industry. In 2017, the pharmaceutical industry alone spent USD 149.8 billion on R&D (Source: International Federation of Pharmaceutical Manufacturers & Associations). Also, pharmaceutical companies spend, on average, 17% of their revenue on R&D.

Pharmaceutical, biopharmaceutical, and medical device companies invest heavily in the development of novel drugs and devices, with most of the expenditure concentrated on phase III and the preclinical stages of drug development. Growth in R&D expenditure, fueled by the need for numerous preclinical and clinical services during the drug discovery and development process, is one of the major factors propelling the drug discovery services market, globally.

Expected Revenue Surge:

The global drug discovery services market size is projected to reach USD 21.4 billion by 2025 from USD 11.1 billion in 2020, at a CAGR of 14.0% during the forecast period.

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Market Size Estimation:

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by process, type, drug type, therapeutic area, company type, and region).

Data Triangulation:

After arriving at the market size, the total market was divided into several segments and subsegments. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

North America accounted for largest share of the drug discovery services market in 2019.

Based on the region, the global drug discovery services market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2019, North America accounted for the largest share of the drug discovery services market. The large share of this market segment can be attributed majorly to the presence of well-established CROs, rising R&D expenditure by pharmaceutical & biopharmaceutical companies, and the availability of latest techniques, instruments, and facilities for drug discovery research.

Recent Developments:

# In 2020, Covance entered into a partnership with Medable to expedite the adoption of decentralized trial technology.
# In 2020, Eurofins entered into partnership with PharmaResources (China). This partnership enabled both companies to build a joint drug discovery platform to accelerate small molecule drug development.
# In 2020, LabCorp launched its extensive preclinical, clinical, and post-approval cell and gene therapy development solutions through Covance, its drug development business.
# In 2020, WuXi AppTec Research Service Division and BioSolveIT launched GalaXi, a new chemical space of tangible molecules.
# In 2020, Charles River acquired HemaCare to strengthen its Research Models Services segment through Hemacare’s broad range of human primary cell and cell processing services that support the discovery and development of cell therapies.

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Global Leaders:

The major players operating in this market Laboratory Corporation of America Holdings (US), Albany Molecular Research, Inc. (US), Charles River Laboratories International, Inc. (US), Evotec A.G. (Germany), Eurofins Scientific (Luxembourg), WuXi AppTec (China), GenScript Biotech Corporation (China), Thermo Fisher Scientific, Inc. (US), Pharmaceutical Product Development, LLC (US), Syngene International Ltd. (India), and Selvita S.A. (Poland) among others.

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