Drug discovery is referred to as the process of identifying and developing a compound that has pharmacological activity and is useful in treating disease. Drug discovery is a complex and lengthy procedure that proceeds through various stages in order to produce a product that is efficacious, safe, and holds regulatory compliance. Drug discovery is a costly procedure. According to a study by the Tufts Center for the Study of Drug Development that was conducted in 2014, the cost of developing a new drug, from research and development to approval for marketing, is approximately US$ 2.9 Bn. The process of drug discovery and informatics has been changing, with the adoption of various computational methods assisting in the design of novel drug candidates rapidly and at lower costs.

Major pharmaceutical companies performing drug discovery and informatics processes are shifting their focus on gaining a foothold in emerging economies such as China, India, Brazil, and Mexico in order to expand their business operations and explore new markets. Emerging nations in Asia Pacific are conducting early-stage research programs, primarily aimed at specific medical needs of patients in the region. This is likely to fuel the growth of the global drug discovery services market. Moreover, a shift in preference of pharmaceutical and biotechnological companies toward outsourcing of drug discoveries and clinical and preclinical trials in order to focus on their core businesses is likely to boost the drug discovery services market. However, there is a significant shortage of skilled staff in the drug discovery services industry. This shortage affects pharmaceutical and biotechnological companies and contract research organizations. There are very few institutions and organizations all over the world that offer training in drug discovery and informatics services. Therefore, availability of trained professionals is also low. These factors are likely to hamper the drug discovery services market in the near future.

The drug discovery services market can be segmented based on drug, service, process, therapeutic area, and geography. Based on drug, the global drug discovery services market can be classified into small molecules and biologics. In terms of service, the global drug discovery services market can be categorized into medicinal chemistry, biology services, and informatics services. Based on process, the global drug discovery services market can be divided into target selection, lead identification, lead optimization, and others. In terms of therapeutic area, the global drug discovery services market can be segmented into oncology, neurology, cardiovascular disease, diabetes, and others. 

Based on geography, the global drug discovery services market can be classified into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America and Europe are expected to continue to dominate the drug discovery services market due to advanced health care infrastructure. Traditional drug development and testing and greater scrutiny of the approval process are present significant problems, both for the drug industry and for patients who are desperately waiting for new drugs to treat their illnesses. This factor is attributed to the adaptability of the new and advanced development informatics. It is estimated to drive the development informatics segment from 2018 to 2026. Asia Pacific is a lucrative region of the market. The drug discovery services market in the region is anticipated to expand at a rapid growth rate during the forecast period. An increase in government initiatives is projected to boost the market share of Asia Pacific. A large population base and rise in the incidence of infectious diseases are attributed to the increased demand for drug discovery informatics in countries such as India, China Japan, Singapore, and others. They are projected to offer significant opportunities to the drug discovery services market in the coming years.

Key players operating in the global drug discovery services market include Pharmaceutical Product Development, LLC., Charles River Laboratories International, Evotec, Albany Molecular Research Inc., GE Healthcare, Advinus Therapeutics, and Piramal Enterprises.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Drug Discovery Services Market

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