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Global Drug Discovery Services Market – by Type, Process, Drug Type, Therapeutic Area, Region - Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2018 - 2025)
Drug Discovery Services Market – Segmented by Type, Process, Drug Type, Therapeutic Area, Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
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
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.
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.
Industry Trends and Updates
• In January 2018, Merck launched Zinplava for the prevention of recurrence of Clostridium difficile infection in adults.
• In January 2018, BioCryst Pharmaceuticals Inc. and Idera Pharmaceuticals Inc. planned for a merger to develop drugs for patients with rare diseases.
• In January 2018, AstraZeneca and Imperial College London joined hands in investigating biological drivers for respiratory diseases, such as asthma and chronic obstructive pulmonary disease.
• Abbott Laboratories and Reata Pharmaceuticals announced their worldwide collaboration to jointly develop and commercialize Reata’s portfolio of second-generation oral antioxidant inflammation modulators (AIMs).
• Abbott Park and NeuroSearch have reached an agreement to jointly discover, develop, and commercialize novel compounds for the treatment of central and peripheral nervous system disorders.
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