(PharmaNewsWire.Com, April 02, 2020 ) The market will be driven by growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, thus necessitating increasing demand for outsourcing analytical testing and clinical trial services. Initiatives for research on rare diseases and orphan drugs, and focus on drug discovery are driving the growth of the global drug discovery services industry. Growth in biologics, patent expiries and emerging economies are expected to provide a wide range of growth opportunities for players in the market.
The study involved four major activities in estimating the current size of the drug discovery services market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. Other MnM proprietary reports were also referred to estimate the market size. These methods were also used extensively to determine the extent of various subsegments in the market.
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the whole market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the drug discovery services industry.
North America is expected to command the largest share of the drug discovery services market in 2020.
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 2020, North America is expected to command 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.
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 SE (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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