Drug Discovery Services Market

Laboratory Corporation of America Holdings (US) and Charles River Laboratories (US) are the Leading Players in the Drug Discovery Services Market

The global Drug discovery services market is projected to reach USD 31.4 billion by 2026 from USD 16.1 billion in 2021, at a CAGR of 14.3% during the forecast period of 2021 to 2026. Growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increasing demand for outsourcing analytical testing services, initiatives for research on rare diseases and orphan drugs, and the high cost of in-house drug development are creating new revenue pockets in the drug discovery services market. On the other hand, stringent regulations governing drug discovery and animal usage are expected to restrain market growth to a certain extent. The shortage of skilled professionals poses a challenge for drug discovery service providers.

The global drug discovery services market is competitive, with Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), WuXi AppTec (China), and Thermo Fisher Scientific Inc. (US) together major share of the global market.

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Laboratory Corporation of America Holdings (US) is one of the leading players in the global drug discovery services market. The company’s strong focus on a broad range of customers, technology-enabled solutions, investments in joint ventures & partnerships, and comprehensive quality systems and processes contribute to the growth of the company’s market share. The company focuses on organic and inorganic growth strategies such as acquisitions and expansions to enhance its share in the global drug discovery services market. The company acquired Toxicon to expand its footprint in the bioanalytical testing and drug discovery services markets. Additionally, in September 2019, LabCorp established a new R&D center in Shanghai.

Charles River Laboratories (US) is a global drug discovery service CRO with a comprehensive portfolio of drug discovery and early-stage development products and services. The company has made multiple acquisitions, partnerships, and collaborations. An integrated early-stage service portfolio, pharmaceutical manufacturing support portfolio, deep scientific expertise, a diversified global presence, and a flexible & customized environment to provide solutions have ensured strong revenue and expanded its market position.

WuXi AppTec (China) has a comprehensive discovery and development services portfolio. It has a strong customer base, mainly in China, the US, Germany, Iceland, Israel, and Korea. To maintain its leading position in the market, the company mainly focuses on maintaining the quality of services delivered and adapting quickly to transformational and innovative conditions. The company is actively focusing on expansions and service launches to improve its capability and capacity in the global market. The company has conducted two expansions and two service launches in the last four years. For example, its subsidiary WuXi Advanced Therapies Inc. (WuXi ATU) opened a new process development and commercial manufacturing facility in Lin-gang, Shanghai.

Thermo Fisher Scientific (US) offers a complete and integrated portfolio of discovery services. The company has a strong geographic footprint and operates in more than 150 countries across North America, Europe, Latin America, and Asia. The company gained more than USD 12 billion in revenue in 2020 from its Life Sciences Solutions segment, which provides drug discovery services. In 2021, Thermo Fisher Scientific acquired PPD to strengthen its drug discovery service portfolio.

Related Reports:

Drug Discovery Services Market by Process (Target Selection, Validation, Hit-to-lead), Type (Chemistry, Biology), Drug Type (Small molecules, biologics), Therapeutic Area (Oncology, Neurology) End User (Pharma, Biotech) - Global Forecast to 2026

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Drug Discovery Services Market Size,  Share & Growth Report
Report Code
PH 5682
RI Published ON
2/1/2022
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