Drug Discovery Services Market

Key Players in the Drug Discovery Services Market are Focusing on Agreements, Expansions, Collaborations, and Partnerships

The drug discovery services market is projected to reach USD 14.40 Billion by 2022 from an estimated USD 8.32 Billion in 2017, at a CAGR of 11.6%. The major factors driving the growth of this market are increasing research and development expenditure, inclination of major pharmaceutical companies towards outsourcing to avoid hurdles, and increasing demand for outsourcing of analytical testing and clinical trial services.

The drug discovery services market is fragmented in nature due to the presence of a large number of players. The key players are Thermo Fisher Scientific (US), Albany Molecular Research Inc. (AMRI) (US), Charles River Laboratories International, Inc. (US), Evotec (Germany), Domainex (UK), GenScript (US), Covance (US), Selcia (UK), Viva Biotech (China), WuXi AppTec (China), SRI International (US), Pharmaceutical Product Development, LLC (PPD) (US), GVK Biosciences (India), Jubilant Biosys (India), GE Healthcare (US), Merck (Germany), Lonza (Switzerland), Piramal Enterprises (India), Advinus Therapeutics (India), Promega Corporation (US), Syngene International (India), Aurigene (India), Agilent Technologies (US), Ubiquigent (UK), and ChemBridge Corporation (US).

Expansions, partnerships, agreements, and collaborations were the key strategies followed by players in the drug discovery services market. Some of the leading players that adopted this strategy include Charles River Laboratory (US), Evotec (Germany), Domainex (UK), GenScript (US), and Covance (US).

Covance accounted for the largest share of 20.2% of the drug discovery services market in 2016. The company has a broad product portfolio and caters to different therapeutic applications. Covance mainly focuses on organic strategies, such as product launches and expansions. The company also focuses on inorganic strategies to strengthen its position in the market. For instance, in July 2017, LabCorp (the parent company of Covance) acquired Chiltern International Ltd. (UK) to expand its oncology service offerings.

Charles River Laboratories accounted for the second-largest share of 12.2% of the drug discovery services market in 2016. The company offers all services required during a drug discovery process. By combining its proprietary adenoviral technology with complex cellular assays, Charles River’s target discovery group has delivered novel, validated drug targets in a range of therapeutic areas. The company focuses on organic and inorganic strategies to strengthen its position in the drug discovery services market. In 2015, the company collaborated with three innovative drug discovery partners funded by the Wellcome Trust to provide a comprehensive suite of in vitro and in vivo pharmacology, drug metabolism and pharmacokinetics (DMPK), and medicinal chemistry services.

Related Reports:

Drug Discovery Services Market by Process (Target Selection, Hit-to-Lead Identification, Lead Optimization), Type (Medicinal Chemistry, Biology Services, DMPK), Drug Type (Small Molecules, Biologics), Therapeutic Areas (Oncology, Neurology) - Forecast to 2022

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Report Code
PH 5682
Published ON
Oct, 2017
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