Laboratory Corporation of America Holdings (US) and Charles River Laboratories International Inc. (US) are Leading Players in the Drug Discovery Services Market
The drug discovery services market is expected to grow at a CAGR of 14.9% during the forecast period. Pharmaceutical, and biopharmaceutical companies investing heavily in developing novel drugs, outsourcing of R&D has increased in recent years as pharmaceutical and biopharmaceutical companies seek to avoid financial and regulatory burdens and the risks involved in drug discovery to drive market growth.
The global drug discovery services market is competitive, with Laboratory Corporation of America Holdings (US), Charles River Laboratories International Inc. (US), Thermo Fisher Scientific Inc. (US), and WuXi AppTec (China) 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. For example, it acquired Toxicon to expand its footprint in the bioanalytical testing market. Additionally, in December 2022, LabCorp opened a new anatomic pathology and histology (APH) laboratory in Los Angeles.
Charles River Laboratories (US) is a global drug discovery service CRO that provides a comprehensive portfolio of drug discovery and early-stage development products and services. The company has conducted multiple acquisition, partnership, and collaboration deals. For instance, in January 2023, the company acquired SAMDI Tech, which offers label-free high-throughput screening (HTS) solutions for drug discovery research. Furthermore, in October 2021, the company signed a partnership deal with ATEM Structural Discovery (Germany). Such acquisitions and partnerships will expand Charles Rivers’ scientific capabilities in the large-molecule discovery sector.
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 over USD 14 billion in revenue in 2021 from its Life Sciences Solutions segment, which provides drug discovery services. In October 2022, Thermo Fisher expanded its facilities in Kentucky (US) and Virginia (US) to provide drug discovery and development services. In 2021, it acquired PPD, adding to its discovery services portfolio.
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. The company focuses on maintaining service quality and adapting quickly to transformational and innovative conditions. The company focuses on expansions to improve its capability and capacity in the global market. In the last four years, the company has undergone multiple capacity expansions. In July 2022, the company planned investments of up to USD 1.43 billion for constructing and operationalizing a new R&D and manufacturing site in Singapore. Also, in November 2019, WuXi AppTec’s Lab Testing Division (LTD) expanded the Suzhou safety assessment facility by increasing toxicology capacity.
Related Reports:
Drug Discovery Services Market by Process (Target Selection, Hit-to-lead), Type (Chemistry, Biology), Drug Type (Small Molecule, Biologics), Therapeutic Area (Oncology, Neurology, Infectious), End User (Pharma, Biotech, Academic) - Global Forecast to 2028
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