Drug Discovery Services Market

Partnerships, Expansions, Collaborations, and Agreements Major Growth Strategies Adopted by Key Players in the Drug Discovery Services Market

The drug discovery services market is projected to reach USD 19.1 billion by 2025 from USD 10.7 billion in 2020, at a CAGR of 12.1%  from 2020 to 2025. The process of developing a therapeutically active substance for a defined target molecule is known as drug discovery. Drug discovery is the early phase in which target identification, target validation, hit-to-lead identification, lead optimization, and candidate validation takes place to deliver any suitable molecule or candidate for drug development.

Drug discovery services are provided by contract research organizations (CROs) to pharmaceutical companies (pharmaceutical companies outsource these services to CROs).

The drug discovery services market is fragmented and is dominated by various players as per the segments. The major players operating in this market are 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),  and  Thermo Fisher Scientific, Inc. (US) among others.

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Laboratory Corporation of America Holdings (US)

Laboratory Corporation of America Holdings is a leading player in the drug discovery services market. LabCorp has built its expertise in entering new markets and successfully impacting them. The company has pursued competitive strategies such as acquisitions and expansions to strengthen its presence in the drug discovery services market. In 2017, LabCorp acquired Chiltern International, which increased its position as a global life sciences company with leading diagnostic and drug development businesses. This development significantly helped LabCorp in tapping into new revenue streams and diversifying its economic cycle. The free cash flow has helped LabCorp expand its capabilities into new projects, thus strengthening its leading position in the market.

Charles River Laboratories (US)

Charles River Laboratories is a prominent company in the drug discovery services market. The company offers various services ranging from target discovery to candidate validation. As one of the leading firms in the industry, Charles River Laboratories has numerous strengths that help it to thrive in the market place. The firm also has a successful track record of integrating complimentary firms via mergers and acquisitions. It has successfully integrated a large number of technology companies in the past few years to streamline its operations and build a reliable supply chain.

Eurofins Scientific SE (Luxembourg)

Eurofins Scientific SE is another crucial player in the drug discovery services market. Eurofins is a prominent provider of drug discovery services. Eurofins pharmaceutical services are offered for the entire drug development cycle, inclusive of discovery pharmacology, preclinical/early development, clinical-stage/central lab, development & manufacturing, and biopharma product testing. Moreover, Eurofins Pharma Discovery Services is recognized as an industry leader in providing drug discovery researchers the most extensive and most diverse portfolio of standard and custom in vitro safety & pharmacology assays and panels for drug screening and profiling. To strengthen its position in the market, over the last decade, Eurofins has acquired several pharma discovery services companies, including Cerep (France), Pan Labs (US), DDS-Millipore (US & Canada), Villapharma (Spain), and DiscoverX (US).

Related Reports:

Drug Discovery Services Market by Process (Target Selection, Validation, Lead Optimization), Type (Medicinal Chemistry, DMPK), Drug Type (Biologics, Small Molecules), Therapeutic (Oncology, Neurology), Company (Tier 1, 2, 3) - Global Forecast to 2025

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Report Code
PH 5682
RI Published ON
1/31/2020
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