Increase in the research and development activities and expenditure, leading pharmaceutical companies moving towards outsourcing are some of the factors resulting in the growth of drug discovery services. Introduction of advanced technology in the drug discovery process is also the major driver in the market growth. However, stringent regulations in some regions on drug discovery services, high cost involved in the discovery of drug and development and usage of animals in testing are hampering the market growth.
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According to a study by Fact.MR, the global market for drug discovery services is likely to experience strong growth. By 2026 end, the global market for drug discovery services is also estimated to bring in US$ 16,800.1 million revenue. Advancements in the drug discovery technologies are leading to the better drug discovery services. Some of the upcoming trends in the market in terms of drug discovery technology are regulatory initiatives towards pharmacogenomics technology, combinatorial chemistry technology, etc. there has also been an increase in the adoption of label-free techniques.
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Hit-To-Lead Identification to Gain Maximum Traction
Compared to the various processes in the drug discovery services, Hit-To-Lead identification is anticipated to gain maximum traction. Hit-To-Lead identification is likely to exceed US$ 6,900 million revenue towards 2026 end. Increasing research based on the High-Throughput Screening (HTS) is the main factor driving the use of hit-to-lead identification process.
Medicinal Chemistry to be the Largest Type of Drug Discovery Services
Medicinal chemistry is projected to emerge as the largest type in the drug discovery services market. Medicinal chemistry is estimated to bring in close to US$ 6,100 million revenue. There has been an increase in the outsourcing by pharmaceutical companies, this is emerging as the driving factor. Many drug discovery services providers based in Asia are increasing their foothold in North America and Europe.
Small Molecules to Witness Highest Growth in Terms of Revenue
Compared to biologics, small molecules are estimated to account for the highest share in terms of revenue. By 2026 end, small molecules are estimated to exceed US$ 10,800 million revenue. Small molecules are gaining traction as they are easy to characterize, simple and well defined. Also, small molecules can easily enter cells, and can cause cancer cells to die.
This post was originally published on Space Market Research