Global Drug Discovery Services market is projected to grow

Visiongain has published a new report entitled Drug Discovery Services 2022-2032. It includes profiles of Drug Discovery Services and Forecasts Market Segment Services Type (Chemistry Services, Drug Metabolism and Pharmacokinetics (DMPK), Biology Services), Market Segment by Process (Hit to Lead Identification, Lead Optimization, Target Selection, Target Validation, Candidate Validation), Market Segment by Drug Type (mall Molecules, Biologics), Market Segment by Therapeutic Area (Oncology, Neurology, Infectious and Immune System Diseases, Cardiovascular Diseases, Respiratory Diseases, Digestive System Diseases, Other Therapeutic Areas), Market Segment by Technology (High Throughput Screening, Biochips, Nanotechnology, Spectroscopy, Pharmacogenomics and Pharmacogenetics, Others), Market Segment by End User (Pharmaceutical and Biotechnology Companies, Academic and Research Institutes, Others) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.

The global drug discovery services market is anticipated to be valued at US$14.17 billion in 2022 and is projected to grow at a CAGR of 15.17% during the forecast period 2022-2032.

Rising Demand for Novel Therapies for Various Therapeutic Areas
The rising demand for novel medicine for chronic diseases coupled with development in the global healthcare sector is anticipated to drive drug discovery services market growth. Pharma and biopharma firms continue to outsource their research and development (R&D) activities to contract research organisations (CROs), who have positioned themselves to provide best-in-class R&D services and create engagement models to maximise R&D productivity and reduce the financial burden placed on pharmaceutical corporations. The rising burden of chronic diseases is enforcing government and pharmaceutical companies to look for the solution and rising investment in…