New York, According to a new market research report published by Global Insight Services “Drug Discovery Services Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Drug discovery is the process by which new candidate medications are identified. It generally begins when researchers identify a new target for a potential medication. Once a target is identified, researchers work to identify compounds that interact with the target in a way that could potentially be therapeutic.
Key Trends
Some of the key trends in Drug Discovery Services technology include the use of artificial intelligence (AI), machine learning (ML), and big data.
The use of AI and ML in drug discovery is still in its early stages, but there is already evidence that these technologies can be highly effective. For example, one study showed that an AI system was able to identify a new target for an existing drug with an accuracy of 85 percent. Another study showed that an ML system was able to correctly predict the outcomes of clinical trials with an accuracy of 96 percent.
Big data is also playing an increasingly important role in drug discovery. By analyzing large datasets, researchers are able to identify new patterns and trends that would otherwise be difficult to spot.
Key Drivers
There are several key drivers of the Drug Discovery Services market.
First, the increasing costs of developing new drugs have led to a need for more efficient and cost-effective ways to discover new drugs.
Second, the increasing complexity of diseases and the need for more personalized medicines has led to a need for more sophisticated and targeted drug discovery methods.
Third, the increasing global competition in the pharmaceutical industry has led to a need for more innovative and efficient drug discovery methods.
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Market Segment
The drug discovery services market is segmented by process, type, end-user, and region. By process, the market is classified into target selection, target validation, and others. On the basis of type, it is bifurcated into chemistry services, and biology services. Based on end-user, it is divided into pharmaceutical and biotechnology companies, academic institutes, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players
The global drug discovery services market includes players such as Curia Global Inc, Viva Biotech, Promega Corporation, Dr. Reddy Laboratories, Shanghai Medicilon Inc, Domainex Ltd, Aragen Life Sciences, TCG Life Sciences, Selvita S.A, Evotec SE, and others.
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Reasons to buy Drug Discovery Services Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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