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Drug Discovery Services Market Zooming 2.8X to Reach USD 53 Billion by 2029 | BlueWeave Consulting

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New Delhi, June 23, 2023 (GLOBE NEWSWIRE) — Global drug discovery services market is booming due to the increasing R&D investments by pharmaceutical companies and biotechnology firms, complexity of drug discovery, increasing prevalence of chronic diseases, and government initiatives to streamline and expedite the drug development and approval process.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global drug discovery services market size at USD 18.5 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global drug discovery services market size to grow at a CAGR of 15.2% reaching a value of USD 52.8 billion by 2029. The discovery of new drugs has become more challenging due to the complexity of diseases and the need for personalized medicine. This complexity requires a multidisciplinary approach and specialized expertise, which can be obtained through outsourcing. Pharmaceutical companies and biotechnology firms are investing heavily in research and development activities to discover new drugs and therapies. Outsourcing certain stages of the drug discovery process allows them to access specialized expertise and resources more efficiently. Furthermore, collaborative partnerships between pharmaceutical companies, academic institutions, and CROs have become increasingly common in drug discovery. These partnerships facilitate knowledge sharing, access to specialized expertise, and resource pooling, fostering innovation and driving market growth.

Opportunity: Increasing Focus on Drug Research and Development

The pursuit of innovative and effective therapeutics is driving the pharmaceutical industry to allocate larger budgets towards R&D. As the global burden of diseases continues to rise, there is a growing demand for novel drugs that can address unmet medical needs. Pharmaceutical companies are motivated to invest more in R&D to discover breakthrough treatments, resulting in increased demand for drug discovery services. The advances in scientific knowledge and technologies have expanded the scope and complexity of drug discovery research. With the advent of genomics, proteomics, high-throughput screening, computational modelling, and other cutting-edge tools, the process of identifying and developing new drug candidates has become more intricate. These advancements require substantial investments in specialized equipment, expertise, and infrastructure, which in turn drive up R&D expenditures.

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Impact of COVID-19 on the Drug Discovery Services Market

The COVID-19 pandemic had a profound impact on the drug discovery services market, affecting various aspects of the industry. The pandemic led to a heightened focus on infectious diseases. The urgent need for treatments and vaccines for COVID-19 drove significant investments and collaborations in research and development related to infectious diseases. Many drug discovery service providers redirected their efforts towards developing drugs and therapies specifically targeting the virus. This shift resulted in an increased demand for services related to target identification, lead optimization, and preclinical testing for infectious diseases. The limitations imposed by the pandemic accelerated the adoption of virtual screening and computational approaches in drug discovery. With physical laboratory work being restricted, drug discovery service providers increasingly relied on computer simulations, artificial intelligence, and machine learning algorithms to identify potential drug candidates. These technologies have played a crucial role in continuing research activities despite the limitations imposed by the pandemic. They enabled virtual collaborations, data analysis, and the identification of drug targets.

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Global Drug Discovery Services Market – By Type

Based on type, the global drug discovery services market is bifurcated into chemistry services and biology services segments. During the period in analysis, the chemistry services segment is expected to hold a significant market share due to the broad use of chemical services at various early stages of drug development to produce reliable drug candidates. The widespread use of chemistry in academia, biotechnology firms, and sizable pharmaceutical businesses also contributes to industry expansion.

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 Global Drug Discovery Services Market – By Process

Based on process, the global drug discovery services market is segmented into target validation, target selection, hit-to-lead identification, candidate validation, and lead optimization. During the forecast period, Hit-To-Lead Identification is expected to hold a significant market share. Hit-To-Lead Identification is an early stage in the drug discovery process, where potential drug candidates, known as hits, are identified and further optimized into leads. As drug discovery efforts increase, there is a growing demand for services that focus on this crucial stage. The combination of specialized expertise, advanced screening technologies, computational approaches, and the ability to optimize hits into leads positions the Hit-To-Lead Identification segment as a significant player in the global drug discovery services market.

Competitive Landscape

The drug discovery services market is fragmented, with numerous players serving the market. The key players dominating the global drug discovery services market include General Electric, Eurofins Scientific, Syngene International Limited, Wuxi AppTec, Frontage Labs, Domainex, WIL Research Laboratories LLC, Shanghai Medicilon, Inc., Labcorp Drug Development, Jubilant Biosys Ltd, Evotec, Shanghai ChemPartner, Charles River Laboratories, Merck & Co. Inc., Thermo Fisher Scientific Inc. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Global Drug Discovery Services Market. Consult our analysts to gain crucial insights and facilitate your business growth.

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The report’s in-depth analysis provides information about growth potential, upcoming trends, and the Global Drug Discovery Services Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Drug Discovery Services Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Recent Developments

  • In February 2023 – Pioneering Medicines, a project of Flagship Pioneering (US), and Charles River Laboratories (US), announced a multi-program agreement that will give Pioneering Medicines access to Charles River’s Logica Al platform for the discovery of small-molecule pharmaceuticals.
  • In February 2023 – A multi-target integrated drug discovery agreement between Evotec SE and Related Sciences expanded their relationship. In order to address unmet patient requirements, the two businesses set out to choose, find, and create precisely tailored medications.

Scope of the Report

Attributes Details
Years Considered Historical Data – 2019–2022
Base Year – 2022
Estimated Year – 2023
Forecast Period – 2023–2029
Facts Covered Revenue in USD Billion
Market Coverage North America (US, Canada), Europe (Germany, UK, France, Italy, Spain, The Netherlands, Belgium, NORDIC Countries, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Philippines, Vietnam, Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, Peru, Colombia, Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Qatar, Kuwait, Iran, South Africa, Nigeria, Kenya, Egypt, Morocco, Algeria, Rest of Middle East & Africa)
Product/ Service Segmentation Type, Process, Drug Type, Therapeutic Area, End User, Region
Key Players General Electric, Eurofins Scientific, Syngene International Limited, Wuxi AppTec, Frontage Labs, Domainex, WIL Research Laboratories LLC, Shanghai Medicilon, Inc., Labcorp Drug Development, Jubilant Biosys Ltd., Evotec, Shanghai ChemPartner, Charles River Laboratories, Merck & Co. Inc., Thermo Fisher Scientific Inc.

     By Type

  • Chemistry Services
  • Biology Services

By Process

  • Target Validation
  • Target Selection
  • Hit-To-Lead Identification
  • Candidate Validation
  • Lead Optimization

     By Drug Type

  • Biologics
  • Small Molecule Drugs

     By Therapeutic Area

  • Neurology
  • Infectious & Immune System Diseases
  • Digestive System Diseases
  • Oncology
  • Others

     By End User

  • Pharmaceutical & Biotechnology Companies
  • Academic Institutes
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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About Us

BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution’s performance. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.

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Artificial Intelligence

GEEKOM releases a perfect mini PCs with dual 2.5Gbps Ethernet ports – GEEKOM GT1 MEGA

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September 20, 2024

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TAIPEI, Sept. 20, 2024 /PRNewswire/ — GEEKOM, a Taiwanese tech company also known as the Green Mini PC Global Leader, recently released a strong lineup of flagship mini PCs with Intel Core Ultra processors and dual Ethernet ports, making it possible for users to enjoy impeccable performance and superb networking functionalities at the same time.

One of these mini PCs is the GEEKOM GT1 Mega, which employs a beautiful aluminum chassis with plenty of I/O, including two full-function 40Gbps USB4 Type-C, six USB Type-A, 2 HDMI2.0, a 3.5mm audio jack, an SD card reader and dual Ethernet ports. The two Ethernet jacks are both of 2.5Gbps standard, which not only delivers high-speed and reliable internet connection for people’s daily computing chores, but also enables the mini PC to serve more sophisticated networking functionalities as a soft router, a virtual machines, a hardware firewall, or even a home server. Besides, dual Ethernet ports can separate internal and external network connections, providing logical and physical separation of trusted and untrusted network traffic and keeping data safe from potential cyber-attacks.
The GT1 Mega is powered by Intel’s latest and smartest Core™ Ultra processor (up to CoreTM U9-185H) and dual-channel DDR5-5600MHz RAM. Thanks to the new CPU, GPU, and NPU three tier multi-processing architecture, the mini PC is ready to harness the superpowers of Artificial Intelligence. It is compatible with more than 500 AI models across 20+ categories and supports high-performance low-power processing in a wide range of computing scenarios, which include enhancing facial features and blurring the background during video calls, removing the vocals from songs to create karaoke tracks, and generating large-scale images based on texts or voice commands. Basically, the GT1 Mega allows users to finish tasks that used to take hours or even days through only a few keystrokes!
The GEEKOM GT1 Mega,is now available on GEEKOM’s official website.
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Lucinity Partners with Sift for Unified Fraud and AML Case Management

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September 19, 2024

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SAN FRANCISCO, Sept. 19, 2024 /PRNewswire/ — Lucinity and Sift have announced a partnership, unifying fraud and Anti-Money Laundering (AML) into Lucinity’s integrated FinCrime compliance platform for case management, agent-enabled workflow automation, and Generative AI.

Sift is an AI-powered fraud platform securing digital trust for leading global businesses. Its Global Data Network analyzes more than 1 trillion events and identity signals per year to prevent fraud across the entire consumer journey. Lucinity and Sift formed this new partnership to address the challenges of fragmented fraud and AML systems, aiming to centralize and enhance financial crime investigations.
Sift’s AI-powered solution will now be integrated into Lucinity’s platform. This collaboration enhances Lucinity’s ability to provide a seamless and efficient compliance solution. It allows teams to review and manage fraud alerts more effectively through Lucinity’s unified Case Management system, thanks to the native integration between the systems. Key benefits to Lucinity’s users include:
Real-Time Fraud Screening: Payments are screened for potential fraud in real time, utilizing Sift’s fraud detection capabilities.Automatic Payment Holds: Payments suspected of fraud are temporarily held, ensuring verification before processing.Streamlined Reviews: Compliance teams can conduct thorough reviews of flagged payments within Lucinity’s Case Management solution.Risk Level Adjustments: Fraud detection parameters can be customized to adjust sensitivity levels, adapting to emerging fraud trends and risk appetites.This partnership also enables users to leverage Lucinity’s Generative AI capabilities through the Luci copilot to investigate fraud cases more efficiently.
Udi Nessimyan, President and Chief Revenue Officer of Lucinity, comments, “One of the greatest challenges in fighting financial crime is fragmented systems and data. Our partnership with Sift helps address this challenge by providing a centralized platform for various case types, including AML, fraud, sanctions, and ad hoc cases. Our collaboration significantly enhances the productivity of investigation teams, reducing the time spent on cases from hours to minutes.”
Sift’s Chief Marketing Officer, Armen Najarian, emphasizes the collaborative effort to enhance financial crime prevention, stating, “Cybercriminals are increasingly leveraging AI to bypass traditional anti-money laundering and fraud controls, creating sophisticated and dynamic threats. To combat these evolving risks, companies must adopt a ‘fight fire with fire’ approach by leveraging AI-powered solutions. Through Sift’s partnership with Lucinity, businesses can stay ahead of fraudsters, ensuring robust protection against abuse and enabling fearless growth.”
About Sift: https://sift.com About Lucinity: https://lucinity.com
Media contact:Celina [email protected] +354 792 4321

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Employee Background Check Software Market Size to Grow USD 828.8 Million by 2030 at a CAGR of 4.9% | Valuates Reports

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September 19, 2024

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BANGALORE, India, Sept. 19, 2024 /PRNewswire/ — Employee Background Check Software Market is Segmented by Type (Cloud-Based, On Premises), by Application (SMEs, Large Enterprises): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Employee Background Check Software Market was valued at USD 587 Million in 2023 and is anticipated to reach USD 828.8 Million by 2030, witnessing a CAGR of 4.9% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Employee Background Check Software Market:
The employee background check software market is growing due to increasing demands for secure hiring processes and regulatory compliance, especially in industries such as finance, healthcare, and IT. As companies look to reduce risks associated with fraud, legal liabilities, and workplace safety, background checks are becoming a critical part of recruitment processes. The rise of remote work has further accelerated the need for digital solutions. However, challenges include concerns over data privacy and varying legal frameworks across regions, which may slow adoption in some areas.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL EMPLOYEE BACKGROUND CHECK SOFTWARE MARKET:
Cloud-based background check software is gaining traction due to its scalability, remote access, and cost-effectiveness. With cloud-based systems, businesses can streamline their hiring processes, particularly when operating across multiple locations. The ability to access data and conduct checks in real-time is highly valuable for organizations managing large workforces or remote employees. The flexibility and lower upfront investment of cloud-based solutions make them popular among businesses seeking efficient and adaptable systems for their recruitment processes.
On-premises solutions remain important for organizations with strict security and data control requirements, such as those in government, defense, or finance. These companies often need complete ownership of their data, which on-premises software offers, reducing the risk of external breaches. Although it requires significant upfront investment and maintenance, on-premises software provides a high level of customization and security. It’s especially useful for businesses dealing with sensitive information and industries where compliance with local data protection laws is critical.
Large enterprises, particularly those operating in regulated industries like banking and healthcare, are the major adopters of employee background check software. These organizations deal with large volumes of hires, making streamlined background checks essential for compliance and operational efficiency. The ability to integrate background check systems with existing HR tools, such as applicant tracking systems, allows large companies to manage their recruitment processes more effectively. The need for comprehensive and accurate background checks is crucial for mitigating risk and ensuring legal compliance.
The rise in remote working has increased the demand for background check software that allows companies to vet employees regardless of their location. Digital background checks, particularly cloud-based ones, make it easier for organizations to screen remote workers efficiently. This trend is expected to continue as more companies adopt hybrid or fully remote work models, where geographical barriers no longer restrict talent acquisition but require thorough and remote-friendly verification processes.
As regulatory frameworks for employment practices become more stringent globally, businesses are increasingly relying on background check software to ensure compliance. Laws like the General Data Protection Regulation (GDPR) in Europe and the Fair Credit Reporting Act (FCRA) in the U.S. have made it mandatory for companies to conduct background checks within specific legal parameters. This has led to increased demand for software solutions that can automate these processes while maintaining compliance with regional and international laws.
A major trend in the employee background check software market is the integration of these solutions with human resources management systems (HRMS). Integrating background checks with HR software streamlines the hiring process by consolidating background checks, employee records, and onboarding into one system. This improves operational efficiency for businesses, particularly large enterprises that handle significant recruitment volumes. Integration with HRMS allows for real-time updates, making background screening an even more integral part of the hiring process.
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EMPLOYEE BACKGROUND CHECK SOFTWARE MARKET SHARE
North America dominates the market due to stringent employment regulations and widespread adoption across industries. Europe is another key region, driven by GDPR compliance and demand in finance and healthcare. The Asia-Pacific region is experiencing rapid growth due to increasing awareness of the importance of background checks, especially in countries like China and India, where digital hiring platforms are becoming more popular. The market is also expanding in the Middle East and Africa as businesses prioritize secure hiring practices.
Key Companies:
HireRightGoodHireCheckrSterlingHireologyINTELIFIGood EggPeopleG2VitayCertnGlobal HR ResearchVeritable ScreeningXrefZincPaycomADPVICTIGIntelliCorp (Cisive)SpringVerifyAsurintUniversalAssureHireVerified FirstHireSafePurchase Chapters: https://reports.valuates.com/request/chaptercost/QYRE-Auto-2A10579/Global_Employee_Background_Check_Software 
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
–  Employer of Record Services market was valued at USD 128.2 Million in 2023 and is anticipated to reach USD 196 Million by 2030, witnessing a CAGR of 6.8% during the forecast period 2024-2030.
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