DUBLIN--(BUSINESS WIRE)--The "Drug Discovery Outsourcing Market Size, Share & Trends Analysis Report 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global drug discovery outsourcing market size is expected to reach USD 6.2 billion by 2030 and is expected to expand at a CAGR of 7.3% from 2023 to 2030.
The COVID-19 pandemic has brought pharmaceutical companies in limelight. Drug discovery is a costly and lengthy process. This has urged pharmaceutical and biotech companies to opt for outsourcing their research activities to academic and private Contract Research Organizations (CROs). Rising partnerships between public or private entities accelerate drug discovery processes, which, in turn, increase the global demand for outsourcing services for drug discovery.
This scenario is expected to sustain post-Covid implications as well. A rise in cases of chronic diseases has urged companies to develop medicines that extend life expectancy. According to the United Nations, people aged 65 years between 2015 and 2020 are expected to live an additional 17 years.
Some of the key therapeutic areas where companies are actively involved in outsourcing include oncology, cardiovascular, and anti-infectives. In November 2020, AstraZeneca collaborated with 9 of the foremost oncology medical centers to expedite research in some of the hardest-to-treat cancers. The company will be funding clinical and non-clinical research proposals from members of this network.
The COVID-19 pandemic has demonstrated the value of drug discovery and development. People across the world are waiting for a vaccine while several companies are proactively involved in developing an effective vaccine to combat COVID-19. Pfizer Inc. and BioNTech SE received first approval for the vaccine following a worldwide Phase 3 trial of a potential strain to combat the virus.
As for clinical trials, many of them are halted, while some are functional by adopting remote monitoring technologies. Thus, the pandemic has brought the pharmaceutical industry to center stage with drug discovery outsourcing becoming a key aspect to develop effective treatments against the virus. This is expected to boost the market revenue for the next 2 years i.e. a short-term boom, after which it shall regain its original growth curve.
Companies Mentioned
- Albany Molecular Research Inc.
- EVOTEC
- Laboratory Corporation of American Holdings
- GenScript
- Pharmaceutical Product Development LLC
- Charles River Laboratory
- Wuxi AppTec
- Merck & Co. Inc.
- Thermos Fisher Scientific Inc.
- Dalton Pharma Services
- Oncodesign
- Jubilant Biosys
- DiscoverX. Corp.
- QIAGEN
- Eurofins SE
- Syngene International Limited
- Dr. Reddy Laboratories Ltd.
- Pharmaron Beijing Co., Ltd.
- TCG Lifesciences Pvt Ltd.
- Domainex Ltd.
Drug Discovery Outsourcing Market Report Highlights
- In 2022, the lead identification & candidate optimization segment dominated the market. It is one of the most critical processes in drug discovery.
- Oncology and anti-infective are projected to be among the fastest-growing segments during the forecast period.
- Small molecules dominated the market in 2022. The segment is also projected to register a high CAGR during the forecast period. This, however, may change in the short term with higher emphasis on biologics.
- Asia Pacific is projected to be the fastest-growing regional market during the forecast period.
- The growth can be attributed to the government initiatives to forge alliances with U.S. pharmaceutical companies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 187 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.5 Billion |
| Forecasted Market Value (USD) by 2030 | $6.2 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Drug Discovery Outsourcing Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.2. Market restraint analysis
3.3.3. Industry challenges
3.4. Drug Discovery Outsourcing Market Analysis Tools
Chapter 4. Drug Discovery Outsourcing Market: Workflow Estimates & Trend Analysis
Chapter 5. Drug Discovery Outsourcing Market: Therapeutic Area Estimates & Trend Analysis
Chapter 6. Drug Discovery Outsourcing Market: Drug Type Estimates & Trend Analysis
Chapter 7. Drug Discovery Outsourcing Market: Service Type Estimates & Trend Analysis
Chapter 8. Drug Discovery Outsourcing Market: End-user Estimates & Trend Analysis
Chapter 9. Drug Discovery Outsourcing Market: Regional Estimates & Trend Analysis
Chapter 10. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/ehfd3g
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