PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164907
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1164907
The Drug Discovery Outsourcing Market size was valued at USD 3,407.1 Million in 2021, expanding at a CAGR of 7.8% from 2022 to 2028.
Drug discovery outsourcing is the process of discovering new drugs or medicines in sectors such as pharmacology, biotechnology, and pharmaceuticals. Drug discovery is a time-consuming procedure, with an extremely low success rate. Various new and small industry players create pharmaceuticals and sell them to the big players so that they can study the results of the trials and determine whether the drugs are useful or not.
Market Dynamics:
Due to companies interacting more and leveraging expertise, it is projected that the market for outsourcing drug discovery would expand. To exploit any proprietary technology, chemicals, and other resources, organizations are forming new strategic partnerships with multiple academic institutions, venture capitalists for finance, and other private or public firms. Growing collaborations between public and private entities have sped up drug discovery, increasing demand for outsourcing drug discovery globally. For instance, in June 2017, Eisai extended its partnership with Charles River Laboratories International, Inc., an early-stage CRO, to discover novel treatments for neurological and tropical diseases. Thus, such collaborations spur the need for identifying better drug candidates, propelling industry development.
The rising incidence rate of metabolic, genetic, and other chronic diseases is expected to provide a lucrative opportunity for market growth. Numerous diseases, including diabetes, cancer, malaria, cardiology, cystic fibrosis, multiple sclerosis, and many more, are currently affecting large numbers of people, necessitating the use of cutting-edge medications. For instance, as per the World Health Organization, more than 11 million people suffered from tuberculosis, which is accounted for around 1.4 million deaths. The number of patients with diabetes is anticipated to increase to 350 million by 2027 due to improper diet, a rising obese population, an aging population, coupled with an inactive lifestyle.
COVID-19 Impact:
The COVID-19 virus is now a significant public health issue. Pharmaceutical businesses have come to the forefront of this crisis and have gained widespread notice. The importance of medication development and discovery has been illustrated by the COVID-19 pandemic. Outsourcing drug research has become essential to creating virus-fighting drugs that work. Exscientia provided proof-of-concept in July 2021 by utilizing its AI platform to create a novel family of inhibitors that target Mpro, also known as 3CLpro, the primary protease enzyme of the COVID-19-causing SARS-CoV-2. By moving the first three entirely AI-designed small molecule therapeutic candidates into clinical trials, Exscientia has established a track record for enhancing and speeding drug discovery. Exscientia has formed partnerships with major pharmaceutical corporations such as Bristol-Myers Squibb, Bayer, Sanofi, and Dainippon Sumitomo, as well as other biotech firms. Thus, COVID-19 will have a significant impact on the global market for Drug Discovery Outsourcing, as the future of many medications under development is dependent on the outcomes of numerous current studies.
Geography Insights:
North America was the market leader in 2021 and is expected to expand throughout the projected period. The regional market's expansion can be attributed to technical improvements, the presence of well-established research infrastructure and significant companies, and increased investments in drug discovery R&D. Outsourcing is no longer only about cutting costs; increased demands for efficiency, quality, and innovation are likely to drive industry growth. During the forecast period, the Asia region is expected to have the quickest CAGR. Because of the availability of competent labor, cheaper costs, a favorable regulatory framework, and high-quality data, the region is emerging as a hub for outsourcing drug discovery activities.
Recent Development:
In April 2019, Eurofins Discovery Services, a contract research business, introduced DiscoveryOne, a new drug discovery service. The novel technique is beneficial to drug discovery research and preclinical development.
Key features of the study:
This proposed research study on the Drug Discovery Outsourcing market provides market size (US$ Million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Drug Discovery Outsourcing market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Drug Discovery Outsourcing market
The impact of COVID-19 on the Drug Discovery Outsourcing market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Drug Discovery Outsourcing market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Drug Discovery Outsourcing market, we have also included a competitive landscape and key innovator analysis for the Drug Discovery Outsourcing market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Drug Discovery Outsourcing market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Drug Discovery Outsourcing market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL DRUG DISCOVERY OUTSOURCING MARKET KEY PLAYERS
GenScript Biotech Corporation
Charles River Laboratories International, Inc.
Curia Inc.
Dalton Pharma Services
Evotec SE
PPD, Inc.
Oncodesign
Jubilant Life Sciences Limited
Eurofins Scientific
WuXi AppTec
Laboratory Corporation of America Holdings
GLOBAL DRUG DISCOVERY OUTSOURCING MARKET, BY TYPE
Medical Chemistry Service
Biology Service
GLOBAL DRUG DISCOVERY OUTSOURCING MARKET, BY DRUG TYPE
Small Molecule
Large Molecules (Biopharmaceuticals)
GLOBAL DRUG DISCOVERY OUTSOURCING MARKET, BY THERAPEUTIC AREA
Oncology
Infectious Disease
Respiratory Disease
Cardiovascular
Gastrointestinal
Others
GLOBAL DRUG DISCOVERY OUTSOURCING MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA