Westford USA, July 18, 2023 (GLOBE NEWSWIRE) -- The global Drug Discovery Outsourcing market size is expected to reach USD 6.2 billion by 2030 and exhibit a CAGR of 7.3% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing complexity and cost of drug development, growing demand for specialized expertise and advanced technologies, expanding drug pipelines of pharmaceutical companies, focus on core competencies and resource optimization, rising need for faster and efficient drug discovery processes, access to a global talent pool and scientific expertise, regulatory requirements and compliance, cost savings and budget constraints, the emergence of niche therapeutic areas and personalized medicine, and strategic partnerships and collaborations between pharmaceutical companies and contract research organizations (CROs) is fueling the market's growth.
According to SkyQuest's latest global research of the Drug Discovery Outsourcing market, increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies, growing emphasis on data analytics and bioinformatics, rising demand for integrated drug discovery solutions, expansion of outsourcing services beyond early-stage drug discovery to include preclinical and clinical development stages, shifting focus towards specialized and niche CROs, the rising popularity of virtual drug discovery models, increasing outsourcing activities by small and mid-sized pharmaceutical companies, geographic diversification of outsourcing destinations, the emergence of innovative pricing models and risk-sharing partnerships, and greater collaboration and information sharing between pharmaceutical companies and CROs to accelerate drug development timelines and improve success rates, are the trends that aid in the market's growth.
Browse in-depth TOC on "Drug Discovery Outsourcing Market"
- Pages - 242
- Tables - 128
- Figures -78
Drug discovery outsourcing is the practice of hiring a third-party company to perform some or all of the drug discovery process. This can include tasks such as target identification, screening, lead optimization, and preclinical safety testing. Outsourcing can help pharmaceutical and biotech companies to reduce the cost and time of drug development, and it can also help to improve the success rate of new drug launches.
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Prominent Players in Drug Discovery Outsourcing Market
- Charles River Laboratories
- ICON plc
- Covance
- WuXi AppTec
- Frontage Laboratories
- Almac Group
- Laboratorios CLC
- Syneos Health
- Parexel
- Eurofins Discovery
- Patheon
- PPD
- Envigo
- Randox
- Medivir
- Aurigene Discovery Technologies
- Catalyst Biosciences
- GenScript
- WuXi Biologics
- Jubilant Biosys
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 3.5 Billion |
| 2030 Value Projection | 6.2 Billion |
| CAGR | 7.3% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Chemistry Services Demand to Grow Substantially in the Forecast Period
Chemistry Services dominated the global online market as they play a crucial role in hit generation, lead optimization, and the development of novel small molecule drug candidates. These services involve medicinal chemistry expertise, compound library synthesis, and structure-activity relationship (SAR) analysis, which are fundamental steps in early-stage drug discovery.
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Oncology is the Leading Application Segment
In terms of application, oncology is the leading segment due to its high incidence rate and significant mortality. The need for effective cancer treatments drives the demand for drug discovery and development in the oncology field. Developing novel and effective cancer therapies involves a complex and multifaceted process, including target identification, hit generation, lead optimization, and clinical development. Outsourcing drug discovery activities in oncology allows pharmaceutical companies and biotech firms to leverage specialized expertise and resources.
North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has a well-developed scientific and research infrastructure, including renowned academic institutions, research organizations, and specialized centers. This infrastructure supports the generation of cutting-edge research and expertise in various therapeutic areas, attracting global pharmaceutical and biotech companies to collaborate and outsource drug discovery activities in the region.
A recent report thoroughly analyzes the major players operating within the Drug Discovery Outsourcing market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Drug Discovery Outsourcing.
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Key Developments in Drug Discovery Outsourcing Market
- In January 2023, Thermo Fisher Scientific, a global leader in scientific instruments and consumables, announced that it had acquired PPD, a leading provider of clinical research services. The acquisition was valued at $17.4 billion. The combined company will be a leading provider of drug discovery and development services.
- In March 2023, Almac Group, a global contract research organization, announced that it had acquired Patheon, a leading provider of drug development and manufacturing services. The acquisition was valued at $10.4 billion. The combined company will be a leading provider of drug discovery, development, and manufacturing services.
Key Questions Answered in Drug Discovery Outsourcing Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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