Drug Discovery Outsourcing Market Worth $6.3 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Sept. 12, 2022 /PRNewswire/ -- The global drug discovery outsourcing market size is expected to reach USD 6.3 billion by 2030 at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. The COVID-19 pandemic has brought pharmaceutical companies in limelight. Drug discovery is a costly and lengthy process.
Key Industry Insights & Findings from the report:
- In 2021, 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 2021. 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.
Read 137-page full market research report, "Drug Discovery Outsourcing Market Size, Share & Trends Analysis Report By Drug Type (Small, Large Molecules), By Therapeutic Area (Respiratory System, Immunomodulation), By Workflow, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Drug Discovery Outsourcing Market Growth & Trends
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 the 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.
Drug Discovery Outsourcing Market Segmentation
Grand View Research has segmented the global drug discovery outsourcing market on the basis of workflow, therapeutics area, drug type, type, end-user and region:
Drug Discovery Outsourcing Market - Workflow Outlook (Revenue, USD Million, 2017 - 2030)
- Target Identification & Screening
- Target Validation & Functional Informatics
- Lead Identification & Candidate Optimization
- Preclinical Development
- Other Associated Workflow
Drug Discovery Outsourcing Market - Therapeutics Area Outlook (Revenue, USD Million, 2017 - 2030)
- Respiratory System
- Pain and Anesthesia
- Central Nervous System
- Genitourinary System
Drug Discovery Outsourcing Market - Drug Type Outlook (Revenue, USD Million, 2017 - 2030)
- Small Molecules
- Large Molecules (Biopharmaceuticals)
Drug Discovery Outsourcing Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Chemistry Services
- Biology Services
Drug Discovery Outsourcing Market - End-User Outlook (Revenue, USD Million, 2017 - 2030)
- Pharmaceutical & Biotechnology companies
- Academic Institutes
Drug Discovery Outsourcing Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Drug Discovery Outsourcing Market
- Albany Molecular Research Inc.
- Laboratory Corporation of America Holdings
- Pharmaceutical Product Development, LLC
- Charles River
- WuXi AppTec
- Merck & Co., Inc.
- Thermo Fisher Scientific Inc.
- Dalton Pharma Services
- Jubilant Biosys
- DiscoverX Corp.
- Eurofins SE
- Syngene International Limited
- Dr. Reddy Laboratories Ltd.
- Pharmaron Beijing Co., Ltd.
- TCG Lifesciences Pvt Ltd.
- Domainex Ltd.
Check out more related studies published by Grand View Research:
- Medical Affairs Outsourcing Market - The global medical affairs outsourcing market size is expected to reach USD 3.47 billion by 2028 registering a CAGR of 12.2%, according to a new report by Grand View Research, Inc. Transformation in medical education and the rising number of orphan therapies for the treatment of rare diseases are some of the key factors propelling the market growth.
- Regulatory Affairs Outsourcing Market - The global regulatory affairs outsourcing market size is expected to reach USD 13.9 billion by 2030, registering a CAGR of 8.9% over the forecast period, according to a new report by Grand View Research, Inc. Significant increase in the fixed costs of in-house resources for regulatory affairs & operation activities like training, technology, specialized knowledge, and facilities are driving outsourcing of regulatory affair functions.
- Pharmaceutical Analytical Testing Outsourcing Market - The global pharmaceutical analytical testing outsourcing market size is expected to reach USD 14.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.4% from 2022 to 2030. Increasing biological candidate pipelines, rising demand for additional analytical details on drugs, and process development by regulatory agencies are driving the market growth.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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