Drug Discovery Outsourcing Market | Rising Demand for Drug Discovery Outsourcing will Drive the Industry Value USD 12.7 Billion to 2030 –TMR Study

Transparency Market Research
Transparency Market Research

Cost gains and access to advanced technical expertise are key value propositions for products in drug discovery outsourcing market; customers adopting wide range of services of contract research organizations for novel drug discovery

Wilmington, Delaware, United States, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. An in-depth demand analysis of drug discovery outsourcing market indicates that the prospects pivot on growing need for reducing the costs of drug development as well as for increasing the effectiveness of entire drug development process. The authors of the TMR study observed that there is a vast unmet need for novel drugs for various therapeutic areas, thus engendering the growth prospects. The global drug discovery outsourcing market is anticipated to expand at a CAGR of 10% during the forecast period of 2020–2030.

Outsourcing companies are expanding their assortment of services aimed toward reducing average time for drug development. In particular, they are harnessing cutting-edge technologies for improving the conversion rates of hits to leads, that will benefit their clients and help them gain competitive edge over peers. Of note, the TMR study found that growing penetration of biological services will open up vast profitable avenues for market players, thus bolstering sales of drug discovery outsourcing market.

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Key Findings of Drug Discovery Outsourcing Market Study

  • Massive Demand from Small and Medium-Sized Businesses Generating Tremendous Growth Opportunities: Biotech and pharmaceutical companies, especially SMEs, have exhibited vast potential for adopting drug discovery outsourcing services. Rise in number of small and medium-sized businesses leaning toward outsourcing of various stages of drug discovery will enrich the value chain of the drug discovery outsourcing market. Simplicity of organizational structure of SMEs and prevalent paucity of technical expertise are key factors that will fuel the demand, thereby enriching drug discovery outsourcing market outlook.

  • Rise in Drug Discovery Outsourcing for Oncology Creates Vast Revenue Potential: Of the various therapeutic areas, oncology led the global market in 2019, and the segment is expected to remain lucrative, riding on the back of high prevalence of various cancer types and rising burden of cancer treatment and care globally.

  • Small-Molecule Drug Discovery Presents Abundant Demand: Emerging trends of drug discovery outsourcing market found that small molecules are expected to hold a major global drug discovery outsourcing market share during the forecast period. The demand is anticipated to be lucrative in various specialties, notably including respiratory system, anti-infective, cardiovascular, and central nervous system.

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Drug Discovery Outsourcing Market: Key Drivers

  • Rise in adoption of services of contract research organizations (CROs) for pre-clinical research will drive lucrative demand. CROs are fervently tapping into the massive demand by expanding their services portfolio.

  • Growing R&D on personalized medicines is accelerating the growth prospects for pharmaceutical and biotech companies in drug discovery outsourcing market. Emphasis on reducing average time for drug development for various medical specialities will expand the canvas for players.

Drug Discovery Outsourcing Market: Regional Growth Dynamics

  • North America held a major market share in 2019. The prominence of the North America drug discovery outsourcing market was attributed to the rise in demand for cutting-edge technologies notably artificial intelligence in drug discovery. Big multinational drug discovery companies in the region have been rapidly adopting the outsourcing model in recent years, which will propel sizable revenue streams in the regional market in the next few years.

  • The Asia Pacific drug discovery outsourcing market is anticipated to expand at a promising growth rate during the forecast period of 2020–2030. The region has been emerging as a key center for drug discovery outsourcing service providers. Stridently, the trend will continue, reinforcing the lucrativeness of the regional market.

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Drug Discovery Outsourcing Market: Competition Landscape

Many key players have been leveraging inorganic growth strategies to consolidate their position in the drug discovery outsourcing market. Some of them are Eurofins Discovery, Evotec SE, Jubilant Biosys Ltd., Thermo Fisher Scientific, Inc., Domainex Ltd., WuXi Biologics (Cayman), Inc., Pharmaron Beijing Co., Ltd., Sygnature Discovery, GVK Biosciences Private Limited, and WuXi AppTec.

Drug Discovery Outsourcing Market Segmentation

Service Type

  • Biological Services

  • Chemical Services

  • Lead Identification & Screening

  • Lead Optimization

  • Others

Drug Type

  • Small Molecules

  • Large Molecules

Therapeutic Area

Respiratory System

  • Anti-infective

  • Oncology

  • Cardiovascular

  • Gastrointestinal

  • Central Nervous System

  • Immunomodulation

  • Others

Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

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