Increasing Competition and Lack of Adequate Resources in Pharmaceutical Sector to Augment Market Growth
Over the past decade, due to increasing competition, players involved in the biotech and pharmaceutical sector are primarily focusing on research and development activities to gain a competitive edge. In addition, economic environment, along with fast-paced developments on the technological front have accelerated internal as well as external innovations in the pharmaceutical space due to which, drug discovery outsourcing has gained considerable traction. External innovations largely occur in various forms at various places, including research laboratories, university labs, contract research organizations, and venture capital-based startups.
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Over the past couple of decades, various challenges within the pharmaceutical sector have been well documented and point toward few key areas. The development of new drugs continues to head toward steep costs, the market competition from generics continues to grow, investors expect higher returns, and rising consumer complaints regarding high costs of drugs have led to the growth of the drug discovery outsourcing. This trend is likely to continue during the forecast period. Pharmaceutical companies are increasingly focusing on improving the efficacy of drug development and discovery.
Major developments that are likely to gain considerable traction over the next few years across the drug discovery outsourcing market include a decline in time utilized for drug development, improving the conversion rate of hits to leads, and expanding the number of high-quality compounds. At the back of these factors and evolving economic landscape, the global drug discovery outsourcing market is expected to reach ~US$ 12.7 Bn by the end of 2030.
Cost Benefits Associated with Drug Discovery Outsourcing to Increase Adoption
Biotech and pharmaceutical companies have consistently expressed high levels of interest in drug discovery outsourcing due to immense cost saving and various other benefits over in-house manufacturing. As per current trends, the number of small and medium-sized businesses operating in the drug discovery outsourcing market is expected to remain higher than that of larger entities due to the low number of stakeholders and fewer organizational barriers in decision-making. In addition, apart from minimizing organizational complications, small and medium-sized companies are increasingly relying on drug discovery outsourcing for product manufacturing and development due to various factors, including insufficient production ability and lack of technical expertise. These factors, along with mushrooming costs of research and development activities continue to accelerate the overall growth of the global drug discovery outsourcing market.
Challenges in Modern-day Pharmaceutical Sector and Technological Advancements Redefine Drug Development
The modern-day pharmaceutical is marred with several challenges in the drug development phase and requires considerable changes. Due to mounting challenges in drug development, drug development as well as drug discovery activities are increasingly being outsourced. Pricing pressure remains the major factor that is likely to trigger the tectonic shift in drug discovery outsourcing during the forecast period. High profit margins of pharmaceutical companies have attracted the attention of healthcare providers to add pressure pertaining to costs and reimbursement. In addition, as a result, as profit margins continue to decline several companies are evaluating the possibility of outsourcing drug discovery to third party organizations that have been equipped with required resources.
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Technological advancements have played a key role in accelerating innovations in the past decade and the trend is likely to continue in the upcoming decade. Due to fast-paced development in technology, competition in the drug discovery and drug development sectors has increased at a rapid pace. Due to the cutthroat competition, several companies in the drug discovery outsourcing market are increasingly joining hands with third-party companies to develop various cost-effective drugs.
Outsourcing of COVID-19 Drugs on Rise amid Pandemic
The ongoing COVID-19 pandemic is expected to have a low impact on the overall prospects of the global drug discovery outsourcing market. In addition, the outsourcing of drugs and medications required to manage COVID-19 infections is expected to witness considerable growth during the COVID-19 pandemic. Pharmaceutical companies are likely to turn toward domestic players for drug discovery outsourcing rather than businesses based in other regional markets. Logistical challenges, along with trade restrictions could possibly pose a barrier in the supply chain.
In addition, as the number of COVID-19 patients continues to swell around the world, pharmaceutical companies are increasingly relying on drug discovery outsourcing to fulfill the soaring demand. Several companies are expected to invest resources in research and development activities that focus on the discovery of a vaccine for the COVID-19 coronavirus. The ongoing investments in research coupled with high demand for medication to treat COVID-19 patients is expected to play a key role in boosting the growth of the drug discovery outsourcing market during the COVID-19 pandemic.
The global drug discovery outsourcing market is expected to grow at an impressive CAGR of 10% during the forecast period. The market growth can be attributed to increase in research and development costs, rise in competition in the pharmaceutical sector, consumer demand for low-cost and efficient medication, and advancements in technology. Small to medium-sized pharmaceutical companies are increasingly turning to drug discovery outsourcing due to lack of adequate production capabilities & resources and lack of expertise. Although several larger companies are also expected to follow a similar path, organizational complications and discrepancies among shareholders could possibly slow down the process.
Drug Discovery Outsourcing Market: Overview
The global drug discovery outsourcing market was valued at ~US$ 4.5 Bn in 2019. It is projected to expand at a high CAGR from 2020 to 2030. Drug discovery contract research organizations (CROs) are engaged in offering a range of research services on a contract basis to pharmaceutical and biotechnology companies for drug discovery.
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Rise in demand for drug discovery outsourcing can be attributed to the increase in focus of pharmaceutical companies on research and development and rise in focus on the development of novel drugs to meet the unmet clinical needs in various therapeutic areas including cancer, neurological disorders, and chronic diseases.
Drug Discovery Outsourcing Market: Segmentation
The global drug discovery outsourcing market has been segmented based on service type, drug type, therapeutic area, and region
In terms of service type, the global drug discovery outsourcing market has been categorized into biological services, chemical services, lead identification & screening, lead optimization, and others. The chemical services segment dominated the global drug discovery outsourcing market, in terms of value, in 2019. However, the biological services segment is likely to expand at a high CAGR during the forecast period.
Based on drug type, the global drug discovery outsourcing market has been classified into small molecules and large molecules. The small molecules segment dominated the drug discovery outsourcing market in 2019 and is likely to remain dominant in the forecast period. In terms of therapeutic area, the global drug discovery outsourcing market has been divided into respiratory system, anti-infective, oncology, cardiovascular, gastrointestinal, central nervous system, immunomodulation, and others. Oncology segment dominated the global drug discovery outsourcing market in 2019.
Drug Discovery Outsourcing Market: Regional Segmentation
In terms of region, the global drug discovery outsourcing market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global drug discovery outsourcing market in 2019, and the trend is expected to continue during the forecast period. Expansion of the drug discovery outsourcing market in the region can be attributed to an increase in focus on discovering medicines for the treatment of rise in pandemic, which has resulted in drug discovery outsourcing to companies equipped with AI technology. Additionally, an increase in investments in research & development (R&D) by large pharmaceutical and biotechnology companies and their focus on streamlining internal costs leading to the drug discovery outsourcing process fuels the market.
The drug discovery outsourcing market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2030. Expansion of the drug discovery outsourcing market in the region can be attributed to an increase in focus of pharmaceutical companies on the region as a favorable site for drug discovery outsourcing processes.
Drug Discovery Outsourcing Market: Major Players
Key players operating in the global drug discovery outsourcing market include
- CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
- WuXi AppTec Co., Ltd.
- Albany Molecular Research Inc. (AMRI)
- GVK Biosciences Private Limited
- Sygnature Discovery
- Pharmaron Beijing Co., Ltd
- WuXi Biologics (Cayman), Inc.
- Domainex Ltd.
- Thermo Fisher Scientific, Inc.
- Jubilant Biosys Ltd.
- Evotec SE
- Eurofins Discovery,
- GenScript Biotech Corporation
Key Questions Answered in Drug Discovery Outsourcing Market Report
- What will be the sales revenue generated by drug discovery outsourcing across all regions during the forecast period?
- What are the key trends in the global drug discovery outsourcing market?
- What are major drivers, restraints, and opportunities in the global drug discovery outsourcing market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which therapeutic area segment will generate the maximum revenue by 2030 and which service type segment will expand at the fastest CAGR during the forecast period?
Drug Discovery Outsourcing Market – Segmentation
- Biological Services
- Chemical Services
- Lead Identification & Screening
- Lead Optimization
- Small Molecules
- Large Molecules
- Respiratory System
- Central Nervous System
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Drug Discovery Outsourcing Market
4. Market Overview
4.2. Market Indicators
4.3. Market Dynamics
4.4. Global Drug Discovery Outsourcing Market Value (US$ Mn) Forecast, 2018–2030
4.5. Global Drug Discovery Outsourcing Market Outlook
5. Key Insights
5.1. Key Mergers & Acquisition
5.2. Technological Advancements in Drug Discovery
5.3. Drug Discovery Process – an Overview
5.4. COVID-19 Pandemics Impact on Drug Discovery Outsourcing Industry
5.5. Overview of Companies outsourcing to CROs
5.6. Overview: Integrated Drug Discovery (IDD) outsourcing- trends, competition, business models preferred, type of projects outsourced
6. Global Drug Discovery Outsourcing Market Analysis and Forecast, by Service Type
6.2. Global Drug Discovery Outsourcing Market Value Share Analysis, by Service Type
6.3. Global Drug Discovery Outsourcing Market Value Forecast, by Service Type, 2018–2030
6.3.1. Biological Services
6.3.2. Chemical Services
6.3.3. Lead Identification & Screening
6.3.4. Lead Optimization
6.4. Global Drug Discovery Outsourcing Market Attractiveness Analysis, by Service Type
7. Global Drug Discovery Outsourcing Market Analysis and Forecast, by Drug Type
7.2. Global Drug Discovery Outsourcing Market Value Share Analysis, by Drug Type
7.3. Global Drug Discovery Outsourcing Market Value Forecast, by Drug Type, 2018–2030
7.3.1. Small Molecules
7.3.2. Large Molecules
7.4. Global Drug Discovery Outsourcing Market Attractiveness Analysis, by Drug Type
8. Global Drug Discovery Outsourcing Market Analysis and Forecast, by Therapeutic Area
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