HealthcarePress Releases

Drug Discovery Outsourcing Market to Soar at 6.8% CAGR till 2030

Share This Article

According to seasoned analysts, the drug discovery outsourcing market is anticipated to garner notable gains, registering a CAGR of 6.8% and to reach a valuation of US$ 6.55 billion by 2030 from US$ 3.62 billion in 2021.

Drug Discovery Outsourcing Market Size 2022 to 2030

The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The drug discovery outsourcing market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).

The technological advancements in the pharmaceutical industry, increasing investments in the research & development, rising prevalence of various chronic diseases, and rising popularity of the biologics are some of the most important drivers of the global drug discovery outsourcing market. The surging demand for the biologics across the globe is expected to be a significant driver of the market.

The growing geriatric population and growing prevalence of non-communicable diseases such as cancer, chronic obstructive pulmonary diseases, cardiovascular diseases, and diabetes is encouraging the pharmaceutical companies to outsource the drug discovery activities to the third-person service providers.

As per the United Nations, the geriatric population across the globe is estimated to reach 2 billion by 2050. The presence of numerous contract research organizations and contract manufacturing organizations are facilitating the drug discovery activities and contributing significantly towards the market growth.

Our Free Sample Reports Includes:

  • In-depth Industry Analysis, Introduction, Overview, and COVID-19 Pandemic Outbreak.
  • Impact Analysis 180+ Pages Research Report (Including latest research).
  • Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.

Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using Precedence Research methodology.

Download a FREE Sample Copy (Including TOC, List of Tables & Figures, and Chart) @ https://www.precedenceresearch.com/sample/1549

Drug Discovery Outsourcing Market Scope
Report Coverage Details
Market Size US$ 6.55 Billion by 2030
Growth Rate CAGR of 6.8% from 2022 to 2030
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Workflow, Therapeutic Area, Drug Type, Region
Drug Discovery Outsourcing Market Report Highlights
  • Based on the workflow, the lead identification & candidate optimization segment accounted for a market share of around 32% and dominated the global drug discovery outsourcing market in 2020. This is attributed to the economy of scale and higher efficiencies associated with this workflow. Furthermore, the increasing adoption of computer aided drug discovery and silico techniques is supplementing the market growth.
  • Based on the therapeutic area, the respiratory is estimated to be the most opportunistic segment. The growing number of respiratory patients is attracting investments towards the drug discovery for the treatment of respiratory diseases. According to the World Health Organization, around 65 million people across the globe suffers from COPD and around 3 million dies due to it every year.
  • Based on the drug type, the small molecules segment dominated the market in 2020. The small molecule drugs are most effective drugs and have minimal side-effects, which fuels the demand for the small molecule drugs. This fosters the growth of the small molecules segment as it attracts higher investments.
Drug Discovery Outsourcing Market Regional Snapshot

North America dominated the global drug discovery outsourcing market in 2020. This is attributable to the presence of several top CROs, CMOs, and pharmaceutical companies in the region. Moreover, the favorable government regulations pertaining to the development and manufacturing of the new drugs is fueling the development of the drug discovery outsourcing market. Furthermore, the increased prevalence of chronic diseases among the US population has increased the investments in the drug discovery activities.

It is estimated that around 60% of the US population is suffering from one or more chronic diseases. The geriatric population in US is estimated to reach around 90 million in US by 2050. Thus the drug discovery outsourcing market is expected to grow rapidly during the forecast period.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is the home to few top contract research organization. Further, the favorable government policies is attracting FDIs and supplementing the expansion of drug developing companies in the region. Moreover, the rising awareness of the biologics, rising prevalence of chronic diseases, and growing geriatric population is estimated to have a significant impact on the market growth in Asia Pacific.

Drug Discovery Outsourcing Market Dynamics

Driver

Growing investments on the R&D by the pharmaceutical companies

The pharmaceutical companies are increasing their investments in the research and development for the development of new drugs. As per the International Federation of Pharmaceutical Manufacturers & Associations, the pharmaceutical industry spent around US$150 billion in the research & development activities. It is estimated that on an average, a pharmaceutical company spends around 17% of its revenues on the research & development. Therefore, the spurring investments in the R&D is expected to drive the market growth during the forecast period.

Read Also: Healthcare Contract Research Organization Market Insight Report 2022-2030

Restraint

High costs involved in the drug discovery activities

A high cost is involved in outsourcing the drug discovery activities. Moreover, the research and the clinical trials associated with the new drug development involves huge cost and involves huge amount of time to properly estimate the effects and side-effects of the newly developed drugs. Hence the high costs involved in drug discovery may restrict the small and medium pharmaceutical companies to indulge in the drug development process.

Opportunity

Rapid growth of the biologics industry

The recent developments of the various drugs in the biologics industry that can effectively treat the diseases like cancer, cardiovascular diseases, respiratory diseases, and diabetes is encouraging the biopharmaceutical companies to invest in the drug discovery activities.

Challenge

Candidate attrition rate is higher

The attrition rate of candidates is higher during the clinical trial phase of the drug development. This is a major challenge for the manufacturers as it involves huge cost and time for the retention and acquisition of new candidates.

Some of the prominent players in the global drug discovery outsourcing market include:
  • Albany Molecular Research Inc.
  • EVOTEC
  • Laboratory Corporation of America Holdings
  • GenScript
  • Pharmaceutical Product Development, LLC.
  • Charles River
  • WuXiAppTec
  • Merck & Co., Inc.
  • Thermo Fisher Scientific Inc.
  • Dalton Pharma Services
  • Oncodesign
  • Jubilant Biosys
  • DiscoverX Corporation
  • QIAGEN

Segments Covered in the Report

By Workflow

  • Target Identification & Screening
  • Lead Identification & Candidate Optimization
  • Target Validation & Functional Informatics
  • Preclinical Development
  • Others

By Therapeutic Area

  • Oncology
  • Cardiovascular
  • Gastrointestinal
  • Neurology
  • Respiratory
  • Others

By Drug Type

  • Biologics
  • Small Molecules

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333

Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

Related Articles

Back to top button