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

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.

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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
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:

Segments Covered in the Report

By Workflow

By Therapeutic Area

By Drug Type

By Geography

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