Drug Discovery Outsourcing Market
The global drug discovery outsourcing market in 2020 is estimated for more than US$ 3.1 Bn and expected to reach a value of US$ 5.8 Bn by 2028 with a significant CAGR of 8.5%
Meridian Market Consultants (MMC) has published a new report titled, “Drug Discovery Outsourcing Market: Opportunity Analysis and Future Assessment 2020 to 2028”
Global Drug Discovery Outsourcing Market, by Type (Chemistry Services, Biology Services, Lead Optimisation, Lead Identification, and Screening) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global drug discovery outsourcing market in 2020 is estimated for more than US$ 3.1 Bn and expected to reach a value of US$ 5.8 Bn by 2028 with a significant CAGR of 8.5%.
As per the report, growing demands for novel drugs in the market are expected to favour the growth in the drug discovery outsourcing market in the near future. Many pharmaceutical organizations are opting for outsourcing due to the high cost of in-house research and development. Another major factor that strongly supports the rise in the growth of the drug discovery outsourcing market is the regular expiry of the strong patents in the pharmaceutical sector.
The loss of patents majorly affects the dynamics of the market, it may be the production or roll out of generic medicines in the market of novel drug approvals. More and more gene therapies are hitting the market and are being proved to be one of the finest ways to strengthen the pharmaceutical market due to their specificity and their action on the ailment. This commercialization of novel technologies in the pharmaceutical industries has developed an immense need for various big pharma joints to endure the changes and to adapt them in a suitable manner. The drug discovery outsourcing sector has forced the pharmaceutical industries and other life-sciences research agencies to look over the edge and rely on outsourcing for their future vision.
Furthermore, Meridian Market Consultants (MMC) Study identifies that around 30% of the preclinical pipeline is occupied by biologic drugs in, which drug discovery outsourcing plays an important role. There are few trends that can be seen in the market such as a rise in interest in integrated offerings to streamline the discovery of various pharmaceutical drugs.
Furthermore, analysis of the safety process to decrease the pipeline attrition is one of the major trends in the market that in the future may save the investors or the organization’s fund.
The rise in the number of biotechnology companies having limited access to research and development facilities is expected to underpin the drug discovery outsourcing market in the near future. End to end drug discovery outsourcing has been a boon for various healthcare and life science sectors such as oncology, CNS, Immunology, metabolism, and respiratory.
MMC Study identifies some of the key participating players in the Drug Discovery Outsourcing market globally are Albany Molecular Research (AMRI), Aptuit, Charles River Laboratories, Covance (Acquired by Laboratory Corporation of America), Cyprotex, Domainex, Evotec, GenScript, Pharmaceutical Product Development (PPD), Quintiles, Selcia, Viva Biotech, WIL Research Laboratories, WuXi Apptec, and others.
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