Increase in Costs in the Discovery and Development of New Drugs is Expected to Favour the Rise in Drug Discovery Outsourcing Market
Meridian Market Consultants (MMC) has published a new report titled, “Drug Discovery Outsourcing Market: Opportunity Analysis and Future Assessment 2019 to 2027”
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 2019 and 2027.
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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 high cost of in-house research and development. Another major factor that strongly supports the rise in the growth of 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 way to strengthen the pharmaceutical market due to their specificity and their action on the ailment. This commercialisation of the novel technologies in the pharmaceutical industries has developed and immense need for various big pharma joints to endure with the changes and to adapt them in a suitable manner. Drug discovery outsourcing sector has forced the pharmaceutical industries and other life-sciences research agencies to look over the edge and rely of the outsourcing for their future vision.
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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 and important role. There are few trends that can be seen in the market such as rise in interest in integrated offerings to streamline discovery of various pharmaceutical drugs. Furthermore, analysis of safety process to decrease the pipeline attrition is one of the major trend in the market that in future may save the investors or organization’s fund. Rise in 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 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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