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Sunday, May 26, 2024

Drug Discovery Outsourcing Market is expected to reach US$ 7.52 Billion at a CAGR of 7.2% through 2033 | Analysis by Future Market Insights, Inc.

Last updated Tuesday, September 5, 2023 15:35 ET , Source: Future Market Insights, Inc.

Newark, United States, 09/05/2023 / Future Market Insights, Inc. /

The drug discovery outsourcing market is anticipated to expand its roots at a steady CAGR of 7.2% between 2023 and 2033. The market is anticipated to cross a market share of US$ 7.52 billion by 2033, which is likely to be valued at US$ 3.75 billion in 2023.

  • The pharmaceutical industry’s expansion and the increased penetration of digital technology and AI integration are reshaping the market. Furthermore, the R&D process and the rise of drug discovery vendors in rising economies such as China and India drive market growth.
  • 80% of research on small and large medicinal compounds is outsourced to pharmaceutical behemoths. This is due to lower prices, simpler processes, a larger workforce, and improved quality.
  • The market dynamics are also being shaped by the altered pharma business, which includes synergistic medications and sophisticated anti-infection drugs. Virus outbreaks like Ebola and Coronavirus also expand the market’s user base.
  • The surge in respiratory patients with issues like tuberculosis, bronchitis, etc., also consumes a big chunk of the market. These conditions have increased lately due to the post-corona impacts.

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“Government policies combine medical policies, allowing pharmaceutical behemoths to collaborate and establish the advanced drug discovery sector. As a result, there is a considerable demand for outsourced medicine delivery services.”—insights shared by a senior researcher at FMI.

 

Key Points

  • The United States market leads the drug discovery outsourcing market in terms of market share in North America. The growth in the region is attributed to the expanding healthcare research budget, growing pharmaceutical companies, and strong bilateral business ties. The North American region held a substantial share of 35.5% in 2022.
  • The United Kingdom drug discovery outsourcing market is another significant market from the European region. The market in the United Kingdom is owed by the technological integration and AI-enabled drug discovery programs that promote cruelty-less procedures.
  • The Japan drug discovery outsourcing market is anticipated to thrive at a healthy CAGR during the forecast period. Asia Pacific region leads the market in terms of CAGR. The Japanese market expands based on increasing chronic diseases in the region and the higher geriatric population.
  • By workflow type, the lead identification & candidate optimization segment held 32.3% in 2022. This is due to the enhanced selectivity and fewer side effects.
  • The drug discovery outsourcing growth is experiencing significant growth due to the rising demand for cost-effective drug development, the increasing complexity of drug discovery processes, and the expansion of pharmaceutical and biotechnology companies’ pipelines.

Competitive Landscape

The key vendors work on delivering solutions that are easily flexible, affordable, and of high quality. Key competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.

Key Players

  • Albany Molecular Research Inc.
  • EVOTEC
  • Laboratory Corporation of America Holdings
  • GenScript
  • Pharmaceutical Product Development, LLC
  • Charles River
  • WuXi AppTec
  • Merck & Co., Inc.
  • Thermo Fisher Scientific Inc.
  • Dalton Pharma Services
  • Oncodesign
  • Jubilant Biosys
  • DiscoverX Corp.
  • QIAGEN
  • Eurofins SE
  • Syngene International Limited
  • Dr. Reddy Laboratories Ltd.
  • Pharmaron Beijing Co., Ltd.
  • TCG Lifesciences Pvt Ltd.
  • Domainex Ltd.

Recent Market Developments

  • Syngene International Limited has added the SynVent integrated drug discovery option, a fully integrated therapeutic discovery and development process. It is likely to deliver a more effective and efficient target validation method.
  • Dr. Reddy Laboratories Ltd has signed a pact with EQRx, a biotechnology company, for the discovery, development, and commercialization.

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Market Segmentation

Workflow Outlook:

  • Target Identification & Screening
  • Target Validation & Functional Informatics
  • Lead Identification & Candidate Optimization
  • Preclinical Development
  • Other Associated Workflow

Therapeutics Area Outlook:

  • Respiratory system
  • Pain and Anesthesia
  • Oncology
  • Ophthalmology
  • Hematology
  • Cardiovascular
  • Endocrine
  • Gastrointestinal
  • Immunomodulation
  • Anti-infective
  • Central Nervous System
  • Dermatology
  • Genitourinary System

Drug Type Outlook:

  • Small Molecules
  • Large Molecules (Biopharmaceuticals)

Service Type Outlook:

  • Chemistry Services
  • Biology Services

End-user Outlook:

  • Pharmaceutical & Biotechnology companies
  • Academic Institutes
  • Others

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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Drug Discovery Services Market Growth : The global drug discovery services market size is projected to garner significant growth from 2023 to 2033. According to the research report published by FMI, the global market is anticipated to surpass a valuation of US$ 19.7 billion in 2023. It is likely to hit a valuation of US$ 76.5 billion by 2033. The market is projected to exhibit a captivating CAGR of 14.5% from 2023 to 2033.

 

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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