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Rise in the prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, high blood pressure, and various others, increase in R&D activities for drug discovery, and surge in demand for target drug therapy drive the growth of the global drug discovery outsourcing market. Sourced Group
PORTLAND, Ore. , Nov. 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Drug Discovery Outsourcing Market by Workflow (Target Identification and Screening, Target Validation and Functional Informatics, Lead Identification and Candidate Optimization, Preclinical Development, Others), by Therapeutic area (Respiratory system, Infectious disease, Oncology, Immunology, Hematology, Cardiovascular, Central Nervous System (CNS), Gastrointestinal, Others), by Drug Type (Small Molecules, Large Molecules), by End User (Pharmaceutical and Biotechnology companies, Academic Institutes, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global drug discovery outsourcing industry was estimated at $3.6 billion in 2021, and is anticipated to hit $7.4 billion by 2031, registering a CAGR of 7.5% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.
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Rise in the prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, high blood pressure, and various others, increase in R&D activities for drug discovery, and surge in demand for target drug therapy drive the growth of the global drug discovery outsourcing market. On the other hand, high cost of outsourcing services and stringent government regulations impede the growth to some extent. However, availability of low-cost skilled manpower with high-quality data in developing countries are anticipated to pave the way for lucrative opportunities in the industry.
The oncology segment to dominate by 2031-
By process, the oncology segment held nearly one-fourth of the global drug discovery outsourcing market revenue in 2021, and is expected to lead the trail by 2031. The same segment would also cite the fastest CAGR of 8.8% during the forecast period. Rapid drug development process and increase in awareness regarding target selection by using various methods such as assay & readers, automation, and high content screening fuel the growth of the segment.
The small molecules segment to rule the roost-
By drug type, the small molecules segment generated the major share in 2021, holding nearly three-fifths of the global drug discovery outsourcing market, and is projected to dominate throughout the forecast period. The same segment would also cite the fastest CAGR of 7.9% throughout the forecast period. This is attributed to the rapid advancement of biopharmaceutical research and technology.
The pharmaceutical and biotechnology companies segment to maintain the lion's share-
By end-user, the pharmaceutical and biotechnology companies segment contributed to nearly half of the global drug discovery outsourcing market share in 2021, and is expected to retain its dominance by 2031. The same segment would also portray the fastest CAGR of 8.3% from 2022 to 2031. This is due to the rising R&D expenditure of pharmaceutical and biopharmaceutical companies which is prompting them to opt for fully integrated or functional outsourcing services, from the early development stage to the late-stage development phase, for drug discovery and development.
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North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating nearly two-fifths of the global drug discovery outsourcing market. Increase in healthcare expenditure and the presence of major key players across the region providing outsourcing facilities for the development of novel drug therapies to treat cancer and chronic diseases drive the market growth. Asia-Pacific , simultaneously, would garner the fastest CAGR of 8.5% by 2031. Favorable regulatory environment and availability of low-cost skilled manpower with high quality data in these nations, especially in countries such as India and China fuel the market growth.
Key players in the industry-
The report analyzes these key players in the global drug discovery outsourcing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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