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Press Release: Outsourced Drug Discovery Market to surpass US$ 56.7 Billion by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Outsourced Drug Discovery Market Insights
Outsourcing is a strategy, by which a pharmaceutical company hires another company such as contract research organization for planned and existing activities including drug discovery, preclinical development, and clinical research. Outsourcing is an agreement between contract research organization and pharmaceutical, biotechnological, and chemical industries. Contract research organizations (CROs) manage almost all aspects of drug discovery including clinical data management, data entry and validation, safety and efficacy summaries, medicine and disease coding, quality and metric reporting, validation programming, statistical analysis plans and reports, and final study report.
The global outsourced drug discovery market was valued at US$ 20.7 billion in 2017, and is expected to witness a CAGR of 12.1% during the forecast period (2019 – 2026).
Figure 1. Global Outsourced Drug Discovery Market Value Analysis (US$ Mn), By Drug Type
Source: Coherent Market Insights Analysis (2019)
Increasing number of drug discovery companies is expected to drive growth of the global outsourced drug discovery market
Increasing number of new drug discovery companies is expected to drive the global outsourced drug discovery market growth. For instance, in November 2018, Schrodinger, LLC collaborated with Wuxi AppTec and launched new drug discovery company, Faxian Therapeutics (Headquarter– New York, U.S.). Faxian Therapeutics will utilize the Schrodinger, LLC’s computational platform and WuXi’s drug design and synthesis services to improve health care needs.
Moreover, rising drug discovery services is expected to propel growth of global outsourced drug discovery market. For instance, in April 2019, Eurofins Discovery Services, a contract research organization, launched new drug discovery service DiscoveryOne. The new approach is helpful for the drug discovery research activities and preclinical developments. Hence, launching of services related to drug discovery is expected to support the global outsourced drug discovery market growth.
Global Outsourced Drug Discovery Market- Regional Analysis
North America outsourced drug discovery market is expected to account for the largest market share, owing to business expansion in this region. For instance, in January 2019, Lambda Therapeutic Research (Headquarter-India) acquired Novum Pharmaceutical Research Services, a U.S. CRO. With this acquisition, Lambda Therapeutic Research entered into the U.S. market.
Moreover, Europe is also projected to witness significant growth in the global outsourced drug discovery market, owing to increasing merger and acquisition activities by key players in the region. For instance, in February 2019, Optimapharm, a clinical research organization (CRO) in Europe acquired Denothex, a CRO, for strengthening its presence in the European market particularly in France, Spain, Switzerland, and Italy. Denothex conducts all clinical trials in oncology across Europe and Israel.
Asia Pacific is also projected to witness significant growth in the global outsourced drug discovery market, owing to increasing launches of IT infrastructure investment programs (Trial Management and Monitoring Cloud Service Implementation Program) for development of clinical trials. For instance, in December 2018, Novotech, a CRO, launched new Oracle Trial Management and Monitoring Cloud Service Implementation Program (TMMCS) in Asia-Pacific.TMMCS helps to maintain centralized trial management database and clinical research associate productivity. TMMCS provides various benefits including better trial results, improved investigator relationship, and lower trial costs.
Figure 2: Global Outsourced Drug Discovery Market Share (%), (2018 & 2026) By Region,
Source: Coherent Market Insights Analysis (2019)
Global Outsourced Drug Discovery Market - Competitive Landscape
Key players operating in the global outsourced drug discovery market are Aurigene Accelerating Discovery, Bioduro LLC, Charles River Laboratories (CRL), Chempartner, TCG Lifesciences, Evotec AG, Syngene International Ltd., Jubilant Biosys Ltd, Pharmaron Inc., Shanghai Medicilon, and Sundia Meditech Co. Ltd.
Outsourced drug discovery is a contract-based process, which is conducted by the contract research organizations (CRO) and contract manufacturing organization (CMO). Contract research organization provides support to pharmaceutical, biotechnology, and medical device industries for drug discovery and development. CRO facilitates the various services such as biopharmaceutical development, biologic assay development, preclinical research, clinical trials, and pharmacovigilance, for drug discovery and development.
Market Dynamics
New strategies adopted by key players related to outsourcing drug discovery is expected to drive growth of global outsourced drug discovery market. For instance, in June 2019, GlaxoSmithKline (GSK), a British drug manufacturing company collaborated with the University of California to establish a state-of-the-art laboratory for CRISPR technologies, the Laboratory for Genomics Research (LGR), in San Francisco. The new laboratory will investigate how gene mutations cause diseases, and also develop new technologies using CRISPR to rapidly accelerate the discovery of new medicines.
Furthermore, extension of partnership activities is expected to propel global outsourced drug discovery market growth. For instance, in March 2017, Charles River Laboratories (CRL) extended its partnership with Chiesi Farmaceutici. Under this partnership, Charles River Laboratories (CRL) extended its longstanding, strategic, integrated drug discovery program (Respiratory Program). The respiratory program is related to the preclinical drug development for treatment of respiratory diseases and rare diseases.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 23 market data tables and 19 figures on “Outsourced Drug Discovery Market” - Global forecast to 2026”.
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