Press "Enter" to skip to content

Global Drug Discovery Outsourcing Market is flourishing with the increasing pharma partnerships with CROs

The difficulties that the pharmaceutical business will face in the future decade have been extensively chronicled. New drug development is becoming more expensive, generic competition is fierce, investors expect double-digit growth, payor and consumer complaints about high drug prices (including the federal government) are growing louder, and the number of new drugs attempting to reach the market each year is falling short of expectations. This is why most pharmaceutical companies are shifting towards outsourcing for developing their new drugs.

Drug discovery outsourcing market is booming with the increasing pharma contracts with CROs. In the last two decades, the pharmaceutical sector has seen significant changes, including a shift toward patent expiration, biologics, and the extraordinary shrinking of giant pharmaceuticals’ internal development. The acceptance of outsourcing activities has risen as a result of all of this. In the biopharmaceutical industry, an estimated 70% to 80% of R&D spending can be outsourced, offering great opportunities for CROs, which is likely to increase market growth over the forecast period. On the other hand, high investments on drug molecule identification, screening, and validation are restricting pharma players to invest, which may hamper the growth of the market.

The global drug discovery outsourcing market is categorized based on workflow, drug type, and region. Based on workflow the global market for drug discovery outsourcing is bifurcated into target identification & screening, target validation & functional informatics, lead identification & candidate optimization, preclinical development, and other associated workflows. By drug type the global market is segmented as small molecules and large molecules.

North America is likely to be the largest regional market for drug discovery outsourcing. This is attributed to the presence of large pharma players such as Pfizer, AstraZeneca, GSK, Sanofi, etc. These major pharma plyers are continuously investing on the development of new drug molecules which is significantly supporting the regional CRO market. Along with this emerging pharma players in the region especially in the United States, are also collaborating with CROs to outsource research activities. Which is projected to offer excellent growth opportunities for the market expansion in the region. Asia Pacific is the expected to be the offer most lucrative growth opportunities for the market expansion during the forecast period. CROs network in Asian countries is continuously expanding, plus increasing expenditure on research activities are likely to grow the market at a rapid pace.

Key players operating in the market include EVOTEC, Albany Molecular Research Inc., Laboratory Corporation of America Holdings, GenScript, Charles River, WuXi AppTec, Pharmaceutical Product Development, LLC, Merck & Co., Inc., Dalton Pharma Services, Thermo Fisher Scientific Inc., Oncodesign, and Jubilant Biosys among others.

In 2017, Evotec (Germany) purchased Aptuit, a contract research organization (CRO) based in the United States, for $300 million to expand their unique focus in external innovation for biotech, pharma, and foundations.

Get Sample of this Research Report for more Insightshttps://www.zionmarketresearch.com/sample/drug-discovery-outsourcing-market

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *