Drug Discovery Outsourcing Market: Small Molecules Drug Type to Remain Prominent

Drug Discovery Outsourcing Market: Introduction

According to the report, the global drug discovery outsourcing market was valued at US$ 4.5 Bn in 2019. It is projected to expand at a high CAGR during the forecast period. Drug discovery contract research organizations (CROs) are offering a range of research services on a contract basis to pharmaceutical and biotechnology companies for drug discovery. The expansion of the global drug discovery outsourcing market can be attributed to the rise in penetration of contract research organizations for pre-clinical research, increase in investments in research and development (R&D), a surge in the demand for personalized medicines, and rise in focus of pharmaceutical companies on streamlining their internal costs. North America dominated the global drug discovery outsourcing market in 2019. The trend is anticipated to continue during the forecast period. Increase in R&D costs, rise in funding for research & development, and an increase in penetration of CROs boost the drug discovery outsourcing market in the region.

Request Brochure of Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1841

Increase in R&D spending

Drug research and development (R&D) costs have been significantly high. These costs have been increasing continuously for the last few years. It is estimated that the cost of manufacturing a new molecule entity (NME) in 2017 was ~US$ 2 Bn to US$ 3.5 Bn. Furthermore, the total research and development spending is anticipated to increase at a rate of over 2% t3% by 2020, primarily driven by significant unmet needs and strong technological advances. The increase in R&D costs has led to a range of biopharmaceutical companies outsourcing their research process ranging from target validation and lead optimization to animal testing and human clinical trials to CROs. Furthermore, R&D spending in oncology has been increasing significantly, which has fuelled the need for outsourcing R&D activities.

Request for Analysis of COVID-19 Impact on Drug Discovery Outsourcing Market - https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=1841

Chemical Services Dominated Global Market

In terms of service type, the chemical services segment is projected to account for a major share of the global drug discovery outsourcing market during the forecast period. The expansion of the segment can be attributed to chemical services being the core of the drug discovery services. Moreover, increase in demand for newer molecules exceeding the supply and shortage of chemists has led to a rise in outsourcing of chemical services.

Small Molecules Drug Type to Remain Prominent

Based on drug type, the small molecules segment is anticipated to account for a major share of the global drug discovery outsourcing market during the forecast period. The expansion of the segment can be attributed to the increase in number of small molecule drugs in the pipeline. Additionally, ease of incorporation of AI and technology in drug discovery of small molecules further fuels the segment.

Request for Custom Research - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1841

Drug Discovery Outsourcing Market: Prominent Regions

The global drug discovery outsourcing market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global drug discovery outsourcing market in 2019. The expansion of the drug discovery outsourcing market in the region can be attributed to the rise in focus and investments on research & development. The U.S. was a major country contributing to the expansion of the drug discovery outsourcing market in the region. Additionally, strong presence of leading market players, significant partnerships, and contracts of pharmaceutical companies with CROs for outsourcing their drug discovery process boost the drug discovery outsourcing market.

Buy Drug Discovery Outsourcing Market Report - https://www.transparencymarketresearch.com/checkout.php?rep_id=1841&ltype=S

The drug discovery outsourcing market in Asia Pacific is estimated to expand at a high CAGR from 2020 to 2030 driven by developing countries such as China and India. The expansion of the drug discovery outsourcing market in the region can be attributed to a rise in the number of contract research organizations offering drug discovery services. Additionally, increase in focus of big pharmaceutical companies on outsourcing drug discovery to countries in Asia, owing to the large target population and presence of skilled technicians further propels the drug discovery outsourcing market in the region.

Focus on Strategic Acquisitions and Partnerships by Key Players to Propel Global Market

The global drug discovery outsourcing market is fragmented in terms of number of players. Key players operating in the global drug discovery outsourcing market are CHARLES RIVER LABORATORIES INTERNATIONAL, INC., WuXi AppTec Co., Ltd., Albany Molecular Research Inc. (AMRI), GVK Biosciences Private Limited, Sygnature Discovery, Pharmaron Beijing Co., Ltd., WuXi Biologics (Cayman), Inc., Domainex Ltd., Thermo Fisher Scientific, Inc., Jubilant Biosys Ltd., Evotec SE, Eurofins Discovery, and GenScript Biotech Corporation.

Browse More Trending Reports by Transparency Market Research:

Vitamin Tonics Market: https://www.transparencymarketresearch.com/vitamin-tonics-market.html

Life Sciences Software Market: https://www.transparencymarketresearch.com/life-sciences-software.html

Proton Therapy Market: https://www.transparencymarketresearch.com/proton-therapy-market.html

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

Contact

Mr. Rohit Bhisey
Transparency Market Research

State Tower,

90 State Street,

Suite 700,

Albany NY - 12207

United States

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com/

Back to news