Drug Discovery Services Market Players are Shifting Towards R&D Outsourcing
Drug discovery services market is slated to witness strong growth prospects in the global market, reaching an estimation of US$ 16,800.1 million in terms of revenue by 2026 end, according to a new study by Fact.MR. A few of the key influencing factors include,
- Increase in demand for outsourcing of clinical trial services & analytical testing.
- Inclination of key pharmaceutical companies toward outsourcing to avert hurdles.
- Rise in R&D expenditure.
According to Fact.MR, oncology therapeutic area is poised to come out as the biggest segment during the assessment period. By 2026 end, oncology is projected to surpass US$ 6,900 Mn revenue. The growth can be mainly attributed to growing number of patients suffering from cancer is ensuing in the higher demand for cancer therapies.
Higher financial costs, troubles in the retention and recruitment of participants, inadequacies in the clinical research workforce, regulatory and administrative barriers, drug sponsor-imposed barriers, disconnect between medical care and clinical research, and barriers pertaining to the globalization of clinical research might negatively impact the overall drug development procedure.
How Big is the Opportunity in Medicinal Chemistry Drug Discovery Service Type?
As per the report, medicinal chemistry is estimated to come out as the biggest type in the global drug discovery services market. The segment is estimated to attain around US$ 6,100 million in revenue terms by 2026 end. The large share of this segment is attributed to aspects such as the extensive application in several phases of preclinical drug discovery to offer robust candidates. Additionally, the widespread use of medicinal chemistry in academics, large pharmaceutical companies, and biotechnology companies are further supporting growth in the market. Several drug discovery services providers situated in Asia are enhancing their footprints in Europe and North America.
What percentage of Revenues are Concentrated in North America?
North America is likely to be the frontrunner, accounting for majority of the market share in the drug discovery services market over the estimated period. The growth can be mainly attributed to the presence of leading CROs, growing research & development expenditure by biopharmaceutical & pharmaceutical companies, as well as the accessibility of latest facilities, instruments, and techniques for drug discovery research.
As per the research, Asia Pacific Excluding Japan (APEJ) is also projected to foresee notable growth amid 2017-2026. China and India are gradually becoming favoured locations for drug discovery outsourcing owing to the technological competences developed. Low manufacturing costs and fewer regulations are further impelling the growth in the region.
The research reveals that the drug discovery service providers are engaged on sequencing of the human genome to clear the method to genomics-based techniques in drug discovery. Innovation at present witnessed in the drug discovery techniques is based on more information regarding compounds, disease phenotypes, and targets.
The Drug Discovery Services market is slated to expand at an 8.9% CAGR through 2026.
The insights presented here are from a research study on Drug Discovery Services Market by Fact.MR.
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