Drug Discovery Outsourcing Market Size to Surpass US$ 6.12 BN by 2029

According to Precedence Research, the global drug discovery outsourcing market size is expected to surpass around US$ 6.12 billion by 2029 from valued at US$ 3.62 billion in 2021and it is estimated to expand at a CAGR of 6.8% from 2021 to 2030.

Demand for drug discovery outsourcing remains strong in 2021. Some sales insight revealing the strong growth of drug discovery outsourcing during the past few years are listed below:

• The global drug discovery outsourcing market value is expected to reach US$6.55 billion by 2030
• By workflow, the lead identification and candidate optimization segment captured a market share of 32% in 2020
• By therapeutic area, the respiratory segment accounted for 13.8% of the revenue share in 2020
• Approximately 65 million global population suffers from COPD
• About 3 million individuals die due to the COPD every year
• About 334 million people are suffering from asthma
• 14% of the global children population is suffering from asthma
• In 2020, around 19.3 million new cancer cases were recorded globally
• By drug type, small molecules segment accounted for over 76% of the market share in 2020
• North America captured a market share of 35% in 2020

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Approximately 35% of the Global Drug Discovery Outsourcing Market Captured by North America

North America is the home to several leading contract research organizations and contract manufacturing organizations, which have significant contributions in the growth of the North America drug discovery outsourcing market. The favorable government policies and the presence of leading pharmaceutical companies in North America has fostered the growth of the market. The huge investments by the leading pharma companies have led to an increase in the research and development and drug discovery activities in the past few years. US is a major drug developer and it holds the property rights of the majority of the new drugs developed in the past few years. Furthermore, the increased prevalence of various chronic diseases in US and the rapidly growing old age population is significantly boosting the demand for the new and innovative drugs that have high efficacy and low or no side effects. This is a major factor which is attracting a huge investments towards the drug discovery and subsequently fueling the growth of the drug discovery outsourcing market.

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What are the key trends in the Global Drug Discovery Outsourcing Market?

Rising demand for the biologics among the global population is expected to provide lucrative growth opportunities to the market players in the forthcoming future. The year 2020 is regarded as one of the best years for the pharmaceutical industry as the COVID-19 attracted huge investments in the drug discovery and the number of drug approvals by the US FDA was higher. The US FDA approved around 53 new drugs in the year 2020, out of which 13 drugs were biologics. From 2018 to 2020, FDA approved 160 drugs. With the growing prevalence of chronic diseases, the demand for the biologics is boosting rapidly. The rising investments in research and development by the various biopharmaceutical companies are expected to further fuel the market growth. As per the EvaluatePharma report, around US$137 billion were invested in R&D in 2012 across the globe, which increased to US$198 billion in 2020. Therefore, the growing R&D investments is expected to boost the growth of the drug discovery outsourcing market.

What are the key challenges in the drug discovery outsourcing market?

There are strict government regulations pertaining to the drug discovery and use of animals in the drug discovery process. The manufacturers and the researchers have to maintain a high quality in their work as a result the cost of the final product increases. The stringent government regulations regarding the ethical use of animals like mice, amphibians, rats, and reptiles is another major challenge for the researchers in the drug discovery process. Further, the lack of skilled personnel in the drug discovery is another major challenge for the market. The constantly evolving technology and pharma R&D methodologies require the professionals to stay updated with the latest standards to comply with good laboratory practices, which is a difficult and costly affair.

Asia Pacific Forecast the Strongest Growth Rate during the Forecast Year (2021-2030)

The presence of few top contract research organization in the nations like India and South Korea are driving the growth of the drug discovery outsourcing market in Asia Pacific. Furthermore, the favorable government framework that supports the growth of the various research activities related to pharmaceutical drugs is a major factor that is expected to fuel the market growth. The presence of skilled and affordable professionals is further attracting the investments in the Asia Pacific region which is driving the growth of the Asia Pacific drug discovery outsourcing market.

Top Drug Discovery Outsourcing Market Players:

Albany Molecular Research Inc., EVOTEC, Laboratory Corporation of America Holdings, GenScript, Pharmaceutical Product Development, LLC., Charles River, WuXiAppTec, Merck & Co., Inc., Thermo Fisher Scientific Inc., Dalton Pharma Services, Oncodesign, Jubilant Biosys, DiscoverX Corporation, and QIAGEN are the major market players in the global drug discovery outsourcing market.

Market Segmentations:

By Workflow

• Target Identification & Screening
• Lead Identification & Candidate Optimization
• Target Validation & Functional Informatics
• Preclinical Development
• Others

By Therapeutic Area

• Oncology
• Cardiovascular
• Gastrointestinal
• Neurology
• Respiratory
• Others

By Drug Type

• Biologics
• Small Molecules

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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