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Key Findings of the Global Drug Discovery Outsourcing Market | Technavio

Technavio Research
Posted on: 24 Feb 18

The latest market research report by Technavio on the global drug discovery outsourcing marketpredicts a CAGR of more than 12% during the period 2018-2022.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180223005834/en/

Technavio has published a new market research report on the global drug discovery outsourcing market from 2018-2022. (Graphic: Business Wire)

The report segments the global drug discovery outsourcing market by product (small molecules and biologics) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global drug discovery outsourcing market, according to Technavio healthcare and life sciences researchers:

  • Prioritization of core competencies: a major market driver
  • Increased demand for regenerative medicine: emerging market trend
  • The Americas dominated the global drug discovery outsourcing market with 39% share in 2017
  • In 2017, the small molecules segment dominated the market with 84% share

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Prioritization of core competencies: a major market driver

Over the last few years, it has been observed that major pharmaceutical companies have been outsourcing a part or all of their manufacturing activities to contract manufacturers. The reason behind this outsourcing is that they consider innovation and brand building as the core activity, not manufacturing. Companies thrive on growing their core competencies to achieve a strong yield over the long term. To satisfy this, outsourcing drug discovery acts as a popular tool for the drug makers to restructure internal resource deployment. This enables the sourcing companies to focus their in-house resources on core competencies such as R&D and marketing, while contract manufacturers maintain their production and supply rates.

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Increased demand for regenerative medicine: emerging market trend

Regenerative medicine is a branch of medicine that aids in the processes to regrow, repair, and replace damaged and diseased cells, organs, or tissues. Regenerative medicine is used in therapeutic stem cells lines, tissue engineering, and the production of artificial organs. It includes areas such as stem cell lines, which comprises of adult and embryonic stem cells and various types of progenitor cells present in the blood of the umbilical cord for treating diseased and damaged cells, tissues, and organs. For example, the skin cells of a person may be collected and made into a cell line, in addition with reprogramming the cells in a laboratory to create certain characteristics. The resulting cells are directed to treat the disease. Therefore, the increasing ability to treat diseases has resulted in an increased demand for regenerative medicine.

According to a senior analyst at Technavio for research on life science research tools, “The increase in allocation of funds and grants to encourage research in regenerative medicine and product development and outsourcing drug discovery for the initial stages of development will reduce costs and improve efficiency. Investments are reduced in outsourcing drug discovery for regenerative medicine as in-house facilities are expensive and are not favorable for the cash flow of the company.”

Global market opportunities

In 2017, the Americas led the global drug discovery outsourcing market followed by EMEA and APAC. The Americas is expected to continue its dominance during the forecast period due to the increasing number of diagnostic centers across the region. APAC is expected to be the fastest growing region due to the improvements in medical infrastructure.

 
 
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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180223005834/en/

Business Wire
www.businesswire.com

Last updated on: 24/02/2018

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