Outsourced Drug Discovery Market is accounted for US$ 56.7 Billion by 2026 | CAGR: 12.1%: Coherent Market Insights
The Global Outsourced Drug Discovery Market, by Drug Type (Small Molecule Drugs and Large Molecule Drugs), by Services (Preclinical Developments, Target validation, and Functional Informatics, Target Identification and Screening, Lead Identification and Candidate Optimization, and Others), By Application (Oncology, Ophthalmology, Hematology, Immunomodulation, Anti-Infective Drugs, Dermatology, Neurology, Cardiology, and Others), By End Users (Pharmaceutical and Biotechnological Companies, Contract Research Organization, and Contract Manufacturing Organization), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 20.7 billion in 2017, and is projected to exhibit a CAGR of 12.1% during the forecast period (2019-2026), as highlighted in a new report published by Coherent Market Insights.
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Partnership strategies adopted by key player for drug discovery and development procedure is expected to propel growth of the global outsourced drug discovery market. For instance, in April 2019, Medicine Discovery Catapult partnered with 22 the U.K.-based contract research organizations and launched in April 2019, Medicine Discovery Catapult partnered with 22 the U.K.-based contract research organizations and launched a virtual R&D discovery services platform made up of more than 20 CROs, which will support small- to medium-sized companies deliver drug discovery projects.
Moreover, rising new site launches for development of clinical research practices is expected to boost the global outsourced drug discovery market growth. For instance, in June 2015, INC Research Holdings, Inc., a contract research organization, launched industry’s first Site Advocacy Group (SAG) for development and enhancement of clinical research activities. SAG focuses on the research and development activities related to schizophrenia, depression, and bipolar disorder.
Browse 23 Market Data Tables and 19 Figures spread through 157 Pages and in-depth TOC on “Outsourced Drug Discovery Market”, by Drug Type (Small Molecule Drugs and Large Molecule Drugs), by Services (Preclinical Developments, Target validation and Functional Informatics, Target Identification and Screening, Lead Identification and Candidate Optimization, and Others), by Application (Oncology, Ophthalmology, Hematology, Immunomodulation, Anti-Infective Drugs, Dermatology, Neurology, Cardiology, and Others), by End Users (Pharmaceutical and Biotechnological Companies, Contract research Organization, and Contract Manufacturing Organization), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026.”
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Key players in the market are focused on launching drug development services. For instance, in March 2018, Evotec AG launched new drug discovery service INDiGO. This service is used for the drug discovery and drug development processes. INDiGO is an integrated drug development solution that accelerate faster drug development processes from candidate selection through to NDA submission. It can reduce time and cost of the drug development process. Moreover, new launches for drug discovery platform is expected to propel growth of global outsourced drug discovery market.
For instance, in October 2018, WuXi AppTec Co. Ltd launched drug screening platform DNA- encoded library (DEL). The goal of this drug screening platform is to provide free access of DEL libraries to companies and academic users for research in drug discovery processes. Furthermore, increasing number of partnership activities for drug discovery and development is expected to drive global outsourced drug discovery market growth. For instance, in January 2019, BioDuro, global life sciences contract research and development organization, partnered with Advent International. Under this partnership, Advent made investment in BioDuro for drug discovery processes.
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Key Takeaways of the Global Outsourced Drug Discovery Market:
- The global outsourced drug discovery market is expected to witness a CAGR of 12.1% during the forecast period (2019–2026), owing to increasing launch of new outsourcing services. For instance, in February 2014, PAREXEL International Corporation launched various drug discovery services including preclinical development, Phase IV clinical services, and biopharmaceutical services.
- Increasing partnership program in drug discovery is expected to support the global outsourced drug discovery market growth. For instance, in October 2018, Sanofi and Evotec launched partnership program Public Private Partnership. Public Private Partnership is designed to accelerate drug discovery processes across multiple therapeutic areas.
- Major players operating in the global outsourced drug discovery market include, Aurigene Accelerating Discovery, Bioduro LLC, Charles River Laboratories (CRL), Chempartner, TCG Lifesciences, Evotec AG, Syngene International Ltd. Jubilant Biosys Ltd, Pharmaron Inc., Shanghai Medicilon, and Sundia Meditech Co. Ltd.
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