SAN FRANCISCO, August 9, 2018 /PRNewswire/ --
The global drug discovery outsourcing market size is expected to reach USD 4.44 billion by 2025 at an 8.14% CAGR, according to a new report by Grand View Research, Inc. Urging need to identify potential drug candidates for various chronic diseases is anticipated to fuel growth.
Technological advances in in silico drug designing and accelerating integration of Artificial Intelligence (AI) in drug discovery are driving industry progress. Multiple applications of AI algorithms in drug design and discovery provide opportunities for players to offer specialized drug discovery services. It is useful for processes such as target and compound selection, predictive analytics, screening, and drug repurposing.
Projected rise in adoption of outsourcing over the forecast period is expected to boost market revenue generation. Half of the drug discovery processes are anticipated to be outsourced, thereby creating massive opportunities for CROs, CMOs, and CDMOs to expand their market presence.
Number of collaborations among these organizations, key pharmaceutical players, and several universities has increased over the past few years. This rise in alliance further supports the projected increase in growth potential.
High cost and high risk of drug failure are major challenges faced in drug discovery. However, advances in technology that increase efficiency of drug discovery, coupled with increased adoption of highly advanced technology to provide specialized services, allow outsourcing companies to overcome these challenges.
Browse full research report with TOC on "Drug Discovery Outsourcing Market Analysis Report By Workflow (Lead Identification & Candidate Optimization, Preclinical Development), By Therapeutic Area, By Drug Type, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/drug-discovery-outsourcing-market
Further Key Findings From the Report Suggest:
- Escalating incidence of respiratory disorders such as asthma and chronic obstructive pulmonary disease (COPD) is projected to indirectly propel market growth. Advancements in technologies, such as emergence of Artificial Intelligence (AI) in the pharmaceutical industry, is also anticipated to accelerate industry progress
- Moreover, increasing incidences of antibiotic resistance as well as drug resistance have improved focus on discovery of novel compounds to treat conditions such as Multidrug-Resistant TB (MDR-TB)
- Based on workflow, lead identification and candidate optimization is slated for impressive growth owing to high bottlenecks in this workflow segment
- By therapeutic area, oncology drug discovery outsourcing is fueled by increasing demand for oncology solutions, coupled with expanding government support in cancer research
- North America dominates the global market owing to high focus on R&D in identification of novel drug candidates, along with presence of key players
- Asia Pacific is projected to witness the fastest growth over the forecast period as a result of increasing number of CRO, CMOs, and CDMOs in emerging countries. Rising trend of outsourcing manufacturing and R&D activities to countries such as China and India will aid growth in the region
- Some of the major players are Charles River; EVOTEC, Laboratory Corporation of America Holdings; GenScript, Merck & Co., Inc.; Jubilant Biosys; Thermo Fisher Scientific, Inc.; Oncodesign; Albany Molecular Research, Inc.; WuXi AppTec; Dalton Pharma Services; Pharmaceutical Product Development, LLC; DiscoverX Corporation; and QIAGEN
- Collaboration of players with key pharmaceutical companies and academics and research centers is observed to increase in recent years.
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Grand View Research has segmented the global drug discovery outsourcing market on the basis of workflow, therapeutic area, drug type, and region:
- Drug Discovery Outsourcing Workflow Outlook (Revenue, USD Million, 2013 - 2025)
- Target Identification & Screening
- Target Validation & Functional Informatics
- Lead Identification & Candidate Optimization
- Preclinical Development
- Other Associated Workflow
- Drug Discovery Outsourcing Therapeutic Area Outlook (Revenue, USD Million, 2013 - 2025)
- Respiratory System
- Pain and Anesthesia
- Central Nervous System
- Genitourinary System
- Drug Discovery Outsourcing Drug Type Outlook (Revenue, USD Million, 2013 - 2025)
- Small Molecules
- Large Molecules (Biopharmaceuticals)
- Drug Discovery Outsourcing Regional Outlook (Revenue, USD Million, 2013 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
- South Africa
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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