The global drug discovery outsourcing market size is expected to reach USD 6.3 billion by 2030 at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. The COVID-19 pandemic has brought pharmaceutical companies in limelight. Drug discovery is a costly and lengthy process. This has urged pharmaceutical and biotech companies to opt for outsourcing their research activities to academic and private Contract Research Organizations (CROs). Rising partnerships between public or private entities accelerate drug discovery processes, which, in turn, increase the global demand for outsourcing services for drug discovery.

This scenario is expected to sustain post the covid implications as well. A rise in cases of chronic diseases has urged companies to develop medicines that extend life expectancy. According to the United Nations, people aged 65 years between 2015 and 2020 are expected to live an additional 17 years. Some of the key therapeutic areas where companies are actively involved in outsourcing include oncology, cardiovascular, and anti-infectives. In November 2020, AstraZeneca collaborated with 9 of the foremost oncology medical centers to expedite research in some of the hardest-to-treat cancers. The company will be funding clinical and non-clinical research proposals from members of this network.

The COVID-19 pandemic has demonstrated the value of drug discovery and development. People across the world are waiting for a vaccine while several companies are proactively involved in developing an effective vaccine to combat COVID-19. Pfizer Inc. and BioNTech SE received first approval for the vaccine following a worldwide Phase 3 trial of a potential strain to combat the virus. As for clinical trials, many of them are halted, while some are functional by adopting remote monitoring technologies. Thus, the pandemic has brought the pharmaceutical industry to center stage with drug discovery outsourcing becoming a key aspect to develop effective treatments against the virus. This is expected to boost the market revenue for the next 2 years i.e. a short-term boom, after which it shall regain its original growth curve.

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Drug Discovery Outsourcing Market Report Highlights

• In 2021, the lead identification & candidate optimization segment dominated the market. It is one of the most critical processes in drug discovery

• Oncology and anti-infective are projected to be among the fastest-growing segments during the forecast period

• Small molecules dominated the market in 2021. The segment is also projected to register a high CAGR during the forecast period. This, however, may change in the short term with higher emphasis on biologics

• Asia Pacific is projected to be the fastest-growing regional market during the forecast period

• The growth can be attributed to the government initiatives to forge alliances with U.S. pharmaceutical companies

Access Press Release @ https://www.grandviewresearch.com/press-release/global-drug-discovery-outsourcing-market

Drug Discovery Outsourcing Market Segmentation

Grand View Research has segmented the global drug discovery outsourcing market on the basis of workflow, therapeutics area, drug type, and region:

Drug Discovery Outsourcing Workflow Outlook (Revenue, USD Million, 2017 - 2030)

• Target Identification & Screening

• Target Validation & Functional Informatics

• Lead Identification & Candidate Optimization

• Preclinical Development

• Other Associated Workflow

Drug Discovery Outsourcing Therapeutics Area Outlook (Revenue, USD Million, 2017 - 2030)

• Respiratory System

• Pain and Anesthesia

• Oncology

• Ophthalmology

• Hematology

• Cardiovascular

• Endocrine

• Gastrointestinal

• Immunomodulation

• Anti-infective

• Central Nervous System

• Dermatology

• Genitourinary System

Drug Discovery Outsourcing Drug Type Outlook (Revenue, USD Million, 2017 - 2030)

• Small Molecules

• Large Molecules (Biopharmaceuticals)

Drug Discovery Outsourcing Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

• Asia Pacific

  • Japan

  • China

• Latin America

  • Brazil

• MEA

  • South Africa

List of Key Players of Drug Discovery Outsourcing Market

• Albany Molecular Research Inc.

• EVOTEC

• Laboratory Corporation of America Holdings

• GenScript

• Pharmaceutical Product Development, LLC

• Charles River

• WuXi AppTec

• Merck & Co., Inc.

• Thermo Fisher Scientific Inc.

• Dalton Pharma Services

• Oncodesign

• Jubilant Biosys

• DiscoverX Corp.

• QIAGEN

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.