The cancer immunotherapy drug discovery outsourcing global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cancer Immunotherapy Drug Discovery Outsourcing Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The cancer immunotherapy drug discovery outsourcing market size has grown rapidly in recent years. It will grow from $1.35 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increasing cases of adverse drug reactions, increasing demand for comprehensive genomic testing, increasing global incidence of cancer, a growing need for targeted therapy, and a growing number of clinical trials.
The cancer immunotherapy drug discovery outsourcing market size is expected to see rapid growth in the next few years. It will grow to $2.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to the rising importance of personalized medicine, increasing diagnostic tests, increasing focus on personalized cancer therapy, increasing healthcare expenditure, and increasing cancer incidence and awareness. Major trends in the forecast period include advancements in diagnostic technologies, next-generation sequencing (NGS), integration of artificial intelligence (AI), liquid biopsy technologies, the development of point-of-care companion diagnostic devices, and innovative testing technologies.
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Scope Of Cancer Immunotherapy Drug Discovery Outsourcing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cancer Immunotherapy Drug Discovery Outsourcing Market Overview
Market Drivers –The high cost of research and development is expected to propel the growth of the cancer immunotherapy drug discovery outsourcing market going forward. The high cost research and development is primarily due to the need for specialized expertise, expensive equipment, and the inherent risks involved in innovation. Outsourcing drug discovery activity leverages economies of scale offered by contract research organizations (CROs), enabling smaller biotech firms and startups to optimize their R&D budgets and allocate resources more efficiently, enhancing cost-effectiveness. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a European trade association representing the pharmaceutical industry, the total pharmaceutical R&D expenditure in Europe accounted for $49,500 million (€44,500 million) in 2022, an increase of approximately 6.45% from $46,500 million (€42,533 million) in 2021. Therefore, the high cost of in-house research and development is driving the growth of the cancer immunotherapy drug discovery outsourcing market.
Market Trends – Major companies operating in the cancer immunotherapy drug discovery outsourcing market are adopting a strategic partnership approach to support the production of cancer drugs and gain a competitive advantage. A strategic partnership typically refers to a collaborative relationship between two or more organizations where they combine their resources, expertise, and efforts to achieve common goals or objectives. For instance, in February 2022, Ono Pharmaceutical Co., Ltd., a Japan-based pharmaceutical company, and Bristol-Myers Squibb, a US-based biopharmaceutical company, entered into an outsourcing agreement with Prime Research Institute for Medical Research, Inc., a Japan-based research institute, for a collaborative clinical research project focused on gastric cancer patients treated with Opdivo (nivolumab) in combination with chemotherapy. This industry-sponsored initiative involves a large-scale, multi-institutional study utilizing PRiME-R’s data input support system called “”CyberOncology,”” which facilitates the standardization, structuring, management, and integration of real-world data in routine cancer clinical practice. This clinical research, utilizing CyberOncology, evaluates Opdivo combined with chemotherapy for untreated advanced or recurrent gastric cancer. It involves about 30 medical institutions nationwide and aims to streamline data input, enhance data accuracy, and expedite analysis.
The cancer immunotherapy drug discovery outsourcing market covered in this report is segmented –
1) By Drug Type: Monoclonal Antibodies, Immunomodulators, Oncolytic Viral Therapies And Cancer Vaccines, Other Drug Types
2) By Service Type: Target Identification And Validation, Lead Screening And Characterization, Cell-based Assays
3) By Therapeutic Area: Lung Cancer, Breast Cancer, Melanoma, Other Therapeutic Areas
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Regional Insights – North America was the largest region in the cancer immunotherapy drug discovery outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cancer immunotherapy drug discovery outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the cancer immunotherapy drug discovery outsourcing market are Thermo Fisher Scientific Inc., Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Eurofins Scientific SE, WuXi AppTec Co Ltd., Charles River Laboratories International Inc., PerkinElmer Inc, Bio-Rad Laboratories Inc, QIAGEN N.V., Evotec SE, Shanghai ChemPartner Co. Ltd., Aragen Life Sciences Limited, GenScript Biotech Corporation, BGI Genomics Co. Ltd., NeoGenomics Laboratories Inc, ARUP Laboratories, Syngene International Limited, BioDuro-Sundia, Ambry Genetics Corporation, Selvita, Crown Bioscience International, CENTOGENE N.V., Jubilant Biosys, Oncodesign Services, Icagen Inc., Reaction Biology Corporation, ChemBridge Corporation
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