The drug discovery outsourcing global market report 2024 from 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.
Drug Discovery Outsourcing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The drug discovery outsourcing market size has grown strongly in recent years. It will grow from $3.64 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to the growing complexity of drug discovery, the need for specialized expertise, stringent regulatory requirements, the globalization of clinical trials, and the rise in demand for orphan drugs and personalized medicine.
The drug discovery outsourcing market size is expected to see strong growth in the next few years. It will grow to $5.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing expenses in research and development, patent expirations, the expansion of the biopharmaceutical sector, focus on core competencies, and pressure to reduce time-to-market. Major trends in the forecast period include the adoption of artificial intelligence, technological advancements, big data analytics, specialty drugs, and collaboration and strategic partnerships.
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Scope Of 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.
Drug Discovery Outsourcing Market Overview
Market Drivers –
The growing prevalence of chronic diseases is expected to propel the growth of the drug discovery outsourcing market going forward. Chronic diseases are long-lasting health conditions that persist over time, often for years or even a lifetime. Chronic diseases are rising due to several reasons, including an aging population, lifestyle choices, urbanization, and environmental factors. Drug discovery outsourcing accelerates the development of treatments for chronic diseases by providing access to specialized expertise and advanced technologies, reducing time and costs. For instance, in June 2024, according to the Australian Institute of Health and Welfare, an Australia-based government agency, 61% of the population, approximately 15.4 million people, had at least one long-term health condition, contributing to 90% of deaths in 2022. Anxiety affected 1.3 million (16%) individuals aged 0–24 and 1.6 million (22%) aged 25–44. Back problems were prevalent in 1.5 million (23%) of those aged 45–64, while 1.3 million (32%) of people aged 65 and older experienced deafness or hearing loss. Therefore, the growing prevalence of chronic diseases is driving the growth of the drug discovery outsourcing market.
Market Trends –
Major companies operating in the drug discovery outsourcing market are focusing on developing innovations, such as digital health solutions, to better meet the needs of healthcare professionals, regulators, and patients. Digital health solutions encompass technologies and services, such as telemedicine, mobile health apps, and wearable devices, that enhance healthcare delivery, patient engagement, and health management. For instance, in November 2023, AstraZeneca PLC, a UK-based biopharmaceutical company, launched Evinova, a cutting-edge health-tech business dedicated to advancing innovation in the life sciences sector and enhancing the delivery of clinical trials. With a focus on improving health outcomes, it aims to offer globally-scaled digital products and services that have already proven effective in AstraZeneca’s clinical trials across more than 40 countries. By optimizing clinical trial design and delivery, Evinova seeks to streamline the process of developing new medicines, ultimately reducing both time and costs.
The drug discovery outsourcing market covered in this report is segmented –
1) By Service Type: Chemistry Services, Biological Services
2) By Workflow: Target Identification And Screening, Target Validation And Functional Informatics, Lead Identification And Candidate Optimization, Preclinical Development, Other Workflows
3) By Disease Model: In Vitro Models, Animal Models, Cellular Models, Other Disease Models
4) By Therapeutic Area: Cardiovascular, Central Nervous System (CNS), Gastrointestinal, Hematology, Respiratory System, Infectious Disease, Oncology, Immunology, Other Therapeutic Areas
5) By End User: Pharmaceutical And Biotechnology Companies, Academic Institutes, Other End Users
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Regional Insights –
North America was the largest region in the 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 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 drug discovery outsourcing market are Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, Eurofins SE, Charles River Laboratories, QIAGEN N.V., Curia Global Inc., EVOTEC, Pharmaron Beijing Co. Ltd., Genscript Biotech, WuXi AppTec, Pharmaceutical Product Development, LLC, Syngene International Limited, Jubilant Biosys, Dalton Pharma Services, Oncodesign Services, DiscoverX Corp., Domainex Ltd., Exscientia, TCG Lifesciences Pvt Ltd., GVK Biosciences Private Limited
Table of Contents
1. Executive Summary
2. Drug Discovery Outsourcing Market Report Structure
3. Drug Discovery Outsourcing Market Trends And Strategies
4. Drug Discovery Outsourcing Market – Macro Economic Scenario
5. Drug Discovery Outsourcing Market Size And Growth
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27. Drug Discovery Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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