The global drug discovery outsourcing market is set to experience robust growth, with a projected market value of USD 3.75 billion in 2023, and expected to surpass USD 7.52 billion by 2033. This represents a steady compound annual growth rate (CAGR) of 7.2% during the forecast period.
The growth of the drug discovery outsourcing market is driven by increasing demand for efficient and cost-effective drug development processes. Outsourcing drug discovery services allows pharmaceutical companies to leverage specialized expertise and advanced technologies, accelerating the development of new therapeutics while managing costs effectively.
Rising drug distribution is a result of escalating generic medicine demand and an increase in patent expirations. Demand for drug discovery services is increasing due to expanding healthcare sector and the rising demand for generic drugs. The aging population, as well as technological advancements in drug discovery services, aid the market’s rapid expansion.
Discovering and developing new drugs can incur huge costs and time. The need for specialization in different scientific fields grows as drug research becomes more difficult. Toxicology, medicinal chemistry, pharmacology, and formulation development experts are typically involved in the development of new medications. Research organizations and pharmaceutical businesses can cut costs and time by outsourcing these services. Without making significant expenditures, the market for outsourced drug delivery services offers access to specialized infrastructure and knowledge.
North America is anticipated to dominate global market shares. The drug discovery services industry in the region operates as a free market with transparent trading practices and restrictions on anti-competitive behavior. The market for biosimilars in the United States is growing tremendously as biologics are more expensive in the region.
Key Takeaways from Drug Discovery Services Market:
- In 2022, the global drug discovery services market size stood at US$ 17.5 billion.
- The pharmaceutical companies segment accounted for 42% market share in 2022.
- In terms of market share, the Hit-to-lead identification method is the dominant segment.
- During the projection period, the biological services segment in the market is expected to increase at a high CAGR.
- The oncology segment accounted for an impressive 39.7% market share in 2022.
- North America accounted for a massive 35.2% market share in 2022.
Recent Developments Observed by FMI:
- Genentech announced in January 2023 that it had been granted Priority Review and Fast Track designation for Glofitamab. To treat adult patients with refractory or relapsing LBCL, the medication, a new bispecific antibody, activates immune system T-cells.
- Brexpiprazole, an atypical antipsychotic supplement NDA authorized for schizophrenia, was released in January 2023 under FDA Priority Review. Brexpiprazole was developed by H. Lundbeck A/S and Otsuka Pharmaceuticals.
- The FDA approved UCB’s Rozanolixizumab for additional Phase III research in January 2023.
- Harm Reduction Therapeutics announced about RiVive in December 2022. As the FDA accepted and awarded Priority for Review to their new drug application. The product is an over-the-counter nasal spray form of naloxone.
Key Players in the Market:
- Laboratory Corporation of America Holdings
- Charles River Laboratories International Inc.
- Genscript Biotech Corporation
- Thermo Fisher Scientific Inc.
- Pharmaron Beijing Co. Ltd.
- Evotec SE
- Eurofins Scientific SE
- Pharmaceutical Product Development Inc.
- Piramal Enterprise Limited
- Syngene International Limited
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Market Segmentation:
By Process:
- Target Selection
- Target Validation
- Hit-to-lead identification
- Lead Optimization
- Candidate Validation
By Type:
- Chemistry Services
- Biology Services
By Drug Type:
- Small Molecule Drugs
- Biologics Drugs
By Therapeutic Area:
- Neurology
- Infectious and Immune Systems Diseases
- Digestive System Diseases
- Oncology
- Other Therapeutic Areas
By End User:
- Pharmaceutical & Biotechnology Companies
- Academic Institutes
- Manufacturing
- Other End Users
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
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