Transparency Market Research has recently unveiled its most current research study, titled “Drug Discovery Outsourcing Market Forecast 2023-2031.” This research offers precise economic, global, and country-level forecasts and analyses. It provides a comprehensive view of the competitive market landscape and conducts a thorough supply chain analysis to help businesses discern significant shifts in industry practices. Moreover, the market report assesses the current status of the Drug Discovery Outsourcing sector and provides insights into anticipated future growth, technological advancements, investment opportunities, market dynamics, and financial data.
According to a study conducted by Transparency Market Research (TMR), the Drug Discovery Outsourcing market is projected to achieve a valuation of $7.5 billion by the conclusion of 2031. Furthermore, the report anticipates a steady compound annual growth rate (CAGR) of 7.8% for market expansion during the forecast period from 2023 to 2031.
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Rise in R&D spending by pharmaceutical companies and increase in focus on development of personalized medicines and orphan drugs are driving the global market. Pharmaceutical and biotech companies require a range of services to support their drug development efforts. This is fueling the drug discovery outsourcing market demand. Increase in complexity of drug development and advancements in technology & automation offer lucrative market opportunities for market players.
Drug discovery is a complex and time-consuming process that involves identification, development, and testing of new medications to treat various diseases. The process typically involves several stages, including target identification, lead discovery, lead optimization, preclinical testing, clinical trials, and regulatory approval.
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Rise in Application of Drug Discovery Outsourcing in Oncology Sector
Based on therapeutic area, the oncology segment is likely to lead the global market during the forecast period. Increase in incidence of cancer across the globe is fueling demand for more effective treatments. Cancer is one of the leading causes of death globally, and the need for new and innovative therapies is critical.
Outsourcing drug discovery activities in oncology could provide several advantages to pharmaceutical and biotech companies. One of the primary benefits is access to a broader range of expertise and resources, which can help accelerate the drug discovery process and improve the likelihood of success. Outsourcing could also help reduce development costs and speed up time to market, which is essential in the highly competitive oncology market.
Drug discovery outsourcing providers specializing in oncology have a deep understanding of the complex biology of cancer and the mechanisms underlying tumor growth and progression. This expertise can be leveraged to develop more targeted and personalized therapies that are tailored to the unique needs of individual patients.
The oncology segment is benefiting from increasing availability of advanced technologies and platforms that can support drug discovery efforts.
Competitor Analysis:
The significant players operating in the global Drug Discovery Outsourcing market are
Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., Albany Molecular Research Inc., GVK Biosciences Private Limited, Sygnature Discovery, Pharmaron Beijing Co., Ltd., Domainex Ltd., Thermo Fisher Scientific, Inc., Jubilant Biosys Ltd., Evotec SE, Eurofins Discovery, and GenScript Biotech Corporation
Market Segmentation –
- Type
- Chemical Services
- Biology Services
- Drug Molecule
- Small Molecules
- Large Molecules
- Discovery Approach
- Empirical Drug Discovery
- Rational Drug Discovery
- Workflow
- Target Identification and Screening
- Lead Identification and Candidate Optimization
- Development of Disease Models
- Pre-formulation Studies
- Entire Clinical Trials
- Others
- Therapeutic Area
- Anti-infective
- Cardiovascular
- Central Nervous System
- Dermatology
- Endocrine
- Gastrointestinal
- Genitourinary System
- Immunomodulation
- Oncology
- Ophthalmology
- Respiratory System
- Others
- End-user
- Pharmaceutical Companies
- Biotechnology Companies
- Academic Institutes
This Report lets you identify the opportunities in Drug Discovery Outsourcing Market by means of a region:
- North America (the United States, Canada, and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
- South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)
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Key Developments in Global Drug Discovery Outsourcing Market
In July 2020, Piramal Critical Care (PCC), a business division of Piramal Pharma Limited (PPL), announced strategic collaboration with Medivant Healthcare, a U.S.-based pharmaceutical outsourcing facility, in order to help address the notable shortage of injectable drugs in hospitals throughout the U.S.
Key Features of the Drug Discovery Outsourcing Market Report: –
➤ Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.
➤ Examine the market opportunities for stakeholders by identifying higher growth sections.
➤ To study and analyze the global Drug Discovery Outsourcing industry status and forecast including key regions.
➤ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.
➤ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter’s Five Forces analysis to provide a deeper understanding of the market.
➤ It helps you make strategic business decisions and investment plans.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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