Drug Discovery Outsourcing Market Demand to Exceed USD 7.5 Billion by 2031: As per TMR Study
The drug discovery outsourcing market is expected to expand with pharmaceutical companies collaborating with vendors across the globe.
Wilmington, Delaware, United States, July 21, 2023 (GLOBE NEWSWIRE) — Research by TMR estimates the global drug discovery outsourcing market was worth US$ 3.6 billion in 2022. Market revenues are expected to reach US$ 7.5 billion by 2031, representing a 7.8% increase.
With the expansion of the pharmaceutical industry, AI is becoming more integrated and the research force is becoming cheaper, contributing to market expansion.
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Drug discovery relies on quickly identifying the most promising leads. There are often multiple projects underway simultaneously, which can affect the availability of resources, such as equipment, personnel, and space. Alternatives to conventional drug discovery laboratories may include innovative approaches to specific targets. In order to reach critical discovery milestones on time, companies can benefit from outsourcing because it can reduce unnecessary backlogs and give them access to cutting-edge technologies.
The process of developing drugs involves a number of disciplines, such as medicinal chemistry, biochemistry, molecular biology, and pharmacology. Companies can tap into the experience and knowledge of CROs and CMOs in these areas. Through outsourcing, companies are able to tap into a broader range of skills and expertise.
Developing a drug takes many years from the point of discovery to market approval. Utilizing the resources and experience of specialized service providers can help speed up certain stages of drug discovery. The development pipeline for drugs is often accelerated by CROs and CMOs with their streamlined processes and dedicated teams.
Key Findings of the Market Report
- Biology services are expected to grow as regulatory requirements become stricter, increasing the demand for technical experts.
- Innovative treatments for patients around the world are developed using small molecules. Small molecules account for half of the sales in the specialty medicine industry.
- As respiratory disorders continue to increase and climatic conditions continue to change, respiratory systems will be in higher demand for therapeutic purposes in the future.
- Innovation in pharmaceuticals and the need for new drugs grow, and the market for outsourcing drug discovery is expected to increase.
- A new generation of drugs and vaccines for infectious diseases (ID) is influencing the market.
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Global Drug Discovery Outsourcing: Growth Drivers
- Pharma companies may find it beneficial to outsource drug discovery activities. They can avoid maintaining costly in-house R&D facilities, equipment, and personnel. Project-based outsourcing reduces fixed costs by providing access to expertise and infrastructure.
- Pharmaceutical companies can benefit from outsourcing because it allows them to be flexible and scalable. Their drug discovery activities can be scaled up and down based on project demands without incurring fixed costs. By adapting to changing conditions, companies are able to allocate resources efficiently and focus on their core competencies.
- The technology and instruments used by CROs and CMOs can be cutting-edge, giving them an advantage over pharmaceutical companies that may not readily have access to them. Companies can enhance the quality and efficiency of drug discovery processes by outsourcing these advanced tools.
Global Drug Discovery Outsourcing: Regional Landscape
- Cardiovascular and neurovascular diseases are predicted to increase in prevalence across North America, increasing the demand for pharmaceutical discovery outsourcing.
- Growing research infrastructure in the United States and technological advancements are expected to boost demand.
- With diseases becoming more prevalent, local companies growing, and a greater population of patients, drug discovery outsourcing in the Asia Pacific is expected to rise.
- With the increased spending on drug discovery and the presence of major companies in the Chinese market, it is expected that in the future the market share will grow steadily.
- Government policies and regulations on the environment and quality control are likely to expand the market in the European region.
Global Drug Discovery Outsourcing Market: Key Players
The market forecast for the drug discovery outsourcing market indicates that companies are expanding their industry presence through strategic partnerships, mergers and acquisitions, and new product launches. The key players tend to follow market trends in order to attain lucrative revenue opportunities in the future.
- In March 2023, IKtos, a new drug discovery company that uses artificial intelligence (AI) for its research, closed a euro15.5 million financing round. This will allow the company to expand its SaaS software capabilities and develop its AI capabilities. It has also launched IKtos Robotics which it says will accelerate drug discovery timelines by combining AI and automation of chemical synthesis.
- In April 2023, Taros Chemicals, and Welab Barcelona will offer clients preclinical and clinical development services based on their relevant expertise. As a result of the deal, both companies will be able to provide customers with access to one-stop-shop services.
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Global Drug Discovery Outsourcing Market: Segmentation
- Chemical Services
- Biology Services
- Small Molecules
- Large Molecules
- Empirical Drug Discovery
- Rational Drug Discovery
- Target Identification and Screening
- Lead Identification and Candidate Optimization
- Development of Disease Models
- Pre-formulation Studies
- Entire Clinical Trials
- Central Nervous System
- Genitourinary System
- Respiratory System
- Pharmaceutical Companies
- Biotechnology Companies
- Academic Institutes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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