Newark, NJ, Sept. 10, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global drug discovery outsourcing market is expected to grow from USD 3.82 billion in 2019 and to reach USD 6.75 billion by 2027, growing at a CAGR of 7.38% during the forecast period 2020-2027.

The growing demand of the pharmaceutical companies has increased the pressure on the in-house manufacturing base. Further, the increased competitive pressure has called for higher research and development activities. This has led these companies to opt for outsourcing of the drug discovery processing. Further, the need for fast paced developments has accelerated the market growth. The outsourcing helps the manufactures to cut down on the manufacturing costs.

The biotech and pharmaceutical companies choose to outsource the drug discovery process as the in house manufacturing base is not able to meet up the expectations of the market. Further, it is getting increasingly expensive to produce the drugs. Thus, majority of the companies carry out the external process at the university labs, research laboratories, contract research organizations, etc. in order to gain higher market shares in the market. The outsourcing helps to reduce the time which is spent on the development, increase the frequency of hits after screening and conversion rate of the hits. Further, it also helps to eliminate the compounds which are not required or may cause failure to the final product; and increases the amount of high quality compounds.

The new discovery techniques are breaking up too fast for a company to have grip of all of them and this has served as the major reason for many companies to be involved in outsourcing activities. These companies are observing a significant profitability from outsourcing the whole process. The impact of the proteomics and genomics has resulted in the increase of the quantity produced in a fiscal year. The integration of outsourcing activities into the R&D plan helps to pay off the major dividends. The small scale and medium scale companies are majorly benefitted from the outsourcing. The breaking down of the steps involved in the drug discovery process enables the players to specialize in different services. However, the stringent regulations are hampering the market growth.

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Key players operating in the global drug discovery outsourcing market include WuXi AppTec, Albany Molecular Research Inc., Pharmaceutical Product Development LLC, Dalton Pharma Services, Oncodesign, Laboratory Corporation of America Holdings, Charles RiverMerck & Co. Inc., Jubilant Biosys, Domainex Ltd., Eurofins Discovery, GenScript, EVOTEC, DiscoverX Corporation, QIAGEN, Thermo Fisher Scientific Inc. and others. The majority of the manufacturers present in the drug discovery outsourcing market are keen to adopt specific expansionary strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, in order to gain higher market shares and strengthen their position in the market. Thermo Fisher Scientific Inc and QIAGEN are some of the biggest manufacturers present in the global market of the drug discovery outsourcing.

Small molecules dominated the market and held the largest market share of 64.9% in the year 2019
On the basis of the product segment, the global drug discovery outsourcing market includes small molecules and large molecules. Small molecules dominated the market and held the largest market share of 64.9% in the year 2019. The small molecules have received approval from New Drug Application. The increased significance of these molecules has contributed to the growing demand. The small molecules can be easily manufactured in wholesome quantities as the probability of error is less.

Lead identification and candidate optimization dominated the market and held the largest market share of 33.28% in the year 2019
On the basis of the workflow segment, the global drug discovery outsourcing market includes lead identification and candidate optimization, target identification and screening, preclinical development, target validation and functional informatics and others. Lead identification and candidate optimization dominated the market and held the largest market share of 33.28% in the year 2019. The market share of lead identification and candidate optimization is driven by the advancement of the in silico techniques which includes structure based designing and computer aided drug discovery. Additionally, the growth of high throughput screening technology which is used for the screening of microchip synthesized genes and active tumor cells is also contributing to the growth of lead identification and candidate optimization segment.

Respiratory system dominated the market and held the largest market share of 26.06% in the year 2019
On the basis of the therapeutic area segment, the global drug discovery outsourcing market includes oncology, hematology, cardiovascular, respiratory system, gastrointestinal, immunomodulation, pain and anesthesia, dermatology, genitourinary system, central nervous system, endocrine, anti-infective and ophthalmology. Respiratory system dominated the market and held the largest market share of 26.06% in the year 2019. The increasing respiratory issues such as bronchitis, lung cancer, asthma, tuberculosis, etc. have contributed to the segment growth. Further, the oncology segment is expected to increase with a high growth rate during the forecast period. It is being increasingly used for identifying of the novel target during the diagnosis of cancer.

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Regional Segment Analysis of the Drug Discovery Outsourcing Market

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan India, Rest of APAC)
  • South America (Brazil and Rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

On the basis of geography, the global drug discovery outsourcing market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for a significant market share of 41.71% in the year 2019. The high research and development activities owing to the growing need of the effective drugs have resulted into the market growth. Further, the presence of advance research institutions has also contributed to the market growth. However, Asia-Pacific is expected to register a prospering market growth. The supportive government initiatives and increasing outsourcing activities by the small scales and medium scale companies has led the market growth in the region.

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About the report: 
The global drug discovery outsourcing market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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