Global Outsourced Drug Discovery Market to Surpass US$ 56.7 Billion by 2026
SEATTLE, July 24, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global outsourced drug discovery market was valued at US$ 20.7 billion in 2017, and is projected to exhibit a CAGR of 12.1% during the forecast period (2019–2026).
Key Trends and Analysis of Global Outsourced Drug Discovery Market:
Collaboration strategies adopted by key players for development of drug discovery processes is expected to drive growth of global outsourced drug discovery market. For instance, in May 2018, Pfizer collaborated with Chinese tech startup XtalPi. The collaboration is focused on development of artificial intelligence-powered platform to model small-molecule drugs discovery and development.
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Furthermore, in January 2017, Evotec AG collaborated with a Japan-based company Asahi Kasei. This collaboration is focused on fully integrated drug discovery projects. Under this collaboration, Asahi Kasei provides its drug discovery platform including medicinal chemistry, computational chemistry, and in vitro pharmacology to Evotec AG. Hence, increasing collaboration activities for drug discovery by contract research organization is expected to support growth of global outsourced drug discovery market.
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Moreover, inorganic strategies such as collaboration and partnerships adopted by key players related to outsourcing drug discovery is expected to boost growth of global outsourced drug discovery market. For instance, in June 2019, GlaxoSmithKline (GSK), a British drug manufacturing company, collaborated with the University of California to establish a state-of-the-art laboratory for CRISPR (clustered regularly interspaced short palindromic repeats) technologies, the Laboratory for Genomics Research (LGR), in San Francisco. The new laboratory will investigate how gene mutations cause diseases and also develop new technologies using CRISPR to rapidly accelerate the discovery of new medicines.
Among regions, North America outsourced drug discovery market is expected to account for the largest market share, owing to business expansion in this region. For instance, in January 2019, Lambda Therapeutic Research (Headquarter-India) entered into the U.S. market via acquisition of Novum Pharmaceutical Research Services. Lambda Therapeutics focuses on research and development activities of drugs.
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Key Market Takeaways:
- The global outsourced drug discovery market is projected to witness a CAGR of 12.1% during the forecast period (2019 – 2026), owing increasing launch of new services by contract research organizations. For instance, in February 2014, PAREXEL International Corporation biopharmaceutical service provider launched new service line. Under this service line company provided various outsourced drug discovery services including preclinical development, Phase IV clinical services, and biopharmaceutical services.
- Among regions, Europe is projected to witness significant growth in the global outsourced drug discovery market, owing to increasing merger and acquisition activities by key players in Europe. For instance, in February 2019, Optimapharm, a clinical research organization (CRO) in Europe acquired Denothex, a CRO, for strengthening its presence in the European market particularly in France, Spain, Switzerland, and Italy. Denothex conducts all clinical trials in oncology across Europe and Israel.
- Major players operating in the global outsourced drug discovery market include, Aurigene Accelerating Discovery, Bioduro LLC, Charles River Laboratories (CRL), Chempartner, TCG Lifesciences, Evotec AG, Syngene International Ltd. Jubilant Biosys Ltd, Pharmaron Inc., Shanghai Medicilon, and Sundia Meditech Co. Ltd.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/outsourced-drug-discovery-market-2847
Report Segmentation:
- Global Outsourced Drug Discovery Market, By Drug Type:
- Small Molecule Drugs
- Large Molecule Drugs
- Global Outsourced Drug Discovery market, By Services:
- Preclinical Development
- Target Validation and Functional Informatics
- Target Identification and Screening
- Lead Identification and Candidate Optimization
- Others
- Global Outsourced Drug Discovery Market, By Application
- Oncology
- Ophthalmology
- Hematology
- Immunomodulation
- Anti-Infective Drugs
- Dermatology
- Pulmonology
- Cardiology
- Others
- Global Outsourced Drug Discovery market, By End User
- Pharmaceutical and Biotechnological Companies
- Contract Research Organization
- Contract Manufacturing Organization
- Global Outsourced Drug Discovery market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East
- By Country/Region:
- GCC
- Israel
- Rest of Middle East
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- Company Profiles
Contact Us:
Mr. Raj Shah
Coherent Market Insights
1001 4th Ave.
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: [email protected]
SOURCE Coherent Market Insights
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