Drug Discovery Outsourcing Market Analysis: Key Trends, Share, Growth Drivers, And Forecast 2024-2033

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How is the Drug Discovery Outsourcing Market Progressing and What is the Estimation for 2024?

The drug discovery outsourcing market size has witnessed robust growth in the past few years and this upward growth trajectory is expected to sustain in the near future. It is estimated to expand from $3.64 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate CAGR of 7.8%. The strong growth during the historic period can be attributed to the escalating complexity of drug discovery in tune with the need for specialized expertise, stringent regulatory guidelines, the global outreach of clinical trials, and the rising demand for orphan drugs and personalized medicine.

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What are the Key Factors that Will Propel Market Growth?

The drug discovery outsourcing market size is projected to see remarkable growth up to $5.31 billion by 2028, driven by a compound annual growth rate CAGR of 7.9%. The rise during the forecast period can be attributed to the increasing investments in research and development, looming patent expirations, the expansion of the biopharmaceutical sector, the growing emphasis on core competencies, coupled with the pressure to reduce time-to-market. The rapid adoption of artificial intelligence, technological advancements, big data analytics, specialty drugs, strategic partnerships, and collaboration are heralding major trends in the forecast period.

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The escalating prevalence of chronic diseases is expected to significantly propel the growth of the drug discovery outsourcing market. Chronic diseases, being long-lasting health conditions, often persist over time, spanning years or even an entire lifetime. The rising incidence of chronic diseases can be attributed to various factors which include an aging population, personal lifestyle choices, urbanization, and environmental factors. Drug discovery outsourcing expedites the development of treatments for chronic conditions by making specialized expertise and advanced technologies accessible, thereby cutting down on time and costs.

Who are the Major Players Influencing the Drug Discovery Outsourcing Market?

Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, Eurofins SE, Charles River Laboratories, QIAGEN N.V., Curia Global Inc., EVOTEC, Pharmaron Beijing Co. Ltd., Genscript Biotech, WuXi AppTec, Pharmaceutical Product Development, LLC, Syngene International Limited, Jubilant Biosys, Dalton Pharma Services, Oncodesign Services, DiscoverX Corp., Domainex Ltd., Exscientia, TCG Lifesciences Pvt Ltd., GVK Biosciences Private Limited are some of the key players influencing the drug discovery outsourcing market space.

What are the Emerging Trends on the Horizon?

Major companies operating in the drug discovery outsourcing market are focusing on developing innovative digital health solutions to better serve healthcare professionals, regulators, and patients. Digital health solutions cover a vast scope such as telemedicine, mobile health apps, and wearable devices that significantly enhance healthcare delivery, patient engagement, and health management.

How is the Drug Discovery Outsourcing Market Segmented?

The drug discovery outsourcing market in this report is divided as follows:

1 By Service Type: Chemistry Services, Biological Services
2 By Workflow: Target Identification And Screening, Target Validation And Functional Informatics, Lead Identification And Candidate Optimization, Preclinical Development, Other Workflows
3 By Disease Model: In Vitro Models, Animal Models, Cellular Models, Other Disease Models
4 By Therapeutic Area: Cardiovascular, Central Nervous System CNS, Gastrointestinal, Hematology, Respiratory System, Infectious Disease, Oncology, Immunology, Other Therapeutic Areas
5 By End User: Pharmaceutical And Biotechnology Companies, Academic Institutes, Other End Users

Which Regions are leading the Drug Discovery Outsourcing Market?

In 2023, North America was the dominant region in the drug discovery outsourcing market. The Asia-Pacific region, however, is expected to be the fastest-growing in the forthcoming period. The report covers various geographical territories which include the Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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