Global Drug Discovery Outsourcing Market is expected to rise from its initial estimated value of USD 2.54 billion in 2018 to an estimated value of USD 4.78 billion by 2026, registering a CAGR of 8.25% in the forecast period of 2019-2026. Increasing usage of artificial intelligence in drug discovery is major factor for the growth of this market.
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Global drug discovery outsourcing market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of drug discovery outsourcing market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in drug discovery outsourcing market are Thermo Fisher Scientific, Merck KGaA, GENERAL ELECTRIC COMPANY, Albany Molecular Research Inc, Charles River, Evotec A.G., Pharmaceutical Product Development, LLC., Jubilant Biosys. Jubilant Life Sciences Ltd., Covance Inc., GenScript, Aurigene Discovery Technologies, WuXi AppTec, Syngene, Viva Biotech (Shanghai) Ltd, SRI International, Domainnex.
Market Definition: Global Drug Discovery Outsourcing Market
Drug discovery outsourcing is the process which is used to find new medicines or drugs in different fields like pharmaceuticals, pharmacology, and biotechnology. Drug discovery is a very time consuming process and the success rate sometime is very low. Many small companies who develop drugs sell them to the big companies so that they can take the trials and see whether drugs are useful or not. Increasing artificial technologies usage in drug discovery is fuelling the drug discovery outsourcing market.
- Increasing usage of AI in drug discovery is driving the market
- Technological advancement and development is driving the growth of this market.
- High price of the drug discovery outsourcing is restraining the growth of this market.
- Increasing risk of the drug failure is restraining the growth of this market
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Key Developments in the Market:
- In November 2018, Schrödinger and WuXi together announced the launch of their new company Faxian Therapeutics which will use Schrodinger computational technologies and WuXi’s drug design and synthesis services so that they can find new drugs to meet the demand of the people. This new firm will be headquartered in New York.
- In June 2016, BioDuro, LLC, along with Formex they have announced the launch of BioDuro organization so that they can provide solution for integrated drug discovery and development, API synthesis and optimization, formulation and cGMP manufacture of drug products. The main aim is to meet the rising demand for new drugs in the market and to increase their business worldwide.
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Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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