DRUG DISCOVERY OUTSOURCING MARKET ANALYSIS

Drug Discovery Outsourcing Market, By Workflow (Target Identification & Screening, Target Validation & Functional Informatics, Lead Identification & Candidate Optimization, Preclinical Development, and Other Associated Workflow), By Therapeutic Area (Respiratory System, Pain and Anesthesia, Oncology, Ophthalmology, Hematology, Cardiovascular, Endocrine, Gastrointestinal, Immunomodulation, Anti-Infective, Central Nervous System, Dermatology, and Genitourinary System), By Drug Type (Small Molecule and Large Molecule), By Service Type (Chemistry Services and Biology Services), By End User (Pharmaceutical & Biotechnology Companies and Academic Institutes), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : Jun 2023
Code : CMI2847
Pages :157
Formats :
Excel and PDF
Industry : Pharmaceutical

Drug Discovery Outsourcing MarketSize and Trends

The global drug discovery outsourcing market was valued at US$ 3,545.9 Mn in 2022 and is forecast to reach a value of US$ 6,262.4 Mn by 2030 at a CAGR of 6.4% between 2023 and 2030.

Global Drug Discovery Outsourcing Market: Regional Insights

Figure 1. Global Drug Discovery Outsourcing Market Share (%), by Region, 2023

Global Drug Discovery Outsourcing Market Trends:

Increase in research and development is a recent trend

Market players are engaged in research and development (R&D) activities for the development of safe and effective drugs to treat chronic, genetic, respiratory, and other diseases or reduce global disease burden. In November 2022, Sanofi and Insilico Medicine signed a US$ 1200 million Drug Development Deal. The agreement will allow Sanofi to use Insilico’s AI platform to advance drug development in up to six new targets. This trend is expected to continue during the forecast period, driving the growth of the drug discovery outsourcing market.

High demand for COVID-19 vaccine is another trend

Drug discovery outsourcing has become a vital aspect of developing effective treatments against viruses. In June 2021, Catalent, Inc. and Moderna, Inc. collaborated up to manufacture Moderna’s COVID-19 vaccine and other investigational programs in Moderna’s pipeline at Catalent’s facility in Bloomington, Indiana. Moreover, with the increasing cases of COVID-19 across the globe, the demand for safe and effective vaccine is also increasing. This trend is expected to continue during the forecast period, driving the growth of the market.