Outsourced Drug Discovery Market CAGR of 12.1% To Reach US$ 56.7 Billion By 2026, , Owing to Increasing Launch of New Outsourcing Services

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According to The Global Outsourced Drug Discovery Market Report, by Drug Type (Small Molecule Drugs and Large Molecule Drugs), by Services (Preclinical Developments, Target Validation, and Functional Informatics, Target Identification and Screening, Lead Identification and Candidate Optimization, and Others), By Application (Oncology, Ophthalmology, Hematology, Immunomodulation, Anti-Infective Drugs, Dermatology, Neurology, Cardiology, and Others), By End User (Pharmaceutical and Biotechnological Companies, Contract Research Organization, and Contract Manufacturing Organization), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), published by 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).

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Increasing launch of novel drug development services is expected to propel growth of the global outsourced drug discovery market over the forecast period. For instance, in March 2018, Evotec AG launched new drug discovery service INDiGO, an integrated drug development solution to accelerate drug development processes from candidate selection to NDA submission. Similarly, in October 2018, WuXi AppTec Co. Ltd launched drug screening platform DNA- encoded library (DEL), which provides free access of DEL libraries to companies and academic users for R&D of drugs.

Increasing launch of new outsourcing services is expected to propel growth of the global outsourced drug discovery market over the forecast period. For instance, in February 2014, PAREXEL International Corporation launched various drug discovery services including preclinical development, Phase IV clinical services, and biopharmaceutical services.

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Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in April 2019, Medicine Discovery Catapult partnered with 22 U.K.-based contract research organizations and launched a virtual R&D discovery services platform made up of more than 20 CROs, which will support small- to medium-sized companies deliver drug discovery projects. Similarly, in January 2019, BioDuro, global life sciences contract research and development organization, partnered with Advent International. Under this partnership, Advent made investment in BioDuro for drug discovery processes.

In October 2018, Sanofi and Evotec launched partnership program Public Private Partnership to accelerate drug discovery processes across multiple therapeutic areas.

Major players in the market are also focused on adopting various business strategies to enhance their market share. For instance, in June 2015, INC Research Holdings, Inc., a contract research organization, launched industry’s first Site Advocacy Group (SAG) for development and enhancement of clinical research activities. SAG focuses on R&D activities related to schizophrenia, depression, and bipolar disorder.

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Key Takeaways

• The global outsourced drug discovery market is expected to witness a CAGR of 12.1% during the forecast period (2019–2026)
• Increasing launch of novel drug development services is expected to propel growth of the global outsourced drug discovery market over the forecast period
• 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.

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