What is the global market size of Drug Discovery Outsourcing Market?

Global Drug Discovery Outsourcing Market size was valued at USD 3.26 billion in 2021 and is poised to grow from USD 3.5 billion in 2022 to USD 6.2 billion by 2030, growing at a CAGR of 7.3% in the forecast period (2023-2030).

Drug Discovery Outsourcing Market Size, Share, Growth Analysis, By Workflow(Target Identification & Screening, Target Validation & Functional Informatics, Lead Identification & Candidate Optimization, Preclinical Development), By Therapeutics Area(Respiratory system, Pain and Anesthesia, Oncology, Ophthalmology), By Service Type(Chemistry Services, Biology Services), By End User(Pharmaceutical & Biotechnology companies, Academic Institutes, and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35C2011 | Region: Global | Published Date: October, 2024
Pages: 242 | Tables: 128 | Figures: 78

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In 2021, the monoclonal antibodies segment dominated the market with the largest market share of 46% and market revenue of 450.85 million.
The drug type segment is divided into immunomodulators, oncolytic viral therapies and cancer vaccines, monoclonal antibodies, and others. In 2021, the monoclonal antibodies segment dominated the market with the largest market share of 46% and market revenue of 450.85 million.

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Global Drug Discovery Outsourcing Market size was valued at around USD 3.4 billion in 2022 and is expected to rise from USD 3.6 billion in 2023 to reach a value of USD 6.3 billion by 2031, at a CAGR of 7.2% over the forecast period (2024–2031).

Global Drug Discovery Outsourcing Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing on several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio. 'Charles River Laboratories International, Inc. ', 'WuXi AppTec Co., Ltd. ', 'Laboratory Corporation of America Holdings (LabCorp) ', 'Evotec SE ', 'Covance Inc. ', 'Thermo Fisher Scientific Inc. ', 'Eurofins Scientific ', 'Pharmaron Beijing Co., Ltd. ', 'Syngene International Ltd. ', 'Genscript Biotech Corporation ', 'ChemPartner ', 'Jubilant Biosys Ltd. ', 'ICON plc ', 'QuintilesIMS (IQVIA) ', 'Cambrex Corporation ', 'Viva Biotech ', 'Domainex Ltd. ', 'Curia Global, Inc. (formerly Albany Molecular Research, Inc.) ', 'Tecan Group Ltd. ', 'Shanghai Medicilon Inc.'

The rising R&D expenditure of pharmaceutical and biopharmaceutical companies is prompting them to opt for fully integrated or functional outsourcing services, from the early development stage to the late-stage development phase, for drug discovery and development. As there is enormous pressure on pharma companies to contain fixed costs, outsourcing has evolved as a strategic alternative to overcome the lack of in-house resources required for new product development. Big pharma companies are transitioning to a leaner business model that relies heavily on outsourcing. Most pharmaceutical and biopharmaceutical companies outsource their testing functions during R&D to improve profitability, meet the timelines involved in drug development, and save costs. This is evident from the recent agreements by major pharmaceutical companies with CROs providing drug discovery and development services. Thus, increasing pharmaceutical R&D expenditure supports the growth of the drug discovery services market.

Increasing number of small and medium-sized companies are outsourcing drug discovery services, thus the value chain of drug discovery outsourcing market will have new growth opportunities in coming years.

North America held the largest global drug discovery outsourcing market in 2021.

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