DBMR added a new report titled Global Drug Discovery Outsourcing Market The analysis provides the insights that bring the market clearly into focus and thus help companies to make better decisions. Industry data and information come from consistent sources such as websites, company annual reports, and magazines, which are then reviewed and validated by market experts. Global Drug Discovery Outsourcing Market The report has been structured with transparent research studies that make it of the highest quality. In order to fully understand customer requirements, one or more methods are used to create this best market research report. The report contains a CAGR value fluctuation for the market during the forecast period 2021-2027.
The market analysis and the insights it deals with Global Drug Discovery Outsourcing Market Providing key statistics on the market status of global and regional manufacturers, the business document is an important guidance tool that provides precise guidance to companies and individuals interested in the industry. This report provides in-depth knowledge and information about the definition, classifications, applications, and exposures of the market, and also explains the drivers and restraints of the market that emerge from the SWOT analysis. The major highlights of this market report are the key market dynamics, the current market scenario, and the future prospects of the sector.
The global drug discovery outsourcing market is projected to increase from its original estimated value of $ 2.54 billion in 2018 to an estimated value of $ 4.78 billion in 2026 and a CAGR over the forecast period of 2019-2026 of 8.25%. The increasing use of artificial intelligence in drug discovery is a key factor in the growth of this market.
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The global drug discovery outsourcing market is highly fragmented and the key players have employed various strategies such as product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to improve their presence in this market. The report includes drug discovery outsourcing market shares for the world, Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Main competitors in the market:
Few of the most important competitors currently active in the drug discovery outsourcing market are Thermo Fisher Scientific, Merck KGaA, GENERAL ELECTRIC COMPANY, Albany Molecular Research Inc., Charles River, Evotec AG, and 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 by which new drugs or drugs are found in various fields such as pharmaceuticals, pharmacology and biotechnology. Drug discovery is a very time consuming process and the success rate is sometimes very low. Many small companies that develop drugs sell them to the big companies so they can do the studies and see whether drugs are useful or not. The increasing use of artificial technologies in drug discovery is driving the outsourcing market for drug discovery.
- The increasing use of AI in drug discovery is driving the market
- Technological progress and technological development are driving the growth of this market.
- The high cost of outsourcing drug discovery is holding back growth in this market.
- The increasing risk of drug failure is holding back the growth of this market
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Important developments in the market:
- In November 2018, Schrödinger and WuXi jointly announced the formation of their new company Faxian Therapeutics, which will use Schrödinger computer technologies and WuXi’s services for drug design and synthesis to find new drugs that meet people’s needs. This new company will be headquartered in New York.
- In June 2016, BioDuro, LLC and Formex announced the launch of the BioDuro organization to provide solutions for integrated drug discovery and development, API synthesis and optimization, drug formulation, and cGMP manufacturing. The main goal is to meet the increasing demand for new drugs in the market and grow their business worldwide.
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Key findings in the report:
- Complete and clear analysis of market drivers and restraints
- Important market participants in this branch
- Detailed analysis of the market segmentation
- Competitive analysis of the main players
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