New York, February 18, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of Report, “Drug Discovery Outsourcing Market Size, Market Size, Stock, And Trend Analysis By Workflow, Therapy Area, Drug Type, And Segment Forecast, 2021-2028” – https://www.reportlinker.com/p06025369/?utm_source=GNW
Drug Discovery Outsourcing Market Growth and Trends
The global pharmaceuticals outsourcing market size is projected to reach $ 5.4 billion by 2028, with a CAGR of 7.4% over the forecast period. Drug discovery is an expensive and lengthy process. This has forced pharmaceutical and biotech companies to outsource their research activities to academic and private contract research organizations (CROs). Factors such as high R&D costs, bestseller patent expiration, and the need to accelerate the drug discovery process are likely to drive demand for drug discovery outsourcing in the years to come.
Increasing cases of chronic illness have forced companies to develop better drugs. The main therapeutic areas in which companies are actively outsourcing include oncology, cardiovascular disease and anti-infectives.
In November 2020, AstraZeneca partnered with 9 of the leading oncology medical centers to accelerate research on some of the hardest-to-treat cancers. The company will fund clinical and non-clinical research proposals from members of this network.
The COVID-19 pandemic has put pharmaceutical companies in the spotlight. It shows the value of drug discovery and development.
Several companies are proactively involved in developing an effective vaccine to treat the disease. Pfizer Inc. and BioNTech SE received first approval for the vaccine following a Phase 3 global study with a potential strain to fight the virus. Many clinical trials are being abandoned while some are operational through remote monitoring technology. The pandemic has put the pharmaceutical industry at the center of attention, and drug discovery outsourcing has become a key aspect in developing effective treatments for the virus. This is expected to boost market revenue for the next 2 years, i.e. a short term boom after which it will regain its original growth curve.
Highlights of Drug Discovery Outsourcing Market Report
• In 2020, Lead Identification & Candidate Optimization was the dominant workflow segment in the global market
• The segment will maintain its leading position throughout the forecast period as the identification of leads and the optimization of candidates is one of the critical processes in drug discovery
• The oncology therapeutics segment is expected to record the fastest CAGR from 2021 to 2028
• The small molecule drug types segment was market leader in 2020 and is expected to show the fastest growth rate in the forecast period. However, this may change in the short term, with an emphasis on biologics
• In terms of revenue sharing, North America is valued as the leading regional market over the forecast period
• However, the Asia-Pacific region is expected to be the fastest growing regional market from 2021 to 2028 due to government initiatives to form alliances with US pharmaceutical companies
Read the full report: https://www.reportlinker.com/p06025369/?utm_source=GNW
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