Press release
Drug Discovery Outsourcing Services Market Size, Share, Industry, Forecast and Outlook (2024-2031)
DataM Intelligence
Global Drug Discovery Outsourcing Services Market Poised for Striking Growth, Predicts Market Research Report
The Global Drug Discovery Outsourcing Services Market, valued at US$ YY million in 2022, is anticipated to surge to US$ YY million by 2030, exhibiting a robust CAGR of YY% during the forecast period from 2024 to 2031.
Drug discovery outsourcing services play a pivotal role in expediting the identification and development of novel therapeutic compounds for various therapeutic areas or diseases. This comprehensive suite of scientific and technological services encompasses target identification, medicinal chemistry, ADME-TOX studies, pharmacology studies, and preclinical development, ultimately leading to clinical trials.
Market Overview:
Metrics:
CAGR: YY%
Size Available for Years: 2021-2030
Forecast Period: 2024-2031
Data Availability: Value (US$)
Segments Covered: Service Type, Drug Type, Therapeutic Area, End User
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Largest Region: North America
Fastest Growing Region: Asia-Pacific
Report Insights Covered:
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter's Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other Key Insights.
To know more Insights Download Sample: https://www.datamintelligence.com/download-sample/drug-discovery-outsourcing-services-market
Market Dynamics: Drivers and Restraints
The market is witnessing a rise in AI-enabled drug discovery methods, exemplified by innovations like Makya from kissei Pharmaceutical Co., Ltd. and Google Cloud's AI-powered life sciences solutions. Factors such as the increasing prevalence of chronic diseases, a burgeoning biologics market, and advancements in AI integration and healthcare digitization are propelling the pharmaceutical drug delivery market.
However, the high cost of drug development, lengthy timelines, and challenges associated with preclinical studies pose significant restraints to market growth. Stringent regulations for drug manufacturing and concerns related to intellectual property rights further impede progress during the forecast period.
Segment Analysis
The global drug discovery outsourcing services market is segmented based on service type, drug type, therapeutic areas, end user, and region. The biology services segment, constituting approximately 41.7% of the market share, is expected to dominate the forecast period. BenchSci's ASCEND, an AI software platform, is set to revolutionize preclinical research by accelerating outcomes and timelines.
Geographical Analysis
North America, with an estimated 38.4% market share in 2022, is projected to maintain its dominance throughout the forecast period. Noteworthy collaborations, such as Charles River Laboratories International and Valo Health's Logica, showcase the region's commitment to advancing drug discovery through AI-powered solutions.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly influenced the drug discovery outsourcing services market, particularly with a surge in demand for vaccine discovery. Collaborations like Catalent, Inc.'s partnership with Moderna, Inc. for COVID-19 vaccine manufacturing underscore the industry's response to global health crises.
Competitive Landscape
Major global players in the market, including ThermoFisher Scientific, Charles River Laboratories International Inc., WuXi AppTec Co. Ltd., Albany Molecular Research, Inc., and others, are at the forefront of driving innovation in drug discovery outsourcing services.
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Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com
About Us -
DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.
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