Cancer Immunotherapy Drug Discovery Outsourcing Global Market Size, Competitors Strategy, Regional Analysis and Industry Growth by Forecast to 2033 | Danaher Corporation, PerkinElmer Inc, ARUP Laboratories, Icagen Inc., Jubilant Biosys

"""The Business Research Company recently released a comprehensive report on the Global Cancer Immunotherapy Drug Discovery Outsourcing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The cancer immunotherapy drug discovery outsourcing market size has grown rapidly in recent years. It will grow from $1.35 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increasing cases of adverse drug reactions, increasing demand for comprehensive genomic testing, increasing global incidence of cancer, a growing need for targeted therapy, and a growing number of clinical trials.

The cancer immunotherapy drug discovery outsourcing market size is expected to see rapid growth in the next few years. It will grow to $2.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to the rising importance of personalized medicine, increasing diagnostic tests, increasing focus on personalized cancer therapy, increasing healthcare expenditure, and increasing cancer incidence and awareness. Major trends in the forecast period include advancements in diagnostic technologies, next-generation sequencing (NGS), integration of artificial intelligence (AI), liquid biopsy technologies, the development of point-of-care companion diagnostic devices, and innovative testing technologies.

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Market Drivers and Trends:

The high cost of research and development is expected to propel the growth of the cancer immunotherapy drug discovery outsourcing market going forward. The high cost research and development is primarily due to the need for specialized expertise, expensive equipment, and the inherent risks involved in innovation. Outsourcing drug discovery activity leverages economies of scale offered by contract research organizations (CROs), enabling smaller biotech firms and startups to optimize their R&D budgets and allocate resources more efficiently, enhancing cost-effectiveness. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a European trade association representing the pharmaceutical industry, the total pharmaceutical R&D expenditure in Europe accounted for $49,500 million (€44,500 million) in 2022, an increase of approximately 6.45% from $46,500 million (€42,533 million) in 2021. Therefore, the high cost of in-house research and development is driving the growth of the cancer immunotherapy drug discovery outsourcing market.

Major companies operating in the cancer immunotherapy drug discovery outsourcing market are adopting a strategic partnership approach to support the production of cancer drugs and gain a competitive advantage. A strategic partnership typically refers to a collaborative relationship between two or more organizations where they combine their resources, expertise, and efforts to achieve common goals or objectives. For instance, in February 2022, Ono Pharmaceutical Co., Ltd., a Japan-based pharmaceutical company, and Bristol-Myers Squibb, a US-based biopharmaceutical company, entered into an outsourcing agreement with Prime Research Institute for Medical Research, Inc., a Japan-based research institute, for a collaborative clinical research project focused on gastric cancer patients treated with Opdivo (nivolumab) in combination with chemotherapy. This industry-sponsored initiative involves a large-scale, multi-institutional study utilizing PRiME-R's data input support system called """"CyberOncology,"""" which facilitates the standardization, structuring, management, and integration of real-world data in routine cancer clinical practice. This clinical research, utilizing CyberOncology, evaluates Opdivo combined with chemotherapy for untreated advanced or recurrent gastric cancer. It involves about 30 medical institutions nationwide and aims to streamline data input, enhance data accuracy, and expedite analysis.

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Major Key Players of the Market:

Thermo Fisher Scientific Inc., Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Eurofins Scientific SE, WuXi AppTec Co Ltd., Charles River Laboratories International Inc., PerkinElmer Inc, Bio-Rad Laboratories Inc, QIAGEN N.V., Evotec SE, Shanghai ChemPartner Co. Ltd., Aragen Life Sciences Limited, GenScript Biotech Corporation, BGI Genomics Co. Ltd., NeoGenomics Laboratories Inc, ARUP Laboratories, Syngene International Limited, BioDuro-Sundia, Ambry Genetics Corporation, Selvita, Crown Bioscience International, CENTOGENE N.V., Jubilant Biosys, Oncodesign Services, Icagen Inc., Reaction Biology Corporation, ChemBridge Corporation

Cancer Immunotherapy Drug Discovery Outsourcing Market 2024 Key Insights:

• The cancer immunotherapy drug discovery outsourcing market size is expected to see rapid growth in the next few years. It will grow to $2.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.
• High R&D Costs Fueling Growth in Cancer Immunotherapy Drug Discovery Outsourcing Market
• Strategic Partnerships Driving Cancer Immunotherapy Drug Discovery Outsourcing
• North America was the largest region in the cancer immunotherapy drug discovery outsourcing market in 2023

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