Monday 31 October 2016, Amsterdam
A new report, now available on ASDReports, calculates that the Drug Discovery Outsourcing Market will reach $ 19.2Bn in 2016 with revenue showing strong growth to 2026. These forecasts and others appear in Drug Discovery Outsourcing Market Forecast 2016-2026: Chemistry Services, Biology Services, Lead Optimisation, Lead Identification and Screening, published in September 2016.
The drug discovery outsourcing market is an industry on the rise; growing to reach $19.2Bn in 2016. This market is predicted to expand in the next decade with strong growth in the drug discovery outsourcing through the forecast period; from 2016 to 2026. This growth stems from an increasing demand for outsourced services as pharmaceutical companies become more apt to share the burden of high-risk/high-reward novel drug discovery. Another driver is the arrival of big pharma patent cliff, as the pharmaceutical industry has undergone a number of high-profile patent expiries over the last few years, it will be looking to infuse the pharmaceutical drug pipelines with a new set of candidates with a high potential of reaching the clinical stage.
The drug discovery outsourcing market is one of the fastest growing sectors of the pharmaceutical contract research markets. The increased costs in the discovery and development of new drugs, due in part to the high attrition rate of drug candidates in development, has driven companies to outsource part or all of their discovery process.
CROs have evolved rapidly to meet the needs for the full spectrum of companies from virtual companies to large pharma. In recent years, the key player has observed an increasing number of alliances and partnerships between companies and CROs. This has resulted from plans to reduce the cost of discovery and from the fact that companies are increasingly requiring specialised expertise from CROs whilst seeking to accelerate the drug discovery process. The trend is showing that CROs are becoming the powerhouses behind drug discovery.
Though the US and Europe will dominate markets revenue, the key player predicts there will be strong competition over the forecast period from emerging markets such as China and India.
"Drug discovery outsourcing will continue to grow throughout the forecast period, rising to a $43.7bn dollar industry by 2026. This growth stems from an increasing demand for outsourced services as pharmaceutical companies become more apt to share the burden of high-risk/high-reward novel drug discovery. This shift has been brought about by increased costs in the discovery and development of new drugs, due in part to the high attrition rate of drug candidates in development, driving companies to outsource part or all of their discovery process and will ultimately lead to more globalized interconnect routes of drug discovery" says Arvind Deol, pharmaceutical market analyst.
This new 232-page report provides revenue forecasts to 2026 for the global drug discovery outsourcing market, four leading submarkets and 13 leading national markets. It forecasts sales in the US, Japan, EU5: (Germany, France, Italy, Spain, UK), China, India, Russia, Brazil, South Korea, Mexico and the Rest of the World. It also profiles 14 leading CROs providing drug discovery outsourcing, and includes revenue forecasts and analysis to 2026 for 6 of those companies. It also includes 3 interview transcripts with industry experts regarding the current developments and the drivers of growth in the drug discovery outsourcing market."
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