Allied Market Research recently said “Drug Discovery Outsourcing Market,” The Drug Discovery Outsourcing Market Size was valued at $3.6 billion in 2021 and is estimated to reach $7.4 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.
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COVID-19 Impact Analysis (Pre & Post) –
• The outbreak of the pandemic forced many drug development companies and clinical research organizations (CROs) to put some of their clinical studies on hold.
• However, at the same time, while there was a termination or postponement of a large part of clinical trials for various indications, new guidelines for conducting the trials were introduced by the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA). Moreover, there was a steep incline in the shift of pharmaceutical companies toward outsourcing services for R&D activities to reduce drug development time & cost.
By pharmaceutical category, the small molecule segment is set to account for the largest share in 2021, accounting for nearly three-fifths of the global pharmaceutical market, and is expected to will control during the policy. The segment will also post the fastest CAGR of 7.9% during the forecast period. This is due to rapid advances in biopharmaceutical research and technology.
By end user, the pharmaceutical and biotechnology industry sector accounted for nearly half of the global pharmaceutical market in 2021 and is expected to maintain its dominance in 2031. The same segment will also exhibit the fastest CAGR of 8.3% from 2022-2031. work, from inception to development, for drug discovery and development.
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Important Key Market Players Are –
• Dalton Pharma Service,
• Curia Global Inc,
• TCG Life Science Pvt. Ltd,
• Merck & Co,
• Discover X Corporation,
• Laboratory Corporation of America Holdings,
• Charles River Laboratories,
• Syngene International Ltd,
• Dr. Reddy’s Laboratories,
• Thermo Fisher Scientific, Inc.
North America accounted for a majority of the drug discovery outsourcing market share in 2021 and is anticipated to remain dominant during the forecast period owing to the high adoption rate of technologically advanced AI-based drug discovery systems, increase in healthcare expenditure, and the presence of major key players in the country providing outsourcing facilities for the development of novel drug therapies to treat cancer and chronic diseases.
Key Findings of The Study –
• By workflow, the target identification and screening segment was the highest contributor to the market in 2021.
• By therapeutic area, the oncology segment was the highest contributor to the market in 2021.
• By type, the small molecules segment was the highest contributor to the market in 2021.
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Geographic Segments Covered in the Report –
The Drug Discovery Outsourcing Market report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
• North America (USA and Canada)
• Europe (UK, Germany, France and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• Middle East and Africa (GCC and rest of the Middle East and Africa)
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