Global Drug Discovery Outsourcing Market Size, Share, Growth Analysis, By Drug Type(Small Molecules, Large molecules), By Workflow(Target Identification & screening, target validation & functional informatics), By Therapeutic area(Respiratory system, oncology), By Application(Hospitals & clinics, medical laboratories) - Industry Forecast 2023-2030

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Global Drug Discovery Outsourcing Market size was valued at USD 3.26 billion in 2021 and is poised to grow from USD 3.5 billion in 2022 to USD 6.2 billion by 2030, growing at a CAGR of 7.3% in the forecast period (2023-2030).

Global Drug Discovery Outsourcing Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing on several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio. 'Eurofins Scientific SE', 'Charles River Laboratories International, Inc.', 'Covance, Inc.', 'Eurofins Scientific SE', 'GenScript Biotech Corporation', 'WuXi AppTec Co., Ltd.', 'Jubilant Biosys Ltd.', 'Albany Molecular Research Inc.', 'Syngene International Ltd.', 'Piramal Pharma Solutions', 'Viva Biotech Holdings', 'Pharmaron Beijing Co., Ltd.', 'Evotec SE', 'AMRI Global', 'Aurigene Discovery Technologies Ltd.', 'GVK Biosciences Private Limited', 'HitGen Inc.', 'Insilico Medicine, Inc.', 'Nuevolution A/S', 'Selvita S.A.', 'Shanghai ChemPartner Co., Ltd.'

The rising R&D expenditure of pharmaceutical and biopharmaceutical companies is prompting them to opt for fully integrated or functional outsourcing services, from the early development stage to the late-stage development phase, for drug discovery and development. As there is enormous pressure on pharma companies to contain fixed costs, outsourcing has evolved as a strategic alternative to overcome the lack of in-house resources required for new product development. Big pharma companies are transitioning to a leaner business model that relies heavily on outsourcing. Most pharmaceutical and biopharmaceutical companies outsource their testing functions during R&D to improve profitability, meet the timelines involved in drug development, and save costs. This is evident from the recent agreements by major pharmaceutical companies with CROs providing drug discovery and development services. Thus, increasing pharmaceutical R&D expenditure supports the growth of the drug discovery services market.

Increasing number of small and medium-sized companies are outsourcing drug discovery services, thus the value chain of drug discovery outsourcing market will have new growth opportunities in coming years.

North America held the largest global drug discovery outsourcing market in 2021.

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