Cancer Immunotherapy Drug Discovery Outsourcing Industry Growth Expected to Reach $2.57 Billion by 2029 at a CAGR of 11.3% | Segmentation and Growth Opportunities
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#How Has the Cancer Immunotherapy Drug Discovery Outsourcing Market Growth Performance Trended Historically, And What Lies Ahead?
The market size for outsourcing of cancer immunotherapy drug discovery has experienced quick expansion in recent years. Its value is predicted to climb from $1.5 billion in 2024 to $1.68 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.6%. The notable growth during the historical period can be tied to a rise in adverse drug reactions, a heightened demand for comprehensive genomic testing, a growing global prevalence of cancer, an increasing necessity for targeted treatment, and an uptick in the number of clinical trials.
What Is the Forecast for the Cancer Immunotherapy Drug Discovery Outsourcing Market Size Through 2029?
In the coming years, the cancer immunotherapy drug discovery outsourcing market is forecasted to witness rapid expansion. The market size is predicted to swell to $2.57 billion in 2029, with a compound annual growth rate (CAGR) of 11.3%. Factors contributing to this growth may include an enhanced focus on individualized medicine, a rise in diagnostic tests, an upsurge in personalized cancer therapy, augmented healthcare spending, and increased awareness and incidence of cancer. Key trends projected for the forecast period range from advancements in diagnostic tactics and next-generation sequencing (NGS) to the incorporation of artificial intelligence (AI) and liquid biopsy technologies, the emergence of point-of-care companion diagnostic instruments, and innovative testing methodologies.
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What are the Key Market Players in Cancer Immunotherapy Drug Discovery Outsourcing Market and How They’re Evolving?
Major companies operating in the cancer immunotherapy drug discovery outsourcing market are 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
What Are the Primary Growth Drivers in the Cancer Immunotherapy Drug Discovery Outsourcing Market?
The cancer immunotherapy drug discovery outsourcing market is anticipated to expand due to the high expenses associated with research and development. These high costs are largely attributable to the specialized knowledge required, the costliness of the necessary equipment, and the inherent risks of innovation. Contract research organizations (CROs) provide an economy of scale that allows smaller biotech companies and startups to better utilize their R&D budgets and allocate resources more effectively, hence enhancing cost efficiency. For example, data from the European Federation of Pharmaceutical Industries and Associations (EFPIA), which represents the pharmaceutical industry in Europe, shows that in June 2023, the total pharmaceutical R&D spending in Europe reached $49,500 million (€44,500 million) in 2022, an increase of roughly 6.45% from $46,500 million (€42,533 million) in 2021. As a result, the high cost of conducting research and development in-house is fueling the growth of the cancer immunotherapy drug discovery outsourcing market.
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What Are the Leading Segments in the Global Cancer Immunotherapy Drug Discovery Outsourcing Industry?
The cancer immunotherapy drug discovery outsourcing market covered in this report is segmented –
1) By Drug Type: Monoclonal Antibodies, Immunomodulators, Oncolytic Viral Therapies And Cancer Vaccines, Other Drug Types
2) By Service Type: Target Identification And Validation, Lead Screening And Characterization, Cell-Based Assays
3) By Therapeutic Area: Lung Cancer, Breast Cancer, Melanoma, Other Therapeutic Areas
Subsegments:
1) By Monoclonal Antibodies: Checkpoint Inhibitors, Therapeutic Monoclonal Antibodies, Bispecific Antibodies, Antibody-Drug Conjugates (ADCs)
2) By Immunomodulators: Cytokines, Immune Checkpoint Modulators, Toll-Like Receptor Agonists, Immune Adjuvants
3) By Oncolytic Viral Therapies And Cancer Vaccines: Oncolytic Virus-Based Therapies, Cancer Vaccines, Viral Vectors For Immunotherapy
4) By Other Drug Types: Adoptive Cell Therapy, Immune Cell Modulators, Small Molecule Immune Modulators, Gene Editing And Immunotherapy
What Are the Key Market Trends in the Cancer Immunotherapy Drug Discovery Outsourcing Industry?
Key players within the cancer immunotherapy drug discovery outsourcing industry are establishing strategic alliances as a method to bolster cancer drug production and gain a competitive edge. A strategic partnership is generally an agreement for cooperation between two or more entities, pooling resources, skills, and work towards achieving shared goals. For example, in February 2022, Japan’s Ono Pharmaceutical Co., Ltd., and Bristol-Myers Squibb, a biopharmaceutical company from the US, agreed to outsource a collaborative clinical research project to Prime Research Institute for Medical Research, Inc., also based in Japan. The project focuses on the treatment of gastric cancer patients using Opdivo (nivolumab), in unison with chemotherapy, keenly involving PRiME-R’s data support tool, CyberOncology. This tool makes it possible to standardize, manage, and integrate everyday data from routine cancer clinical practice. The objective of the clinical research is to evaluate Opdivo’s efficacy when combined with chemotherapy for unaddressed advanced or recurring gastric cancer. It encompasses approximately 30 medical institutions throughout the country with prospects to enhance data accuracy, streamline data entry, and expedite analysis.
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What Is the Regional Outlook for the Cancer Immunotherapy Drug Discovery Outsourcing Market?
North America was the largest region in the cancer immunotherapy drug discovery outsourcing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cancer immunotherapy drug discovery outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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This Report Delivers Insight On:
1. How big is the cancer immunotherapy drug discovery outsourcing market, and how is it changing globally?
2. Who are the major companies in the cancer immunotherapy drug discovery outsourcing market, and how are they performing?
3. What are the key opportunities and risks in the cancer immunotherapy drug discovery outsourcing market right now?
4. Which products or customer segments are growing the most in the cancer immunotherapy drug discovery outsourcing market?
5. What factors are helping or slowing down the growth of the cancer immunotherapy drug discovery outsourcing market?
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