2024-2033 Global Drug Discovery Outsourcing Market Outlook: Projected Size and Growth Rate
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Drug Discovery Outsourcing Market Growth Forecast 2024-2033: What’s the Expected Rate?
The drug discovery outsourcing market has expanded significantly, rising from $3.64 billion in 2023 to $3.92 billion in 2024 at a CAGR of 7.8%. This growth is fueled by the increasing complexity of drug discovery, a need for specialized expertise, stringent regulatory standards, global clinical trials, and demand for orphan drugs and personalized medicine.
The drug discovery outsourcing market is expected to grow robustly, reaching $5.31 billion by 2028 at a CAGR of 7.9%. Growth is driven by rising research and development expenses, patent expirations, the expansion of the biopharmaceutical sector, a focus on core competencies, and pressures to reduce time-to-market. Trends in this period include the adoption of artificial intelligence, technological advancements, big data analytics, specialty drugs, and increased collaboration and strategic partnerships.
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What Factors Are Impacting the Growth of the drug discovery outsourcing Market?
The increasing prevalence of chronic diseases is expected to drive the growth of the drug discovery outsourcing market. Chronic diseases, which are long-lasting conditions, are on the rise due to factors like aging, lifestyle changes, urbanization, and environmental influences. Outsourcing drug discovery helps accelerate the development of treatments for chronic diseases by providing access to specialized expertise and advanced technologies, reducing both time and costs. For example, a June 2024 report from the Australian Institute of Health and Welfare revealed that 61% of Australians, about 15.4 million people, had at least one long-term health condition, contributing to 90% of deaths in 2022. Therefore, the growing prevalence of chronic diseases is driving the drug discovery outsourcing market.
What Are the Fundamental Segments in the Drug Discovery Outsourcing Market?
1) By Service Type: Chemistry Services, Biological Services
2) By Workflow: Target Identification And Screening, Target Validation And Functional Informatics, Lead Identification And Candidate Optimization, Preclinical Development, Other Workflows
3) By Disease Model: In Vitro Models, Animal Models, Cellular Models, Other Disease Models
4) By Therapeutic Area: Cardiovascular, Central Nervous System (CNS1), Gastrointestinal, Hematology, Respiratory System, Infectious Disease, Oncology, Immunology, Other Therapeutic Areas
5) By End User: Pharmaceutical And Biotechnology Companies, Academic Institutes, Other End Users
What Trends Are Shaping the New Direction of the 144 Market?
Companies in the drug discovery outsourcing market are focusing on digital health solutions to improve healthcare delivery and patient engagement. Digital health solutions include telemedicine, mobile health apps, and wearable devices. For instance, in November 2023, AstraZeneca PLC launched Evinova, a health-tech business that enhances clinical trial delivery through digital products and services. It optimizes clinical trial design, improving health outcomes and reducing development time and costs.
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Which Regions Are Making a Mark in the Drug Discovery Outsourcing Market Growth?
North America was the largest region in the 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 drug discovery outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Drug Discovery Outsourcing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the drug discovery outsourcing market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Drug Discovery Outsourcing Market Include
1. Drug Discovery Outsourcing Market Executive Summary
2. Drug Discovery Outsourcing Market Segments
3. Drug Discovery Outsourcing Market Size And Template Market Growth Rate
4. Key Drug Discovery Outsourcing Market Trends
5. Major Drug Discovery Outsourcing Market Drivers
……
25. Key Mergers And Acquisitions In The Drug Discovery Outsourcing Market
26. Top Drug Discovery Outsourcing Companies
27. Drug Discovery Outsourcing Market Opportunities And Strategies
28. Drug Discovery Outsourcing Market, Conclusions And Recommendations
29. Appendix
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