AI-enabled drug discovery is fastest growing segment fueling the growth of drug discovery outsourcing market

 

The global drug discovery outsourcing Market is estimated to be valued at US$ 3,825.2 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Drug discovery is the process through which potential new medical treatments are identified. Outsourcing drug discovery activities allows pharmaceutical and biotechnology companies to focus on their core competencies while reducing development costs and time. It provides access to world-class scientific talent and infrastructure across multiple therapeutic areas.

Market Overview:

The drug discovery outsourcing market involves discovery of potential drug candidates and their development into clinical trials. It reduces risks and offers flexibility to core companies. Services include target validation, hit identification, lead optimization and candidate selection.

Market key trends:

One of the major trends in the market is increasing adoption of artificial intelligence (AI) and machine learning technologies. AI is being used for virtual screening of chemical compounds, generation of novel molecules with defined properties, and analysis of large experimental and clinical datasets to identify new targets and uncover biological patterns. It is helping speed up the drug discovery process and lower costs by reducing human errors.

Segment Analysis

The Global Drug Discovery Outsourcing Market Size is segmented based on the type of services, therapeutic area, type of molecule, drug type and end-users. Based on services, drug discovery services dominate the market and accounts for the largest share. This is primarily attributed to the increasing complexity of drug discovery processes that necessitate the need for specialized expertise and technologies, which is efficiently provided by CROs and CMOs.

Key Takeaways

The global drug discovery outsourcing market is expected to witness high growth, exhibiting CAGR of 6.4% over the forecast period, due to increasing R&D costs and growing dependency on outsourcing.

Regional analysis: North America dominated the global drug discovery outsourcing market in 2023, owing to presence of majority of pharmaceutical companies in the US and Canada. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to low costs and availability of highly educated workforce.

Key players analysis: Key players operating in the drug discovery outsourcing market are Curia, Genscript, Evotec, Eurofins Scientific, Laboratory Corporation of America Holdings, among others. Curia is one of the largest CRO focused on drug discovery and development. Genscript is a leading CRO providing end-to-end services including target validation, hit discovery and preclinical development.

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