Global Drug Discovery Outsourcing Market 2018-2022
About Drug Discovery Outsourcing
Drug discovery outsourcing refers to the outsourcing of drug discovery processes to contract manufacturers to reduce the time taken for development of a drug or to scale-up production, enjoy premium pricing, increase market share, reduce costs, and serve the local markets.
Technavio’s analysts forecast the global drug discovery outsourcing market to grow at a CAGR of 12.13% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global drug discovery outsourcing market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Drug Discovery Outsourcing Market 2018-2022
Technavio recognizes the following companies as the key players in the global drug discovery outsourcing market: Charles River, Domainex, EVOTEC, GenScript, and GVK Biosciences.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increased demand for regenerative medicine. Regenerative medicine is a branch of medicine, which develops processes to regrow, repair, and replace damaged and diseased cells, organs, or tissues. Regenerative medicine is used for therapeutic stem cells lines, tissue engineering, and the production of artificial organs. It studies areas such as stem cell lines, which include adult and embryonic stem cells and various types of progenitor cells present in the blood of the umbilical cord for treating diseased and damaged cells, tissues, and organs.”
According to the report, one driver in the market is prioritization of core competencies. Over the last few years, major pharmaceutical companies have been outsourcing a part or all of their manufacturing activities to contract manufacturers as they do not consider manufacturing as their core activity, but innovation and brand building as the core activity.
Further, the report states that one challenge in the market is limited manufacturing standardization. The pharmaceutical industry deals with a large amount of data every day such as prescriptions, billing of patients, and procurement details. Contract manufacturers for drug discovery also need to be updated on these data and abide by similar regulatory stringency. There is a rising demand for contract research and manufacturing organizations to manufacture and discover drugs by pharmaceutical companies.
Charles River, Domainex, EVOTEC, GenScript, and GVK Biosciences.