“Global Drug Discovery Outsourcing market set to grow to $45bn by 2024” says new Visiongain report

16 April 2019
Pharma

Visiongain has launched a new pharma report Global Drug Discovery Outsourcing Market Forecast to 2028: Chemistry Services, Biology Services, Lead Optimisation, Lead Identification and Screening.

While the main factor driving drug discovery outsourcing is the cost-saving benefits, today’s companies are also looking at benefits and opportunities beyond cost savings. Companies are now outsourcing to gain strategic benefits, such as access to innovative technology, faster response time to support and benchmark internal programs, and ongoing process improvements, overall making them more competitive and increasing globalization within the pharmaceutical industry.

The lead analyst of the report commented "A major restraint in the global drug discovery outsourcing market comes from the fact that it is quickly becoming saturated, with many contract research organisations offering poorly differentiated services. Therefore, pharmaceutical companies have a high bargaining power as they have many CROs to choose from and they are likely to make their decisions on the basis of successful previous alliances. Entry into this market is particularly challenging at present.

One of the current trends in the drug discovery market is the increasing diversification of services offered by CROs. In a poorly differentiated market, CROs have needed to differentiate their services from competitors to entice potential clients."

Leading companies featured in the report include Albany Molecular Research (AMRI), Aptuit, LLC, Charles River Laboratories, Inc., Covance, Inc., Cyprotex plc, Domainex, Evotec AG, GenScript, IQVIA (QuintilesIMS) and other companies.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 20 7549 9987.

About Visiongain
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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