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Strategic imperatives and growth opportunities for the global drug discovery and early development outsourcing market post COVID'19 are presented in this report.
FREMONT, CA: The report titled Global Drug Discovery and Early Development Outsourcing Growth Opportunities was released by ResearchAndMarket.com, which identified initiatives taken to adapt to the development needs of pharmaceutical and biotechnology sponsors by contract research organizations (CRO) and contract development and manufacturing organization (CDMO) and the evolutions in the competitive landscape. The drug discovery and early development outsourcing market is anticipated to grow at a CAGR of 6.4 percent by 2026, whose estimated value was 19.65 billion dollars in 2020. This market is currently led by North America. Furthermore, of the overall R&D expenditure, the contribution has increased by emerging biotechnology companies to drug development by 80 percent since 2018, but on the contrary, the large pharmaceutical companies' contribution has declined due to their focus shift on learner portfolios.
These pharmaceutical companies are focusing on strengthening their oncology portfolio by directing their R&D spending towards it. Promising returns on investments and the potential of technological advancements can be observed as there are increasing yearly acquisitions of clinical-stage biopharmaceutical companies focusing on oncology therapy. Additionally, the leading CDMOs and CROs are also focused on oncology, with the highest contribution to the drug development pipeline in 2020 being made by anticancer drugs. In 2020, as the majority of projects would have reached the clinical research stage by then, the drug discovery and early development research related to COVID'19 would slow down. As companies will continue their delayed non COVID'19 drug discovery programs, for the next two years, a surge in outsourcing is anticipated once pandemic-related restrictions are lifted. For completing investigational new drug enabling studies, the testing service providers with best-in-class good laboratory practices (GLP) and good track records are the preferred partners in the United States and Europe.