The cancer immunotherapy drug discovery outsourcing market size is expected to see rapid growth in the next few years. It will grow to $2.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to the rising importance of personalized medicine, increasing diagnostic tests, increasing focus on personalized cancer therapy, increasing healthcare expenditure, and increasing cancer incidence and awareness. Major trends in the forecast period include advancements in diagnostic technologies, next-generation sequencing (NGS), integration of artificial intelligence (AI), liquid biopsy technologies, the development of point-of-care companion diagnostic devices, and innovative testing technologies.
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Segmentation & Regional Insights
The cancer immunotherapy drug discovery outsourcing market covered in this report is segmented –
1) By Drug Type: Monoclonal Antibodies, Immunomodulators, Oncolytic Viral Therapies And Cancer Vaccines, Other Drug Types
2) By Service Type: Target Identification And Validation, Lead Screening And Characterization, Cell-based Assays
3) By Therapeutic Area: Lung Cancer, Breast Cancer, Melanoma, Other Therapeutic Areas
North America was the largest region in the cancer immunotherapy 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 cancer immunotherapy drug discovery outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The high cost of research and development is expected to propel the growth of the cancer immunotherapy drug discovery outsourcing market going forward. The high cost research and development is primarily due to the need for specialized expertise, expensive equipment, and the inherent risks involved in innovation. Outsourcing drug discovery activity leverages economies of scale offered by contract research organizations (CROs), enabling smaller biotech firms and startups to optimize their R&D budgets and allocate resources more efficiently, enhancing cost-effectiveness. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a European trade association representing the pharmaceutical industry, the total pharmaceutical R&D expenditure in Europe accounted for $49,500 million (€44,500 million) in 2022, an increase of approximately 6.45% from $46,500 million (€42,533 million) in 2021. Therefore, the high cost of in-house research and development is driving the growth of the cancer immunotherapy drug discovery outsourcing market.
Key Industry Players
Major companies operating in the cancer immunotherapy drug discovery outsourcing market are Thermo Fisher Scientific Inc., Danaher Corporation, Laboratory Corporation of America Holdings (LabCorp), Eurofins Scientific SE, WuXi AppTec Co Ltd., Charles River Laboratories International Inc., PerkinElmer Inc, Bio-Rad Laboratories Inc, QIAGEN N.V., Evotec SE, Shanghai ChemPartner Co. Ltd., Aragen Life Sciences Limited, GenScript Biotech Corporation, BGI Genomics Co. Ltd., NeoGenomics Laboratories Inc, ARUP Laboratories, Syngene International Limited, BioDuro-Sundia, Ambry Genetics Corporation, Selvita, Crown Bioscience International, CENTOGENE N.V., Jubilant Biosys, Oncodesign Services, Icagen Inc., Reaction Biology Corporation, ChemBridge Corporation
The cancer immunotherapy drug discovery outsourcing market report table of contents includes:
1. Executive Summary
2. Cancer Immunotherapy Drug Discovery Outsourcing Market Characteristics
3. Cancer Immunotherapy Drug Discovery Outsourcing Market Trends And Strategies
4. Cancer Immunotherapy Drug Discovery Outsourcing Market – Macro Economic Scenario
5. Global Cancer Immunotherapy Drug Discovery Outsourcing Market Size and Growth
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32. Global Cancer Immunotherapy Drug Discovery Outsourcing Market Competitive Benchmarking
33. Global Cancer Immunotherapy Drug Discovery Outsourcing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cancer Immunotherapy Drug Discovery Outsourcing Market
35. Cancer Immunotherapy Drug Discovery Outsourcing Market Future Outlook and Potential Analysis
36. Appendix
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