'Drug Discovery Services Market will Reach $16.6 Billion in 2015' Predicts New Visiongain

'Drug Discovery Services Market will Reach $16.6 Billion in 2015' Predicts New Visiongain PR Newswire LONDON, December 10, 2012 LONDON, December 10, 2012 /PRNewswire/ -- A new report by visiongain predicts that the world market for drug discovery outsourcing will reach $16.6bn in 2015. That revenue forecast and others appear in Drug Discovery Outsourcing: World Market 2013-2023, published in November 2012. Visiongain is a business information provider based in London, UK. Visiongain forecasts that the drug discovery outsourcing market will experience high revenue growth from 2013 to 2023. Expansion of the market will be stimulated by the rising costs of pharma research and development (R&D), advancing technologies and development of biologics (biological drugs). The complexity and technological advances in drug discovery will make it more challenging for many companies to conduct drug discovery in-house. Visiongain predicts that more companies will use contract service providers to gain access to technologies and skills not available in-company. Outsourcing has the advantage of flexibility, whereby a company does not have to invest heavily in facilities and equipment for research. Opportunities in drug discovery include the formation of strategic alliances between pharmaceutical companies and contract research organisations (CROs) - a trend that will increase. In addition, niche CROs are well placed to provide services for companies needing specialised pharma research.