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Dublin, July 22, 2015 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/l53c4x/global_randd) has announced the addition of the "Global R&D Outsourcing Market 2015-2019" report to their offering.
The global R&D outsourcing market to grow at a CAGR of 8.1% over the period 2014-2019.
R&D outsourcing enables organizations to develop innovative and cost-effective products in a short time. Also, R&D outsourcing services help organizations access talented and skilled engineering professionals from across the globe. Thus, R&D outsourcing enables organizations to develop an economical cost structure, use resources in the best possible way, and focus on core competencies.
One of many trends in the market is the emerging concept of virtual R&D. Virtual R&D is the process through which firms need to maintain a lean workforce and outsource maximum activities in the process of drug development. The concept of virtual R&D allows companies to reduce the expenses, time, and risks involved in the discovery of the drug.
According to the report, the need for cost reduction is expected to help drive the growth of the market. In order to sustain in a competitive business environment, enterprises strive to achieve a cost-effective product development cycle. In this regard, R&D outsourcing services enable enterprises to outsource engineering tasks to countries such as India and China, which provide skilled labor at competitive prices.
Further, the report states that a major challenge facing the market is issues pertaining to IP ownership.
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For more information visit http://www.researchandmarkets.com/research/l53c4x/global_randd
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