Pune, India, June 29, 2023 (GLOBE NEWSWIRE) -- The Insight Partners’ latest study on "Pre Clinical CROs Market Size Report, Forecast to 2027 – COVID-19 Impact and Global Analysis – by Service, End User, and Geography,” the market size is expected to grow from $4.28 billion in 2018 to $8.41 billion by 2027; it is estimated to grow at a CAGR of 8.1% from 2019 to 2027. The growth for pre-clinical CROs market is influenced by rising biosimilars and biologics market and the higher cost of drug development process in developed countries.
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Global Pre-Clinical CROs Market Analysis: Competitive Landscape and Key Developments
LabCorp, Charles River Laboratories, Eurofins Scientific, PRA Health Sciences, WuXi AppTec, Medspace, Inc., Pharmaceutical Product Development, LLC., Paraxel International Corporation, ICON Plc, and MD Bioscience, among others is a few of the key companies operating in the pre-clinical CROs market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Global Pre-Clinical CROs Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 4.28 Billion in 2018 |
| Market Size Value by | US$ 8.41 Billion by 2027 |
| Growth rate | CAGR of 8.1% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2018 |
| No. of Pages | 155 |
| No. of Tables | 58 |
| No. of Charts & Figures | 62 |
| Historical data available | Yes |
| Segments covered | Service, End User, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Browse key market insights spread across 155 pages with 58 list of tables & 62 list of figures from the report, "Pre Clinical CROs Market to 2027 - Global Analysis and Forecasts By Service (Bio-Analysis and DMPK Studies, Toxicology, and Other Services), End User (Biopharmaceutical Companies, Government & Academic Institutes, and Medical Device Companies), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/pre-clinical-cros-market
Saudi Arabia promotes pre-clinical research for new drug development process. The Saudi online public record system for registration of clinical trial makes the information more accessible to patients, physicians, researchers, and other stakeholders. For example, the Saudi Clinical Trials Registry (SCTR) is an online record system to register clinical trials to conduct in Saudi Arabia. Additionally, the goal of SCTR is to ensure that every clinical trial conducted in Saudi Arabia is registered "before the enrollment of the first participant" with disclosure of the clinical trial data/information through the entire registry system.
Pre-Clinical Research for Rare Diseases Provides Lucrative Opportunities for the Global Pre-Clinical CROs Market Growth:
Developing drugs intended for rare diseases offers lucrative opportunities for pharma companies. Developing new drugs intended for rare diseases will account for new drug discovery and pre-clinical and clinical stages of drug development. Therefore, pre-clinical studies in animals assist in determining the dose range of a test drug that will be evaluated in Phase 1 clinical trial. Further, pre-clinical drug development intended for rare diseases helps to:
- Evaluate The Distribution, Safety, And Potential Toxicity Of An Investigational New Drug (IND).
- Drug Efficacy In Animal Disease Models
- Characterize Pharmacokinetic Properties
- Evaluate The Pharmacologic Profile Of IND Utilized For Clinical Studies
- Understanding Of The In-Vivo Drug Properties.
Such aforementioned factors will offer lucrative market opportunities for the pre-Clinical CROs market during the forecast period accounting major market share.
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Global Pre-Clinical CROs Market: Segmental Overview
Based on service, the pre-clinical CROs market is segmented as bio-analysis and DMPK studies, toxicology, and other services. The toxicology segment held the largest market share in 2019. Based on end user, the global pre-clinical CROs market is segregated as biopharmaceutical companies, government & academic institutes, and medical device companies. The biopharmaceutical segment accounted largest market share in 2019.
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