Dublin, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Preclinical Assets Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global preclinical assets market is expected to grow from $4.84 billion in 2022 to $5.32 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%, and then to reach $7.62 billion in 2027 at a CAGR of 9.4%. 
Increasing drug discovery is expected to propel the growth of the preclinical asset market going forward. Preclinical assets play a vital role by supplying essential data and evidence to aid in the selection of molecules for clinical development as candidates. For instance, in January 2022, according to the Regulatory Affairs Professionals Society, a US-based regulatory organization of healthcare and related products, overall, 37 drugs (74%) in 2021 were approved by the US Food and Drug Administration (FDA) through at least one expedited pathway, an increase from 68% of novel drugs in 2020. Furthermore, in June 2023, according to the Pharma R&D Annual Review 2022 published by Pharma Intelligence, a UK-based provider of tools and solutions for pharmaceutical management, the number of drugs in the R&D pipeline grew from 17,737 in 2020 to 20,109 in 2022. Therefore, increasing drug discovery is driving the growth of the preclinical assets market.
Product innovations are a key trend gaining popularity in the preclinical assets market. Major companies operating in the preclinical assets market are focused on innovating new products and solutions to strengthen their market position and gain a competitive advantage. For instance, in April 2022, Charles River Laboratories International, a US-based pharmaceutical company specializing in a variety of preclinical and clinical laboratories, and Valo Health Inc., a US-based technology company built to transform drug discovery, launched Logica, an artificial intelligence (AI)-powered drug solution that directly translates clients' biological insights into optimized preclinical assets. Logica leverages Charles River's superior preclinical knowledge and Valo's AI-powered Opal Computational Platform to give clients transformed drug discovery through a single integrated offering that effortlessly translates targets to candidate nomination. By partnering with Valo, Charles River combines its laboratory expertise with molecular design technology, revolutionizing the industry to give its clients highly qualified leads and candidates while connecting client costs to value creation.
North America was the largest region in the preclinical assets market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in preclinical assets report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the preclinical assets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Companies Mentioned Include: Laboratory Corporation of America; IQVIA Inc.; ICON PLC; Eurofins Scientific SE; PPD Inc, & more.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
For more information about this report visit https://www.researchandmarkets.com/r/xilsht
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