New York, USA, July 27, 2022 (GLOBE NEWSWIRE) -- Preclinical CRO Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Preclinical CRO Market Information By Service, Application, End User, and Region - Forecast till 2030”, the market is slated to expand at a CAGR of 7.2% to impact the revenue and acquire a value of USD 9.1 Billion by the end of the forecast in 2030.
Market Scope:
Preclinical CRO has growing significance in the healthcare sector and it has evolved further due ot the COVID-19 pandemic. Precisely identifying the target population and improving enrollment can be accomplished through multicenter preclinical trials, Proof-Of-Concept (POC), and First-In-Human (FIH). As a result, preclinical CRO services are critical if drugs are to reach the market quickly. Preclinical CRO growth will also be fueled by advancements in technologies that provide efficacy and safety during the product development process.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 9.1 billion |
| CAGR | 7.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Service, Application, End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Opportunity For Medical Device Companies to Outsource Preclinical Trials |
| Enhanced Abilities of Preclinical Cros to Offer Additional Value-Added Services |
Preclinical CRO Market Competitive Dynamics:
The Preclinical CRO industry is highly competitive, and the market leaders are always implementing new strategies to increase their market share. Different approaches are used by the players, including purchases, fresh trial launches, and partnerships, for example. Preclinical CRO Market's most prominent players include:
- PAREXEL International Corporation (U.S.)
- Envigo (U.S.)
- ICON PLC (Dublin)
- IQVIA (U.S.)
- PRA Health Sciences (U.S.)
- Medpace (U.S.)
- Eurofins Scientific (Luxembourg)
- Laboratory Corporation of America Holdings (U.S.)
- Pharmaceutical Product Development, LLC (U.S.)
- Charles River (U.S.)
- WuXi AppTec (China)
- D. Biosciences (U.S.)
Preclinical CRO Market Dynamics:
Market Drivers:
Organizations are focusing on medicine development and disease prevention due to an increase in the prevalence of chronic diseases. In addition, most businesses are currently relying on outsourcing services. As a result of these pharma outsourcing initiatives, market demand will rise. Technology has also helped the industry to semi-automate or automate present manual procedures, which would enhance demand for preclinical CROs as corporations choose to choose such technical developments in research.
Preclinical contract research organization (CRO) services are expected to see an increase in demand due to an increase in drug development R&D budgets. There has been a significant increase in the number of preclinical studies employing big molecules and an increasing desire for companies to reduce their R&D costs.
But contract research businesses that are mid-sized or smaller are more likely to specialize in a narrow field while still offering sponsors with a customized service. Several firms are concentrating on the development of novel pharmaceuticals and, as a result, are launching efficient CRO services on the market by outsourcing these tasks. Joint ventures among market participants thrive in this environment because sponsors seek to maximize their own gains.
Market Restraints:
The lack of specialized workers in the sector is expected to limit the overall growth of the economy. Preclinical CRO market growth is projected to slow down in the near future due to changes in the market's general structure. High-end testing such as genotoxicity are performed in-house by pharmaceutical companies because of regulations, which limits market expansion.
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COVID-19 Analysis:
With the current COVID-19 pandemic catastrophe, the world is aware of the importance of developing and promptly bringing to market life-saving medications. It is through a collaborative effort between the sponsor firm and a clinical research organization (CRO) that new medicines are brought to market. There are many stages of drug development from the idea stage to commercialization. If you are a sponsor firm looking to bring a new drug to market, you need a CRO with the right expertise. The regulatory approval of a novel drug can be denied or delayed because of a CRO's poor performance. As the SARS-CoV-2 virus continues to spread over the world, a number of actors are working together to assist the development of anti-viral drugs and vaccines that can be used in the fight against the virus.
Preclinical CRO Market Segmentation:
By Service
Global preclinical CRO market is predicted to be dominated by the toxicity testing sector, which is expected to rise at a strong CAGR. The growing demand for innovative drugs and chemicals, as well as the rapid growth of the biopharmaceutical and pharmaceutical industries, are projected to fuel the preclinical CRO market's rise. There will be an healthy CAGR in the market for bioanalysis and drug metabolism and pharmacokinetics (DMPK) research by 2030.
By Application
In terms of application, the oncology segment is expected to take the lead in the next years.
By End-User
Preclinical CRO market growth is poised to be fueled by the pharmaceutical and biopharmaceutical industries in the future and the segment is likely to achieve highest growth over the review period.
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Preclinical CRO Market Regional Analysis
It is projected that preclinical CROs will continue to dominate the preclinical CRO market in the Americas because of the existence of established CROs focusing in early drug discovery in the area. Several biopharmaceutical companies prefer outsourcing their preclinical trials to CROs situated in the United States in order to take advantage of the FDA-approved Investigational New Drug (IND) application for preclinical trials. More pharmaceutical companies are focusing on developing new drugs for the treatment of numerous chronic diseases, which will drive demand in the region.
It is expected that the European market would grow to be the second-largest in the forecast period. In Europe, the preclinical CRO industry is growing at an unprecedented rate due to a slew of outsourcing projects. In 2018, Germany accounted for 24.7% of the total market share, and it is slated that that the country’s market scope would grow during the forecast period.
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During the forecast period, Asia Pacific is expected to develop at the quickest CAGR. Preclinical outsourcing in the Asia-Pacific region is predicted to rise as a result of the changing business model of MNC outsourcing and the rising costs of R&D.
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