New York, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Preclinical CRO Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers and challenges
- Profiling of key market players
Global Preclinical CRO Market Size:
The global preclinical CRO market is estimated to grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market registered a revenue of approximately USD 5 billion. The growth of the market can be attributed to the increase in the number of pharmaceutical companies in the world and surge in the research and development expenditure. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO) Institute for Statistics, approximately USD $1.7 trillion has been spent globally on research and development (R&D) and countries have promised to substantially increase their expenditure on R&D by the end of 203o. Additionally, the rising chronic diseases with the need of earlier diagnosis and treatment is expected to increase the research and development process. According to the National Library of Medicine, nearly 1 in a 3 adults suffer from multiple chronic conditions that are leading to a global burden. Therefore, preclinical CRO are required for the trials of medicines in order to defeat chronic diseases.
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Global Preclinical CRO Market: Key Takeaways
- The North America region gained the largest portion of the revenue in 2021
- The biopharmaceutical industry segment to dominate the revenue graph
- Chemistry segment remains prominent in the service segment
Rising Prevalence of Chronic Diseases to Boost Market Growth
Growing worldwide prevalence of chronic or non-communicable diseases, such as diabetes and others, and development of treatment procedures across various health sectors are anticipated to be significant factors to influence the growth of the global preclinical CRO market. According to the World Health Organisation (WHO), non-communicable diseases (NCDs) or chronic diseases kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a NCD between the ages of 30 and 69 years; 85% of these premature deaths occur in low and middle-income countries. Increasing health spending by nations across the globe are also estimated to accelerate the market growth. Moreover, governmental campaigns and endeavours to spread awareness about treatment procedures among mass are estimated to be major factors to propel the market.
In addition to this, number of geriatric population has been increasing significantly throughout the years and it is anticipated to increase more over the forecast period. According to the data by World Health Organisation (WHO), the number and proportion of geriatric population, meaning the people aged 60 years and older in the population was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Aged people are more prone to chronic diseases. Hence, this is expected to be a prime factor to propel the growth of the global preclinical CRO market. Furthermore, the rising investments in the R&D activities to continuously bring up more feasible solutions for medical procedures are predicted to fuel the market during the forecast period.
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Global Preclinical CRO Market: Regional Overview
The global preclinical CRO market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Expenditure on R&D Propelled the Market in The North America
The market in North America region witnessed noteworthy growth in the year 2021 owing to the presence of advanced level preclinical CRO’s. Furthermore, as per the data by National Center for Science and Engineering Statistics, the U.S. total expenditure on R&D was USD 667 billion in 2019. This expenditure is estimated to increase even more over the forecast period. Additionally, increasing percentage of healthcare expense in overall GDP is also expected to be an important factor to boost the growth of the market in the region. As per the data by the World Bank, as of 2019, current health expenditure in North America accounted to 16.32% in regional GDP. Further, the easy availability of better medical facilities, backed by the favorable medical policies in the region are estimated to fuel the market growth. In addition to this, the boost in the market growth can be associated with the rising investment in R&D activities, and the presence of key market players in the region.
Increasing Healthcare Expenditure to Favor Market in the Europe Region
On the other hand, the preclinical CRO market in Europe region is anticipated to have the second largest growth by the end of 2031. The growth is primarily attributable to the emerging concept of outsourcing services, which is anticipated to increase the outsourcing of preclinical activities to the CROs. Moreover, increasing governmental projects and rules to provide clear information about the toxicity, efficacy, and safety of the new drug by utilizing specialized skill sets and highly technical knowledge, and increasing healthcare expenditure throughout the region is anticipated to significantly add to the market growth. As per the data by the World Bank, current health expenditure per capita was USD 3476.43 in European Union in the year 2019.
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Global Preclinical CRO Market, Segmentation by End-User
- Biopharmaceutical Industries
- Medical Device Companies
- Academic Institutes & Government
The biopharmaceutical industry segment is expected to have modest growth over the forecast period. This is attributed to government support through subsidies and funds for the development of the biopharmaceutical industry. Furthermore, there is growing trend among the small & medium scale enterprises to outsource their services to biopharmaceutical companies. Hence, government support and small and medium scale enterprises outsourcing trend are expected to drive the growth of the biopharmaceutical industries segment. It was noticed that, as of January 2021, the global biopharmaceutical industry has reached an estimated aggregated industry value of nearly USD 7 trillion.
Global Preclinical CRO Market, Segmentation by Service
- Bioanalysis & DMPK Studies
- Toxicology Testing
- Compound Management
- Chemistry
- Others
The chemistry segment is estimated to hold a substantial market share in the global preclinical CRO market during the forecast period. The growth of this segment can majorly be attributed to the notable growth of chemical industry, and the increasing value of the industry to the world Gross Domestic Product (GDP). It was observed that, the chemical industry touches nearly every good-producing sector, making an approximate USD 6 trillion contribution to world Gross Domestic Product (GDP) through direct, indirect and induced impacts, equivalent to seven percent of the world's GDP, and supporting over 100 million jobs across the globe.
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Few of the well-known market leaders in the global preclinical CRO market that are profiled by Kenneth Research are PPD Inc. (Thermo Fisher Scientific), Medpace, Inc., Eurofins, Laboratory Corporation of America Holdings, Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., Intertek Group plc, Envigo, MPI Research, Crown Bioscience, Inc. and others.
Recent Developments in the Global Preclinical CRO Market
- In March 2022, Thermo Fisher Scientific Inc. announced plans to open bioanalytical facilities in the Richmond area over the next three years. Due to the rising demand for its services, the corporation plans to invest $97 million for the clinical research activities.
- In October 2019, the molecular and genetic laboratory capabilities of Medpace, Inc. have been expanded in Belgium. The evaluation of the advantages and risks of a treatment on an individual and the choice of a patient increasingly depend on molecular and genetic testing.
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