Selbyville, Delaware, Dec. 13, 2022 (GLOBE NEWSWIRE) --
Preclinical CRO market value is set to reach USD 11 billion by 2032, according to a new research report by Global Market Insights Inc.
The mounting spread of novel viruses & infections and prominent R&D initiatives in the healthcare sector as the chief drivers of the market trends. Furthermore, the rising number of novel drugs that are entering the preclinical phase is foreseen to foster industry potential. Also, an increase in outsourcing programs by various pharmaceutical and biotechnology companies to address the medical needs for preclinical validations is estimated to offer lucrative opportunities for the market.
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Surging need in pharmacological studies to support bioanalysis & DMPK studies segment expansion
Preclinical CRO market from bioanalysis & DMPK studies segment surpassed over USD 2 billion in 2022. Preclinical bioanalysis and DMPK studies are an integral part of the evaluation and analysis process for novel drug development. These services provide antibody-drug conjugates' properties at different stages of drug development. Thus, soaring demand for non-clinical and clinical pharmacokinetic studies is fueling the stipulation for bioanalysis & DMPK Studies.
High prevalence of chronic diseases to augment product uptake among biopharmaceutical companies
Biopharmaceutical companies segment in preclinical CRO market revenue accounted over USD 2.5 billion in 2022. The study cites that the escalating occurrences of chronic diseases, including cancer, cardiac disease, neurological, and infectious diseases, are pushing product adoption. The segment share is poised to be driven by surging investments in the development of novel drugs by biopharmaceutical companies, which is speculated to elevate the development for preclinical CRO services.
Browse key industry insights spread across 104 pages with 114 market data tables & 15 figures & charts from the report, “Preclinical CRO Market Statistics By Service (Bioanalysis & DMPK Studies, Toxicology Testing), End-use (Biopharmaceutical Companies, Government & Academic Institutes, Medical Device Companies), Industry Analysis Report, Regional Outlook, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/preclinical-cro-market
Increasing healthcare expenditure to aid Europe preclinical CRO industry gains
Europe preclinical CRO market is expected to cross USD 3.5 billion by 2032. The region may emerge as a major hub for this industry owing to significant support from the government for novel drug development and an advantageous landscape for conducting preclinical research as a result of the established regulatory environment. Moreover, a booming healthcare system, together with the higher adoption rate of advanced technologies in varied countries, is projected to stimulate regional business progression.
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Lucrative mergers and partnerships to remain a key growth strategy
The strategic landscape of the preclinical CRO industry is anticipated to witness a series of product portfolio diversification initiatives, partnerships, and acquisitions by industry players. Some key firms profiled in the report include Laboratory Corporation of America, Inc., Eurofins Scientific, Parexel International Corporation, ICON plc, and Medpace, Inc., among others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
