DUBLIN, May 25, 2022--(BUSINESS WIRE)--The "Preclinical CRO Market Size, Share & Trends Analysis Report by Service (Toxicology Testing, Bioanalysis & DMPK Studies), by End Use (Biopharmaceutical Companies, Government & Academic Institutes), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global preclinical CRO market size is expected to reach USD 9.67 billion by 2030, expanding at a CAGR of 7.9%.
The market is expected to show lucrative growth due to increasing R&D expenditure and rising outsourcing trends. The increasing volume of new drugs entering the preclinical phase is also anticipated to boost the market during the forecast period. However, the COVID-19 pandemic had temporarily affected the market owing to the shutdown of research sites due to the implementation of national lockdowns.
The market is undergoing a series of mergers and acquisitions, resulting in improvement in full-service capabilities and the international reach of larger companies. For instance, in 2019, WuXi AppTec acquired Pharmapace. On the other hand, mid-sized and smaller contract research organizations are focusing on niche sectors and are providing a personalized approach to their sponsors.
Various companies are focusing on research and development of new drugs and therefore are outsourcing these activities to launch efficient CRO services in the market. This, in turn, provides a positive atmosphere for joint ventures among market participants owing to the preference of sponsors to maximize their benefits.
The COVID-19 pandemic is ever increasing since the disease was first identified in China in December 2019. Until March 9, 2022, more than 4500 million cases of COVID-19 were reported globally; this pandemic has fast-tracked the development of vaccines and drug testing. There are currently over 195 COVID-19 vaccine candidates in preclinical studies.
Preclinical CRO Market Report Highlights
The toxicology testing segment accounted for the largest share of more than 25.48% in 2021 due to its significance in Investigational New Drug (IND)-enabling studies.
The Patient Derived Organoid (PDO) Model segment held the largest share of 80.47% in 2021, owing to the high accuracy obtained by this model.
The government and academic institutes segment is anticipated to witness the fastest CAGR of 8.2% during the forecast period. This growth is credited to the rising government initiatives in the healthcare sector, especially in developing economies.
North America held the highest revenue share of the global market in 2021. Huge investments in healthcare R&D, coupled with well-developed healthcare infrastructure in the U.S., contributed to the market growth in North America. Asia Pacific is projected to expand with the fastest CAGR of 10.9% during the forecast period.
Market Driver Analysis
Rising R&D offshoring
Rising outsourcing trend
Life sciences companies focusing on their core competencies
Market Restraint Analysis
Monitoring issues and lack of standardization
Preclinical CRO Market Analysis Tools
Porter's Five Forces Analysis
Industry Analysis Porter's
COVID-19 Impact Analysis
Wuxi Apptec, Inc. (Wai)
Eurofins Scientific Se
Medpace Holdings Inc.
Charles River Laboratories International, Inc.
Intertek Group plc (Igp)
Ppd (Thermo Fisher Scientific, Inc.)
Pra Health Sciences, Inc. (Icon plc)
For more information about this report visit https://www.researchandmarkets.com/r/6jwhlk
View source version on businesswire.com: https://www.businesswire.com/news/home/20220525005797/en/
Laura Wood, Senior Press Manager
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