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, 2021 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The global preclinical CRO market size is expected to reach USD 8.4 billion by 2028, expanding at a CAGR of 8.1%, according to a new report by the publisher 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 over the forecast period.
The market is undergoing a series of mergers and acquisitions resulting in improvement in full-service capabilities and 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 January 20, 2021, more than 96.7 million cases of COVID-19 were reported globally, with more than 2,068,303 deaths, across the globe. This pandemic has fast-tracked the development of vaccines and drug testing. There are currently more than 50 COVID-19 vaccine candidates in preclinical studies as well as trials.
North America held the highest revenue share of the global market in 2020. 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 12.0% over the forecast period.
Preclinical CRO Market Report Highlights
The toxicology testing segment accounted for the largest share of more than 22% in 2020 due to its significance in Investigational New Drug (IND)-enabling studies
The government and academic institutes segment is anticipated to witness the fastest CAGR of 8.5% over the forecast period
This growth is credited to the rising government initiatives in the healthcare sector, especially in developing economies.
North America dominated the market in 2020. Huge healthcare R&D expenditure is the major factor driving the regional market
Asia Pacific is projected to record the fastest CAGR of 12.0% over the forecast period
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary