Selbyville, Delaware, Feb. 16, 2021 (GLOBE NEWSWIRE) —
According to latest report “Preclinical CRO Market by Service (Bioanalysis & DMPK Studies, Toxicology Testing), End-use (Biopharmaceutical Companies, Government & Academic Institutes, Medical Device Companies), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of preclinical CRO will cross $7.8 billion by 2027.
Growing R&D expenditure and increasing number of drugs in preclinical phase is anticipated to significantly boost the market growth. Pharmaceutical and biopharmaceutical industry has one of the highest R&D expenses worldwide. Therefore, this will encourage various pharma and biopharma companies to outsource preclinical services, thereby supplementing the market expansion. Furthermore, increasing need for R&D cost containment will positively impact the market value. Technological advancements and product innovation account for substantial cost in R&D. Thus, improved efficiency and need for reduction in cost further increases the demand for outsourcing or contract research organizations, thereby impelling the market demand.
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The toxicology testing service segment in the preclinical CRO market accounted for USD 1.7 billion in 2020. Toxicity studies are used to depict the toxicity outline of a drug by detecting its effect on organ structure or functionality. It offers vital data regarding long-term protection. Moreover, toxicology studies are essential in preclinical phase, as they help in identifying and characterizing all toxicities associated with a drug in order to predict the adverse events. This will increase the adoption of toxicology testing in preclinical trial phase and fuel the segment growth.
The preclinical CRO market for government and academic institutes will showcase growth rate of around 5.6% till 2027 due to growing number of outsourcing research activities to academic institutes. Also, rapidly developing research practices coupled with rising outsourcing of R&D activities should spur the segment expansion in the coming years. Additionally, government and academic institutes provide access to treatments and diagnosis under preclinical trials. This will benefit various CROs to identify the treatment, prevention and diagnosis, thereby supplementing the industry growth.
Asia Pacific preclinical CRO market is expected to grow at a CAGR of 8.6% through 2027 owing to increasing prevalence of chronic diseases such as cancer, diabetes and cardiac diseases in the region. Rise in the number of investigational compounds and ongoing preclinical trials in oncology will propel the market revenue. In addition, growing concerns regarding drug safety and efficacy along with adoption of preclinical CROs by government will foster the regional growth.
A few notable companies operating in the market include Charles River Laboratories, Laboratory Corporation of America Holdings, Envigo, Pharmaceutical Product Development among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
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Table of Contents (ToC) of the report:
Chapter 3 Preclinical CRO Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By service
3.4.2 By end-use
3.5 Porter’s analysis
3.6 Competitive landscape
3.7 PESTEL analysis
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About Global Market Insights, Inc.
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.
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