According to report study, the preclinical CRO market size is predicted to be worth around US$ 9.6 billion by 2030 with a rising CAGR of 7.5% over the forecast period 2022 to 2030.
According to report study, the preclinical CRO market size is predicted to be worth around US$ 9.6 billion by 2030 with a rising CAGR of 7.5% over the forecast period 2022 to 2030.
The preclinical contract research organization (CRO) services are categorized into bioanalysis and DMPK studies, toxicology testing, chemistry, safety pharmacology, and compound management. The preclinical contract research organization (CRO) offers services to academic institutions, medical device companies, government institutes, and biopharmaceutical companies. The research and developments funding has increased since a decade, which is driving the demand for preclinical contract research organization (CRO) in the market. The key market players are constantly investing on preclinical contract research organization (CRO) services. The pandemic like situations such as COVID-19 pandemic is emphasizing importance for the need of preclinical contract research organization (CRO) services. Thus, this creates the need and requirement of preclinical contract research organization (CRO) services.
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However, the high cost of research and development and stringent government rules and regulations are expected to restrict the expansion of the global preclinical contract research organization (CRO) market. Furthermore, government agencies of the healthcare and pharmaceutical sectors are constantly taking efforts for the growth of the preclinical contract research organization (CRO) market. The government is highly investing in preclinical contract research organization (CRO) services which are creating lucrative opportunities for the growth of the market during the forecast period.
Moreover, the trend of outsourcing has gained traction in the global preclinical contract research organization (CRO) market. Therefore, the key market players are diversifying their activities in the field of preclinical contract research organization (CRO). The adoption of advanced technologies and software is also boosting the market growth over the projected period.
Report Highlights:
- Based on the service, the toxicology testingsegment dominated the global preclinical CRO market in 2020 with largest market share. This is attributed to the rise in adoption and acceptance of toxicology tests in healthcare sector globally.
- On the end use, the biopharmaceuticalsegment holds the largest market share the global preclinical CRO market in 2020. The rising trend of outsourcing business processes among biopharmaceutical entities is driving the growth of the global preclinical contract research organization (CRO) market.
- North America is the largest segment for preclinical CRO market in terms of region. This is attributed to growing adoption and acceptance of advanced and innovative technologies and rising research and development activities in North America region.
- Asia-Pacific region is the fastest growing region in the preclinical CRO market.The growth of the preclinical contract research organization (CRO) market in Asia-Pacific region is attributed to the existence of major market players, the surge in demand for preclinical contract research organization (CRO) services, and rising prevalence of chronic disorders in the region.
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Future of Preclinical CRO Market
The main motive of providing preclinical contract research organization (CRO) services is to minimize the cost associated with research and development in the healthcare sector of developing regions. Many of the biopharmaceutical organizations require research services at low cost but with great quality. This is possible with the adoption and implementation of the preclinical contract research organization (CRO) services. Nowadays, outsourcing has gained popularity in the global preclinical contract research organization (CRO) market. In outsourcing, specific business processes are being carried out by third party members or entities. Thus, the concept of outsourcing has gained momentum in the biology and pharmaceutical industries. The outsourcing reduces the burden of work from market players and help to gain substantial amount of profit and revenue. Furthermore, toxicology testing is a significant service offered by preclinical contract research organization (CRO). This service is emerging with wide applications globally. All of these factors are creating growth prospects for the development of the global preclinical contract research organization (CRO) market.
COVID-19 Impact Analysis:
- There was a moderate impact of COVID-19 on the growth of the global preclinical contract research organization (CRO) market.
- Some of the companies started outsourcing clinical and preclinical research, which had positive impact on the preclinical contract research organization (CRO) market during 2020.
- On the other hand, the supply chain disruption had negative effect on the expansion of the preclinical contract research organization (CRO) market.
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Key Developments in the Marketplace:
- PAREXEL International declared in February 2020 that it has finalized the acquisition of Model Answers, a consulting firm. This entity has extensive experience designing preclinical models for efficacy and neutropenia, expanding its first in human investigations and then supporting Phase I trials to NDA filing.
- Innoplexus and PAREXEL agreed for the joint venture to release the COVID-19 Clearinghouse in September 2020, which is a detailed online resource for clinical trial researchers to access information and data from the database.
Market Segmentation
By Service
- Toxicology Testing
- Bioanalysis & DMPK Studies
- Chemistry
- Compound Management
- Safety Pharmacology
- Others
By End Use
- Medical Device Companies
- Biopharmaceutical
- Government & Academic Institutes
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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