Preclinical CRO Market is Estimated To Expand at a CAGR of 8.1% through 2028

 

Preclinical CRO Market Growth & Trends

The global preclinical CRO market size is expected to reach USD 8.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2021 to 2028. The market is expected to witness lucrative growth over the forecast period due to increasing R&D expenditure and growing outsourcing trend. The increasing volume of new drugs entering the preclinical phase is also anticipated to boost the market growth over the forecast period.

The market is undergoing a series of mergers and acquisitions, resulting in the 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 (CROs) 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 epidemic is ever increasing since it 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 vaccine and drug testing. There are currently more than 50 COVID-19 vaccine candidates in preclinical studies as well as trials.

North America held the largest share of 47.7% in 2020. Significant investment in healthcare R&D, coupled with well-developed healthcare infrastructure in the U.S., is contributing to the largest share of North America. Asia Pacific is projected to expand at the fastest CAGR of 12.0% over the forecast period.

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Preclinical CRO Market Report Highlights

• By service, the toxicology testing segment accounted for the largest share of 61.1% in 2020 due to its significance in Investigational New Drug (IND)-enabling studies
• Based on end-use, the government and academic institutes segment is anticipated to register the highest CAGR of 8.4% over the forecast period due to improving government initiatives toward healthcare, especially in developing economies
• North America dominated the market in 2020 with a share of 47.7%. Significant healthcare expenditure on R&D is one of the major factors driving the market in this region

Preclinical CRO Market Segmentation

Grand View Research has segmented the global preclinical CRO market on the basis of service, end-use, and region:

Preclinical CRO Service Outlook (Revenue, USD Million, 2016 - 2028)

• Bioanalysis and DMPK Studies
• Toxicology Testing
• Others

Preclinical CRO End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Biopharmaceutical Companies
• Government and Academic Institutes
• Medical Device Companies

Preclinical CRO Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Spain
  • Italy
  • Netherlands
  • Belgium
  • Switzerland
  • Russia
  • Sweden
• Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • South Korea
  • Malaysia
  • Indonesia
  • Singapore
  • Philippines
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Columbia
  • Chile
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Israel
  • Egypt

List of Key Players of Preclinical CRO Market

• Envigo Corporation
• MPI research
• Eurofins Scientific
• PRA Health Sciences, Inc.
• Wuxi AppTec
• Medpace, Inc.
• Pharmaceutical Product Development (PPD), LLC
• PARAXEL International Corporation
• ICON Plc
• Laboratory Corporation of America, Inc.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research    reports, customized research reports, and consulting services. To help clients make informed business    decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.