Market
Synopsis
According to
Market Research Future (MRFR), the global
preclinical CRO market is expected to acquire a market value of USD 5,234.7
while expanding at a CAGR of 8.14% by 2024.
The
increasing demand to cut down R&D costs is expected to be a significant
factor that can drive the preclinical CRO market during the forecast period.
The growing dependence of companies on outsourcing for drug development is anticipated
to strengthen the trade in the forthcoming period. The technological
advancement and the innovation of products are likely to grow the demand for
preclinical services that can promote the industry in the assessment tenure. In
addition, the tremendous expansion of pharmaceutical and biopharmaceutical
sectors are anticipated to surge the need for CRO that may develop the trade during
the projection period.
On the flip
side, the lack of standardization of regulatory policies is expected to impede
the clinical preliminaries' demand during the review period. However, CROs'
improved efficiency is anticipated to counter the impeding factor that can aid
in augmenting the preclinical CRO market.
Market
Segmentation
The segmental
analysis of the global preclinical CRO market is done by the application,
services, and end-user.
The application-based segments of the global
preclinical CRO market are Oncology,
Diabetes, Central Nervous System (CNS) Disorders, Cardiovascular Diseases,
Infectious Diseases, Immunological Disorders, Respiratory Diseases, and others.
The services-based
segments of the global preclinical CRO market are bioanalysis
& bioanalysis, toxicology testing, drug metabolism, pharmacokinetics
(DMPK) studies, etc. The toxicology testing
segment is anticipated to lead the market during the review period. The segment
is predicted to acquire the market value of USD 2,476.28 million by 2024. On
the other hand, the bioanalysis and drug metabolism and pharmacokinetics (DMPK)
segmented in likely to acquire the highest CAGR i.e., 8.96%, from 2019 to 2024.
The end-user based segments of the global
preclinical CRO market are Medical Device
Companies, Pharmaceutical and Biopharmaceutical
Industries, and Academic Institutes.
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Regional Analysis
Based on the region, the
global preclinical CRO market is segmented into North America, Europe,
Asia-Pacific, and the Middle East & Africa.
According to MRFR, the
Americas is expected to dominate the market while expanding at a CAGR of 7.49%
during the review period. The region is anticipated to dominate owing to the growing
demand for drugs in the preclinical phase. The increasing outsourcing of
non-core functions is likely to be another potential factor that can underpin
the expansion of the regional market. Furthermore, the benefit to the
contractor and the client is projected to fuel the demand for CROs that can aid
in trade expansion.
APAC region is anticipated to
exhibit the highest CAGR of 9.44% during the review period from 2019 to 2024.
The regional market is predicted to augment owing to the growing demand for
testing new drugs and chemicals. The expansion of pharmaceuticals is likely to
play a salient cause in propelling the industry in the region.
Europe is anticipated to
acquire a market value of more than USD 1,670.19 million by 2024. The
increasing outsourcing activities in the region and availability of expertise
are expected to drive the regional market during the review period.
MEA is anticipated to
acquire the least market share during the forecast period. The region is likely
to lag due to the sluggish development of countries situated.
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Key Players
Eminent players of the
global preclinical CRO market are PAREXEL International
Corporation (US), IQVIA (US), Envigo (US), Eurofins Scientific (Luxembourg),
Charles River (US), ICON PLC (Dublin), Medpace (US), PRA Health Sciences (US), and
Laboratory Corporation of America Holdings (US).
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