Preclinical CRO or contract research organizations is a unit for
assisting pharmaceutical companies in pushing the drug to the clinical stage.
The services provided by these organizations include studies for assessing the
drug efficacy and safety in animal models. These organizations are able to
offer honest feedback and prevent the rejection of the drug by federal agencies
due to their stringent in-house policies. The global preclinical CRO market
report compiled by analysts of Market Research Future (MRFR) contains a list of
drivers, opportunities, and drawbacks written in a comprehensive manner.
Preclinical CRO Market Overview
The global preclinical CRO market is poised to reach a stellar
valuation of USD 5,234.7 million by 2024. It can exhibit a CAGR of 8.14% during
the forecast period (2019-2024). The outsourcing of non-core functions, the
rise in number of drugs in preclinical phases, and enhanced functions of these
organizations to increase their value-added services are factors driving the
market growth. High investments in research and development (R&D) and
expansion plans of preclinical CROs can bode well for the market growth till
2024.
Rise in the failure rate of numerous drugs on commercialization is
expected to spur the demand for preclinical testing and boost the market
growth. According to a 2018 study published in Biostatistics, oncology clinical
trials had a success rate of only 3.4%. The prevalence of various types of
cancers will induce the need for novel drugs which break through the
preclinical phase to development process rapidly.
But continuous changes in the industry as well as high labor costs
can be detrimental to the market growth.
Preclinical CRO Market Segmentation
The global preclinical CRO market by servies type is
segmented by service, therapeutic area, and end-user.
By service, it is segmented into bioanalysis and drug metabolism
and pharmacokinetics (DMPK) studies, toxicology testing, and others. Toxicology
testing is estimated to touch a value of USD 2,476.48 million by 2024. The
expansion of the pharmaceutical industry combined with the immense demand for
testing of new chemical formulations and drugs are likely to bolster the
segment growth. On the other hand, the bioanalysis and drug metabolism &
pharmacokinetics (DMPK) studies segment is expected to exhibit 8.96% CAGR
during the forecast timespan due to efforts by companies to keep pace with the
latest technological developments.
By therapeutic area, it is segmented into diabetes, oncology,
central nervous system (CNS) disorder, infectious diseases, respiratory
diseases, immunological disorders, cardiovascular diseases, and others.
End-users of the market are segmented into segments of academic
institutes, medical device companies, and pharmaceutical and biopharmaceutical
industries.
Preclinical CRO Market Regional Analysis
The Middle East & Africa (MEA), Europe, Asia Pacific (APAC),
and North America are the main regions considered during the compilation of the
market report.
The Americas accounted for close to 40.7% market share in 2018. It
can exhibit 7.49% CAGR during the forecast period.
The APAC region can experience the fastest growth. India can
showcase a CAGR of 9.44% during the forecast timespan.
The Europe preclinical CRO market can surpass a valuation of USD
1,670.19 million by 2024. The outsourcing of primary function by major
pharmaceutical and biopharmaceutical companies, low production costs and
economical worker wages, and availability of skilled clinical researchers and
scientists are factors expected to fuel the regional market growth. Germany is
one of the biggest contributors to the regional market revenue followed by the
U.K.
Preclinical CRO Market Competition Outlook
PRA Health Sciences, MD Biosciences, WuXi AppTec, PAREXEL
International Corporation, IQVIA, Eurofins Scientific, ICON PLC, Medpace,
Laboratory Corporation of America Holdings, Pharmaceutical Product Development,
LLC, Envigo, and Charles River are prominent names in the global preclinical
CRO market. Changes in business models, mergers, collaborations, and
partnerships are major strategies employed by players to gain a head start in
the intense competition. For instance, Cato Research LLC has merged with
Specialized Medical Services-oncology BV for extending the current offerings of
the former.
Industry News
Escient Pharmaceuticals has partnered with Eurofins Discovery for
gaining faster approvals in its drug development process. The latter has a
track record for providing preclinical discovery support for in-vitro
fertilization treatment process.
About Market Research
Future:
At Market Research Future (MRFR), we enable our customers to
unravel the complexity of various industries through our Cooked Research Report
(CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R),
Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum
quality market research and intelligence services to our clients. Our market
research studies by Components, Application, Logistics and market players for
global, regional, and country level market segments, enable our clients to see
more, know more, and do more, which help to answer all their most important
questions.
In order to stay updated with technology and work process of
the industry, MRFR often plans & conducts meet with the industry experts
and industrial visits for its research analyst members.
Contact:
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
No comments:
Post a Comment