Preclinical CRO Market Overview:
The global market for the preclinical CRO market is
getting backed by several factors like increasing investment in the
pharmaceutical and biopharmaceutical sector, availability of additional
value-added services, mutual benefits, a surge in the number of drugs for
preclinical phase, and others. The global market is on track to surpass a
valuation worth USD 5234.7 million during the forecast period of 2019 to 2024,
with a CAGR of 8.14%. The constant growth in outsourcing can also propel the
market’s growth.
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Preclinical CRO Market Segmentation:
The global market for preclinical CRO has been segmented
on the basis of service, application, and end user to facilitate a study that
would ease the process of deciding the future course of action. These segments
will also reveal details regarding factors and their impact on production
volume and revenue.
By service, the global preclinical CRO market has been
segmented on the basis of toxicology testing, bioanalysis, drug metabolism and pharmacokinetics (DMPK) studies, and
others. The toxicological testing segment will lead the global segment and its
market valuation can surpass USD 2,476.28 Million by the end of 2024.
By application, the market study reveals segments like
oncology, central nervous system (CNS) disorders, immunological disorders,
respiratory diseases, cardiovascular diseases, diabetes, infectious diseases,
and others. The growing occurrence of cardiovascular diseases can provide
traction to the market. The oncology segment can also impact
substantially.
By end user, the global market is getting studied on the
basis of pharmaceutical and biopharmaceutical industries, medical device
companies, and academic institutes. The pharmaceutical and biopharmaceutical
industries are expected to make good ground as the investment in rising in the
sector.
Preclinical CRO Market Regional Analysis:
The Americas had an over 40% market share in 2018, which
made them the largest contributor. This control over the global market is
expected to continue. Asia Pacific has the chance to outpace others with a
9.44% CAGR during the forecast period.
Preclinical CRO Market Competitive Landscape:
The global market for preclinical CRO us depending
largely on the contributions made by companies like Envigo (US), Charles River
(US), IQVIA (US), PAREXEL International Corporation (US), PRA Health Sciences (US),
WuXi AppTec (China), Eurofins Scientific (Luxembourg), ICON PLC (Dublin),
Pharmaceutical Product Development, LLC (US), Medpace (US), Laboratory
Corporation of America Holdings (US), and MD Biosciences (US). Their endeavors
are mainly focused on expanding the market reach and portfolio. For this, they
took the routes concerning mergers, collaborations, acquisitions, innovations,
spurring their expenditure for the research and development sector, and others.
This also included a detailed approach dealing with marketing strategies like
branding and launching plans. MRFR listed the latest changes in their report to
make the study more comprehensive.
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Industry News:
In May 2020, Experimentica Ltd. announced that they have
taken over the contract research division from Ophthy-DS, Inc. with a
specialization in non-regulated drug discovery services and medical device
testing for diverse ophthalmic indications. The company has made a significant
name in the market as a leader in preclinical ophthalmic drug discovery services.
Ophthy-DS, Inc. is a Michigan-based company with a substantial impact on the
preclinical contract research organization (CRO) segment. This acquisition with
cement Experimentica’s position in North America and boost its position as a
leading service provider.
In May 2020, Altogen Labs announced that they would be
offering in vivo xenograft efficacy studies and pharmacology/toxicology
services that have been designed to increase the speed of preclinical research
and drug development. The company has already made a name in the market as a
GLP-compliant contract research laboratory (CRO).
NOTE:
Our team of researchers are studying Covid19 and its impact on various industry
verticals and wherever required we will be considering covid19 footprints for a
better analysis of markets and industries. Cordially get in touch for more
details.
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