Acknowledging the graph of growth, the market is climbing continually, Market Research Future (MRFR) in its recently published study analysis, asserts that the global preclinical CRO market will register approximately 6.6% CAGR throughout the estimated period (2018 – 2023), gaining further prominence by the end of the year 2023. In 2017, the gains of the market had reached to USD 4,450.2 MN.
A preclinical contract research organization or preclinical CRO provides the required expertise to take a pharmaceutical product or medical device from its clinical stage to marketing or distribution. The global preclinical CRO market has been growing pervasively over the past few years. Over the last decade, the demand for therapeutic medicines and devices has increased dramatically, increasing the R&D activities for new drug discovery drastically.
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Factors such as the increasing number of research & development activities required for the discovery of therapeutic drugs and medicines and the development of medical devices and other pharmaceutical products are attributing to the growth of the preclinical CRO market. Moreover, improving economic conditions globally that are increasing the healthcare expenditures are escalating the market on the global platform.
Further, the preclinical CRO market is predominantly led by the augmented demand for various useful medical devices, breakthrough medicines, and generic drugs for various therapeutics. Additionally, the growing number of patent expiries of drugs are fostering the growth of the market.
Also, the ever-increasing population that is increasingly adopting the heady & sedentary lifestyle is eventually leading to increasing the prevalence of chronic diseases & disorders which is a key driving force reasoning to the outstanding growth of this market.
On the flip side, factors such as the increasing complexities in the clinical trials and the lack of in-house laboratory capacity are some of the major factors impeding the growth of the market. Also, factors like the structural changes associated with the employment in the industry are acting as a major headwind that is inhibiting the growth of preclinical CRO market, especially, in the developing regions.
Nevertheless, the growing emphasis of pharma companies on improving the production of drugs rather than getting involved in the clinical trials which is a new interesting trend observed in the market during the analysis will support the growth of the market to an extent.
Major Players:
- PAREXEL International Corporation
- IQVIA
- Envigo
- Charles River
- ICON plc.
- Eurofins Scientific
- Medpace
- PRA Health Sciences (PRA) and others.
Global Preclinical CRO Market – Regional Analysis
The North American region, heading with the presence of established early-stage drug development CROs accounts for the leading market in the global preclinical CRO market. Moreover, factors such as the well-developed healthcare infrastructure, economic stability, and logistic advantages for the giant life science companies are driving the regional market.
Additionally, growing activities of outsourcing research processes by pharmaceutical and biotechnology companies and huge patient pool are substantiating the growth of the market. The incredibly growing preclinical CRO market in the US which is led by the proliferating healthcare sector in the country propels the growth of the regional market.
The preclinical CRO market in the European region accounts for the second-largest market, globally. Factors fostering the regional market include the presence of key players mainly in Germany, Switzerland, and the UK. Additional factors like the increased funding for research activities from the public & private organizations, the presence of a well-proliferated healthcare sector, substantial patient population, and the resurging healthcare expenditures are boosting the growth of the regional market.
The preclinical CRO market in Europe is estimated to register a significant CAGR throughout the review period. Among the two divisions of Europe, Western Europe heading with the significant contributions from the UK, Germany, and France, accounts for the larger market share. Eastern Europe on the other hand, accounts for the fastest growing region due to the vast opportunities from the untapped markets.
The Asia Pacific preclinical CRO market has emerged as a promising market, globally. Factors such as substantial investments by Asian CMOs are leading the regional market. Simultaneously, the availability of cost-competitive, skilled workforce is propelling the growth of the regional market, attracting foreign investors. Moreover, the ever-increasing patient population and the continually improving economic conditions are some of the key factors providing impetus to the growth of the regional market.
Global Preclinical CRO Market – Segmentations
For ease of understanding, the MRFR analysis has been segmented into four key dynamics:
- By Service: Bioanalysis & DMPK Studies and Toxicology Testing among others.
- By Therapeutic Area: Oncology, Diabetes, Infectious Diseases, Immunological Disorders, Cardiovascular Diseases, and Respiratory Diseases among others.
- By End-user: Pharmaceutical & Biopharmaceutical Industries and Medical Device Companies among others.
- By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
Global Preclinical CRO Market – Competitive Landscape
Highly competitive, the Preclinical CRO Market appears to be widely expanded and fragmented characterized by the presence of several small and large-scale companies. These organizations compete against each other based on pricing and an array of services.
Naturally, the competitive strength of these players is reliant on service pricing, service precision, versatility, and reliability of services. The market is forecasted to witness fierce competition with the potential extensions in innovations. Players operating in the drug discovery market strive to offer unique services with advanced features.
Industry/Innovation/Related News:
March 12, 2019 –– Turner Scientific, LLC. (the US), a preclinical CRO specializing in hearing research and the development of tinnitus announced its partnership with Sinclair Research (the US), a nonclinical research organization (CRO) offering animal efficacy models, IND-enabling and specialty toxicology services and GLP to offer GLP ototoxicity testing services collaboratively.
Although one-third of all FDA approved drugs are associated with hearing loss or tinnitus as possible side-effects, the potential for ototoxicity is both well-documented and not adequately addressed. Evaluating such potential damage to hearing represents a substantial unmet need of both patients and drug developers.
Together the companies will provide GLP auditory testing to evaluate the efficacy, as well as potential ototoxicity of compounds and devices ahead of clinical trials and a potential investigational new drug (IND) and investigational device exemption (IDE) approval.
To know more About Related Report with Top Companies at https://www.medgadget.com/2018/12/contract-research-organization-market-size-share-future-demand-eminent-players-geographic-analysis-and-outlook-till-2023.html
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