Preclinical CRO Market Is Projected to Reach USD 5,234.7 Million at a CAGR of 8.14% By 2024

Preclinical CRO Market Is Projected to Reach USD 5,234.7 Million at a CAGR of 8.14% By 2024

Preclinical CRO Market
Preclinical CRO Market: Information by Service (Toxicology Testing, Bioanalysis and Drug Metabolism and Pharmacokinetics (DMPK) Studies, Others), Application (Oncology, Central Nervous System (CNS) Disorders, Cardiovascular Diseases, Immunological Disorders, Respiratory Diseases, Infectious Diseases, Diabetes and Others), by End User (Pharmaceutical and Biopharmaceutical Industries, Medical Device Companies and Academic Institutes) and Region – Forecast till 2024

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 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 can 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.

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The global preclinical CRO market 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.

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.

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.

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