DUBLIN–(BUSINESS WIRE)–The “Preclinical CRO Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global preclinical CRO market size reached US$ 5.1 Billion in 2021. Looking forward, the market is set to reach US$ 8.2 Billion by 2027, exhibiting a CAGR of 8.24% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A preclinical contract research organization (CRO) is a support center that provides expertise in research and development (R&D). It ensures that a medication or therapeutic gadget is sheltered and successfully developed before being launched in the market. It offers services that assist in clearing a pharmaceutical item through animal testing and advancing it to the clinical phase.
Moreover, it provides critical studies to researchers, restorative workforce, different industries and legislative contacts for assessing drug efficacy and safety in animal models and completing Investigational New Drug (IND) filing studies.
The emerging trend of outsourcing represents one of the key factors impelling the market growth. Apart from this, preclinical CROs offer end-to-end services, such as toxicology testing, which is also contributing to the market growth.
Furthermore, the market has witnessed a significant change in the process of drug approval by the Food and Drug Administration (FDA). The process now subjects the drug candidate to preclinical studies for establishing its safety and effectivity among humans before the approval.
Besides this, the 21st Century Cures Act was passed by the United States Congress in 2016 to accelerate medical product development and fasten the approval process for the launch of medical devices and drugs. These initiatives are positively influencing the demand for preclinical CRO services.
Other major factors, including the readily available skilled human resources, low cost of devices, and the increasing prevalence of chronic diseases, are anticipated to fuel the growth of the market.
Key Questions Answered in This Report:
- How has the global preclinical CRO market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global preclinical CRO market?
- What are the key regional markets?
- What is the breakup of the market based on the service?
- What is the breakup of the market based on the end use?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global preclinical CRO market and who are the key players?
- What is the degree of competition in the industry?
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Charles River Laboratories Inc.
- Covance Inc. (Laboratory Corporation of America Holdings)
- Eurofins Scientific
- ICON Plc
- MD Biosciences Inc. (MLM Medical Labs)
- Medpace
- Parexel International Corporation
- PPD Inc.
- Wuxi AppTec.
Key Market Segmentation:
Breakup by Service:
- Bioanalysis and DMPK Studies
- Toxicology Testing
- Others
Breakup by End Use:
- Biopharmaceutical Companies
- Government and Academic Institutes
- Medical Device Companies
Breakup by Region:
North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/wetqal
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