Insights on the Preclinical CRO Global Market to 2028 - by Service, End-use and Region - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Preclinical CRO Market Size, Share & Trends Analysis Report By Service (Toxicology Testing, Bioanalysis & DMPK Studies), By End Use (Biopharmaceutical Companies, Government & Academic Institutes), And Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.

The global preclinical CRO market size is expected to reach USD 8.4 billion by 2028, expanding at a CAGR of 8.1%, according to a new report by the publisher.

Companies Mentioned

• Envigo Corporation
• MPI research
• Eurofins Scientific
• PRA Health Sciences, Inc
• Wuxi AppTec
• Medpace, Inc.
• Pharmaceutical Product Development (PPD), LLC
• PARAXEL International Corporation
• ICON Plc.
• Laboratory Corporation of America, Inc.

The market is expected to show lucrative growth due to increasing R&D expenditure and rising outsourcing trends. The increasing volume of new drugs entering the preclinical phase is also anticipated to boost the market over the forecast period.

The market is undergoing a series of mergers and acquisitions resulting in improvement in full-service capabilities and international reach of larger companies. For instance, in 2019, WuXi AppTec acquired Pharmapace. On the other hand, mid-sized and smaller contract research organizations are focusing on niche sectors and are providing a personalized approach to their sponsors. Various companies are focusing on research and development of new drugs and therefore are outsourcing these activities to launch efficient CRO services in the market. This, in turn, provides a positive atmosphere for joint ventures among market participants owing to the preference of sponsors to maximize their benefits.

The COVID-19 pandemic is ever increasing since the disease was first identified in China in December 2019. Until January 20, 2021, more than 96.7 million cases of COVID-19 were reported globally, with more than 2,068,303 deaths, across the globe. This pandemic has fast-tracked the development of vaccines and drug testing. There are currently more than 50 COVID-19 vaccine candidates in preclinical studies as well as trials.

North America held the highest revenue share of the global market in 2020. Huge investments in healthcare R&D coupled with well-developed healthcare infrastructure in the U.S. contributed to the market growth in North America. Asia Pacific is projected to expand with the fastest CAGR of 12.0% over the forecast period.

Preclinical CRO Market Report Highlights

• The toxicology testing segment accounted for the largest share of more than 22% in 2020 due to its significance in Investigational New Drug (IND)-enabling studies
• The government and academic institutes segment is anticipated to witness the fastest CAGR of 8.5% over the forecast period
• This growth is credited to the rising government initiatives in the healthcare sector, especially in developing economies
• North America dominated the market in 2020. Huge healthcare R&D expenditure is the major factor driving the regional market
• Asia Pacific is projected to record the fastest CAGR of 12.0% over the forecast period

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Preclinical CRO Market Variables, Trends & Scope

3.1. Market Lineage outlook

3.1.1. Parent market outlook

3.1.2. Related/ancillary market outlook

3.2. Penetration & Growth Prospect Mapping

3.3. Market Dynamics

3.3.1. Market Driver Analysis

3.3.1.1. Surging number of drugs in preclinical phases

3.3.1.2. Economies of production and scale

3.3.1.3. Increasing R&D expenditure

3.3.2. Market Restraint Analysis

3.4.2.1. High labor cost

3.4.2.2. Stringent regulatory policies

3.3.3. Industry Challenges

3.3.3.1. Managing the relationships

3.4. Preclinical CRO: Market Analysis Tools

3.4.1. Industry Analysis - Porter's

3.4.1.1. Supplier Power

3.4.1.2. Buyer Power

3.4.1.3. Substitution Threat

3.4.1.4. Threat from new entrant

3.4.1.5. Competitive rivalry

3.4.2. PESTEL Analysis

3.4.2.1. Political Landscape

3.4.2.2. Environmental Landscape

3.4.2.3. Social Landscape

3.4.2.4. Technology Landscape

3.4.2.5. Legal Landscape

3.4.3. Major Deals & Strategic Alliances Analysis

Chapter 4. Preclinical CRO Market: Segment Analysis, By Service, 2016 - 2028 (USD Million)

Chapter 5. Preclinical CRO Market: Segment Analysis, By End-use, 2016 - 2028 (USD Million)

Chapter 6. Preclinical CRO Market: Regional Market Analysis, By Services, 2016 - 2028 (USD Million)

Chapter 7. Preclinical CRO Market - Competitive Analysis

For more information about this report visit https://www.researchandmarkets.com/r/x2oviq

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