According to The Insight Partners’ research, the global Pre-Clinical CROs Market generated US$ 4,282.4 million in 2018 and is projected to hit US$ 8,412.9 million by 2027 to expand at a CAGR of 8.1% from 2019 to 2027. The increasing expenses on research & development (R&D) and the higher costs of drug development processes in developed economies are the crucial factors accredited to market expansion.
The pharmaceutical companies outsourcing their activities have been increasing since past few years to remain competitive and flexible in the drugs market. The major clinical tasks that are outsourced by these companies include fundamental research, later-stage development, exploration, lead optimization, genetic engineering, assay development, efficacy tests, clinical trials, etc. The key factors behind lending work to research organizations are cost-saving, need for innovations, speed & agility, expertise, and technology. Approximately, US$ 0.8–1.7 billion are invested by the pharmaceutical industry in R&D to bring new drugs to the market in the developed countries. This spurred the need for work outsourcing, thus fueling the global pre-clinical CROs market.
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The pharmaceutical and biotech companies primarily focus on R&D to come out with new products, drugs, and systems for various therapeutic applications. The investments in research & development made by pharmaceutical companies have been increasing over the past few years. According to Pharmaceutical Research and Manufacturers of America (PhRMA) reports, the R&D expenditure by these companies has increased from US$ 49.6 billion in 2012 to US$ 58.8 billion in 2015. The investment in pharmaceutical R&D in Japan was reported at 13.3% in the US; it accounted for around 17%, while in the European Union was registered to be almost 13% in 2014. The drug development process requires testing of quality and efficacy. Hence, the biotech companies outsource the work to the contract research organizations (CROs) to save on cost and time.
Contrastingly, a dearth of skilled professionals hinders the growth of global pre-clinical CROs market.
According to end user, the global pre-clinical CROs market is bifurcated into biopharmaceutical companies, government & academic institutes, and medical device companies. With 73.61% market share, the biopharmaceutical companies segment led the business in 2018. It amassed US$ 3,152.2 million in 2018 and is slated to reach US$ 6,332.4 million by 2027 to rise at a CAGR of 8.3% during the forecast period.
On the basis of service, the pre-clinical CROs market business sphere is segmented into bio-analysis & DMPK studies, toxicology, and other services. The toxicology segment held 55.28% market share in 2018. It generated US$ 2,367.3 million in 2018 and is estimated to accrue US$ 4,807.9 million by 2027 to grow at 8.5% CAGR from 2019 to 2027.
Based on regional analysis, North America occupied 35.35% market share in 2018, garnering US$ 1,513.8 million. The regional domain is further anticipated to be worth US$ 3,072.4 million by 2027 to expand at 8.4% CAGR throughout the forecast period. While Asia Pacific grew rapidly at 8.8% CAGR and accounted US$ 955.9 million in 2018 and can elevate to US$ 1,998.1 million by 2027.
The leading players in global pre-clinical CROs market are MD Biosciences, Inc; WuXi AppTec; Pharmaceutical Product Development, LLC; Labcorp Drug Development; Charles River Laboratories; PRA Health Sciences, Inc; Medpace; Parexel International Corporation; Icon Plc; and Eurofins Scientific.
- In June 2019, MD Biosciences introduced a new neuroscience service laboratory equipped with state-of-the-art devices and technologies for preclinical and translational studies, also featuring clinically relevant read-outs and endpoints.
- In May 2019, WuXi AppTec acquired Pharmapace, Inc, a US-based clinical research company. With this acquisition, the company can offer a wide range of services such as preclinical development, clinical development, and regulatory submissions.
- In April 2019, Labcorp Drug Development acquired Envigo’s nonclinical research service business. This made Envigo a pure-play research model and service business, while Labcorp can expand its global nonclinical drug development capabilities.
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