Preclinical CRO Market 2020 – R&D Budget, Advanced Healthcare Technology, Mergers And Acquisitions, Comprehensive Growth Emerging Region To Forecast By 2024 | CRO Market
Preclinical CRO Market Synopsis
According to Market Research Future (MRFR), the global preclinical CRO market is expected to acquire a market value of USD 5,234.7 while expanding at a CAGR of 8.14% by 2024.
The increasing demand to cut down R&D costs is expected to be a significant factor that can drive the preclinical CRO market during the forecast period. The growing dependence of companies on outsourcing for drug development is anticipated to strengthen the trade in the forthcoming period.
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The technological advancement and the innovation of products are likely to grow the demand for preclinical services that can promote the industry in the assessment tenure. In addition, the tremendous expansion of pharmaceutical and biopharmaceutical sectors are anticipated to surge the need for CRO that may develop the trade during the projection period.
On the flip side, the lack of standardization of regulatory policies is expected to impede the clinical preliminaries’ demand during the review period. However, CROs’ improved efficiency is anticipated to counter the impeding factor that can aid in augmenting the preclinical CRO market.
Preclinical CRO Market Segmentation
The segmental analysis of the global preclinical CRO market is done by the application, services, and end-user.
The application-based segments of the global preclinical CRO market are Oncology, Diabetes, Central Nervous System (CNS) Disorders, Cardiovascular Diseases, Infectious Diseases, Immunological Disorders, Respiratory Diseases, and others.
The services-based segments of the global preclinical CRO market are bioanalysis & bioanalysis, toxicology testing, drug metabolism, pharmacokinetics (DMPK) studies, etc. The toxicology testing segment is anticipated to lead the market during the review period. The segment is predicted to acquire the market value of USD 2,476.28 million by 2024. On the other hand, the bioanalysis and drug metabolism and pharmacokinetics (DMPK) segmented in likely to acquire the highest CAGR i.e., 8.96%, from 2019 to 2024.
The end-user based segments of the global preclinical CRO market are Medical Device Companies, Pharmaceutical and Biopharmaceutical Industries, and Academic Institutes.
Preclinical CRO Market Regional Analysis
Based on the region, the global preclinical CRO market is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.
According to MRFR, the Americas is expected to dominate the market while expanding at a CAGR of 7.49% during the review period. The region is anticipated to dominate owing to the growing demand for drugs in the preclinical phase. The increasing outsourcing of non-core functions is likely to be another potential factor that can underpin the expansion of the regional market. Furthermore, the benefit to the contractor and the client is projected to fuel the demand for CROs that can aid in trade expansion.
APAC region is anticipated to exhibit the highest CAGR of 9.44% during the review period from 2019 to 2024. The regional market is predicted to augment owing to the growing demand for testing new drugs and chemicals. The expansion of pharmaceuticals is likely to play a salient cause in propelling the industry in the region.
Europe is anticipated to acquire a market value of more than USD 1,670.19 million by 2024. The increasing outsourcing activities in the region and availability of expertise are expected to drive the regional market during the review period.
MEA is anticipated to acquire the least market share during the forecast period. The region is likely to lag due to the sluggish development of countries situated.
Preclinical CRO Market Key Players
Eminent players of the global preclinical CRO market are PAREXEL International Corporation (US), IQVIA (US), Envigo (US), Eurofins Scientific (Luxembourg), Charles River (US), ICON PLC (Dublin), Medpace (US), PRA Health Sciences (US), and Laboratory Corporation of America Holdings (US).
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