Preclinical Contract Research Organization (CRO) Market to Grow Incredibly in Healthcare with Laboratory Corporation of America Holdings, Pharmaceutical Product Development, WuXi AppTec, etc | by 2023

Preclinical Contract Research Organization (CRO) Market to Grow Incredibly in Healthcare with Laboratory Corporation of America Holdings, Pharmaceutical Product Development, WuXi AppTec, etc | by 2023

“Preclinical Contract Research Organization (CRO) Market”
Market Research Future (MRFR) Predicts that the Global Preclinical CRO market is to garner a CAGR of 8.14% and attain a substantial valuation of USD 5,234.7 million by 2024.

The Global Preclinical CRO Market held a market value of USD 4,450.2 million in 2017 and is projected to grow at a CAGR of 6.6% over the forecast period. Preclinical contract research organizations (CROs) are the service organizations that provides support to the pharmaceutical and biotechnology industries in the form of outsourced pharmaceutical research services including bioanalysis & pharmacokinetics/pharmacodynamics (PK/PD) or drug metabolism and pharmacokinetics (DMPK), and toxicology testing.

The factors boosting the demand for preclinical CRO services are rising R&D budget for early- and late-stage drug development processes, a surge in the number of drug entities in preclinical phase and increasing focus of healthcare industries on their core competencies coupled with growth in outsourcing of noncore functions. The biopharmaceutical companies are emphasizing on their core functions in order to gain a long-term competitive advantage, thereby to bridge the gap between performance and opportunity. According to an article published in the BiopharmaTrend platform, biopharmaceutical companies are focusing on partnering with academia and CROs to outsource research activities to academic and private CROs as a strategy to stay competitive.

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On the contrary, growth in the biologics & biosimilars market and accelerating demand for specialized testing services are anticipated to restrain the market growth during the forecast period.

Comapnies Covered:

Some of the major players in the global preclinical CRO market are PAREXEL International Corporation, IQVIA, Charles River, Envigo, Eurofins Scientific, ICON plc, PRA Health Sciences (PRA), Medpace, Laboratory Corporation of America Holdings, Pharmaceutical Product Development, LLC, WuXi AppTec, and MD Biosciences.

Segmentation

The global preclinical CRO market has been segmented into service, therapeutic area, and end user. The bioanalysis and DMPK studies segment are expected to exhibit profitable market growth due to rise in demand for pharmacokinetic services to support toxicology tests for investigational new drug (IND)-enabling studies.

By service, the market has been divided into bioanalysis and DMPK studies, toxicology testing, and others.

On the basis of therapeutic area, the market has been classified into oncology, diabetes, infectious diseases, immunological disorders, cardiovascular diseases, respiratory diseases, and others.

Based on end user, the market has been categorized into pharmaceutical & biopharmaceutical industries, medical device companies, and others.

Regional Analysis:

The global preclinical CRO market has been segmented by region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. On the basis of region, the Americas is expected to dominate the global preclinical CRO market due to the presence of sophisticated healthcare infrastructure & the presence of early- stage drug development CROs, high-quality standards in the pharmaceutical industry, rising clinical trial activities, and rapid growth in its biosimilars & biologics market.

Rising partnerships, mergers & acquisitions among CRO service providers in European region is assisting in the regional market growth.

Preclinical CRO market in Asia-pacific to see significant growth prospect attributed to growing population, rising CRO outsourcing services in India and China due to cost-effectiveness and developing healthcare sector.

The Middle East & Africa has the least share of the global preclinical CRO market. Additionally, the major market share of the region would be held by the Middle East region due to improving quality healthcare in the Middle East. The healthcare sector is constantly changing in the Middle East, and the industry has seen many opportunities over the past few years. The speedily progressing technological landscape of the region would continue to shape healthcare in the near future.

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Table of Contents:

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1. Definition

2.2. Scope Of The Study

2.2.1. Research Objective

2.2.2. Assumptions

2.2.3. Limitations

Chapter 3. Research Methodology

3.1. Introduction

3.2. Primary Research

3.3. Secondary Research

3.4. Market Size Estimation

Chapter 4. Market Dynamics

TOC CONTINUED…!

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