According to Precedence Research, the preclinical CRO market size is projected to surpass around USD 9.6 billion by 2030 and expanding growth at a CAGR of 7.5% from 2021 to 2030.

Ottawa, Nov. 23, 2021 (GLOBE NEWSWIRE) -- The global preclinical CRO market size was reached at USD 4.7 billion in 2020. The global preclinical CRO market is primarily driven by the rapid growth of the pharmaceutical and the medical devices companies. The rising burden of numerous chronic diseases along with the increasing need for their diagnosis, prevention, and treatment related drugs and devices is significantly driving the market. The various biopharmaceutical companies and academic institutions areincreasingly investing and outsourcing the preclinical studies activities to the CROs owing to the increasing need for the development of new and innovative medicines. The favorable government policies regarding the development of preclinical studies of various diseases and its cure are driving the demand for the preclinical CRO services across the globe.

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The recent outbreak of the COVID-19 pandemic compelled the pharmaceutical industry players and research institutions to infuse investments in the CROs to conduct the research activities regarding the COVID-19 virus. Therefore, rising investments in the preclinical CROs by various stakeholders is expected to drive the growth of the global preclinical CRO market.

Scope of the Preclinical CRO Market

The rapidly growing number of biopharmaceutical companies across the globe, especially in the developed and developing regions is deriving the demand for the preclinical CRO services. Mostly, the small and the medium sized biopharmaceutical enterprises has low resources and expertise to conduct preclinical studies and hence, they are increasingly outsourcing this tasks to the preclinical CROs, which in turn, boosts the growth of the preclinical CRO market across the globe. In this way the rising number of biopharmaceutical companies are positively impacting the market.

The rising burden of diseases is boosting the demand for various medical devices and diagnosis equipment that can provide fast and accurate results and re non-invasive. Therefore, rising investments by the medical device companies in the preclinical CRO services is another major factors that plays an exceptional role in the growth and development of the preclinical CRO market.

North America is the dominating preclinical CRO market that accounted for a market share of over 45% in 2020. The North America is characterized by the rapid growth of the CROs and biopharmaceutical companies. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), US conducts more than half of the research & development activities in the pharmaceutical field and also holds intellectual rights of a significant amount of new medicines. The biopharmaceutical industry accounted for around 4% of the US GDP in 2015. Moreover, higher adoption rate of advanced technologies along with the adequate amount of funding is boosting the entire ecosystem of preclinical studies and drug development process in US.

Asia Pacific is well known for the presence of few top CROs in the regions like China, India, and South Korea. The favorable government policies to attract FDIs and rising government expenditure of building sophisticated healthcare infrastructure is favoring the growth of the preclinical CRO market in Asia Pacific. Moreover, the cost-efficiency of the CROs in this region is expected to drive the growth of the market during the forecast period.

Lack of adequate investments in the underdeveloped economies to develop and expand the preclinical CRO industry is anticipated to be a major challenge to the industry and this may hamper the market growth in the forthcoming years. Moreover, there is a lack of standardization as the CROs fails to comply with certain standards such as good laboratory practices and there work quality are questionable. This factor may hamper the market growth in the upcoming future.

Based on the service, the bioanalysis & DMPK studies segment is estimated to be the fastest-growing segment during the forecast period. Bioanalysis is provides quantitative insights regarding the preclinical studies and is used at each and every step of the new drug development process. Further, the DMPK facilitates the toxicology testing, which itself is a very large segment and hence the DMPK is expected to grow rapidly during the forecast period.

Based on the end use, the biopharmaceutical segment dominated the market, garnering a market share of around 80% in 2020. The rising government initiatives to fund and develop the biopharmaceutical industry resulted in a surging growth of this segment. Biopharmaceutical industry represents around 20% of the global pharmaceutical market and is expected to rise further in the foreseeable future, which in turn is expected to drive the demand for the preclinical CRO services.

Segments Covered in the Report

By Service

• Toxicology Testing
• Bioanalysis & DMPK Studies
• Chemistry
• Compound Management
• Safety Pharmacology
• Others

By End Use

• Medical Device Companies
• Biopharmaceutical
• Government & Academic Institutes
  
  

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