Global Preclinical Assets Market Set For Continued Growth, Projected To Reach $7.62 Billion By 2027 As Per The Business Research Company's Preclinical Assets Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 24, 2023 (GLOBE NEWSWIRE) --
As per The Business Research Company’s Preclinical Assets Global Market Report 2023, the global preclinical assets market is on a significant growth trajectory, poised to increase from $4.84 billion in 2022 to $5.32 billion in 2023, boasting a compound annual growth rate (CAGR) of 9.9%. The market is expected to maintain its momentum, projecting an estimated value of $7.62 billion by 2027, at a CAGR of 9.4%. The increase in drug discovery activities plays a pivotal role in propelling the preclinical assets market, where preclinical assets provide essential data and evidence for candidate selection.
Fueling Market Growth: Increasing Drug Discovery
The process of drug discovery is in the midst of a renaissance, with a surge in approved drugs. The US Food and Drug Administration (FDA) approved 74% of drugs in 2021 through expedited pathways, signaling an increase from the previous year. The Pharma R&D Annual Review 2022 reported that the number of drugs in the R&D pipeline grew from 17,737 in 2020 to 20,109 in 2022. This expanding drug discovery landscape is a catalyst for the preclinical assets market.
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Leading Players in the Preclinical Assets Market
Major players driving the preclinical assets market include Laboratory Corporation of America, IQVIA Inc., ICON PLC, Eurofins Scientific SE, and others. These industry leaders are embracing product innovations to bolster their market presence and gain a competitive edge. For instance, Charles River Laboratories International and Valo Health Inc. recently introduced Logica, an artificial intelligence-powered drug solution that seamlessly translates biological insights into optimized preclinical assets. This innovative approach is set to revolutionize drug discovery and provide clients with highly qualified leads and candidates, connecting costs to value creation.
Product Innovations: A Key Trend
Product innovation is a prominent trend within the preclinical assets market, with companies continually striving to introduce new products and solutions to maintain a competitive advantage. This innovation is reshaping the industry, offering clients integrated solutions that bridge the gap between targets and candidate nomination, ultimately transforming drug discovery.
Market Dynamics and Growth Prospects
North America led the preclinical assets market in 2022, with Asia-Pacific emerging as the fastest-growing region in the forecast period.
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Market Segmentation
The global preclinical assets market is segmented by service (Bioanalysis and DMPK Studies, Toxicology Testing, Compound Management, Safety Pharmacology, Other Services), model type (Patient Derived Organoid (PDO) Model, Patient Derived Xenograft Model), and end-user (Biopharmaceutical Companies, Government Institutes, Other End-Users).
Stakeholders across the pharmaceutical, biotechnology, and healthcare sectors can harness the insights presented in the "Preclinical Assets Global Market Report 2023" to drive their businesses forward. The comprehensive preclinical assets market report provides a roadmap for navigating the dynamic market landscape, making informed decisions, and capitalizing on the opportunities presented by the growing demand for preclinical assets in drug discovery.
Preclinical Assets Global Market Report 2023 by The Business Research Company provides insights on the preclinical assets market size, preclinical assets market segments, preclinical assets market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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