March 27, 2023 10:15 ET | Source: Market Research Future Market Research Future
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New York, USA, March 27, 2023 (GLOBE NEWSWIRE) -- Preclinical CRO Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Preclinical CRO Market Information By Service, Application, End User and Region - Forecast till 2030", the market is projected to record a CAGR of 7.2% to influence an earning level of USD 9.1 billion by the end of the forecast in 2030
A preclinical CRO brings the knowledge, experience, and skill essential to take a medical product or device from its clinical stage to selling and distribution. The Coronavirus pandemic has significantly changed conditions in the preclinical CRO market. MRFR assesses the rapidly changing market scenario, covering the impact of pre and post-coronavirus crises. The report defines all major market aspects, adding expert opinions on current and historical data. Further, the report also covers investment opportunities, market statistics, growing competition analysis, gross margins, and top business strategies.
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With the improving global economy, the trend of outsourcing research & development activities to third parties is rising. Most pharmaceutical and biotechnology companies outsource the R&D activities required to contractually discover medicines, therapeutic drugs, medical devices, and other pharmaceutical products.
Besides, the unprecedented global scientific focus on COVID-19 is benefitting the growth of the preclinical CRO market. Leading industry players offer full-service preclinical CRO. Their study focuses on the efficacy of prophylactic medication for maintaining the health and safety of healthcare personnel treating patients with the coronavirus.
Recent coronavirus crises have reformed best practices followed by time-sensitive and critical information in the preclinical CRO industry, increasing R&D and preclinical trials. Resultantly, the already booming preclinical CRO market is growing vibrantly. Moreover, augmenting demand for breakthrough medicines and generic drugs escalates the preclinical CRO market value.
The rising patient pool with the ever-increasing population is prompting the need for quality care more than ever. Also, increasing patent expiries, alongside the burgeoning pharmaceutical sector, impact the market growth positively. Besides, factors such as the adoption of a heady & sedentary lifestyle among the population drive the market growth, leading to the increasing prevalence of chronic diseases & disorders. Simultaneously, rapidly growing healthcare infrastructures strive to meet this demand by expanding access to excellent care. This, as a result, is promoting the demand for therapeutic medicines and devices dramatically.
These factors commutatively accelerate market growth, drastically increasing R&D activities for new drug discoveries. On the other hand, growing complexities in preclinical trials and lack of in-house laboratory capacity are factors acting as significant roadblocks to the growth of the market. Also, recent structural changes associated with employment in the preclinical CRO industry impede market growth, especially in developing regions.
Simultaneously, fluctuating exchange rates and freight charges, etc., pose challenges to the growth of the market. Nevertheless, the growing emphasis of pharma companies on improving the production of drugs rather than getting involved in R&D is estimated to support market growth throughout the review period.
The preclinical CRO market appears highly competitive due to the presence of several well-established players. Pricing and the range of services are the factors these companies compete against each other based on. The competitive strength of the players is dependent on service pricing, service precision, and versatility & reliability. The competition is forecasted to intensify further due to the rising innovations.
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For instance, on Jan.25, 2023, Crown Bioscience, a JSR Life Sciences company and global provider of preclinical CRO translational platforms, announced the acquisition of the IndivuServ business unit of Indivumed GmbH to expand the global service offering, including access and analysis of unique clinical biospecimens.
A Share Purchase Agreement (SPA) was executed between both parties on Dec.29, 2022. Indivumed GmbH has a global reputation for the provision and analysis of clinical biospecimens. The acquisition reflects Crown Bioscience's commitment to expanding its translational research platforms to provide its customers with superior options for bridging the gap between preclinical and clinical research.
Players driving the global preclinical CRO market include
The preclinical CRO market analysis is bifurcated into services, applications, end-users, and regions. The service segment is sub-segmented into toxicology testing, bioanalysis, drug metabolism, and pharmacokinetics studies (DMPK studies). The application segment is sub-segmented into oncology, central nervous system (CNS) disorders, cardiovascular diseases, immunological disorders, respiratory diseases, infectious diseases, diabetes, and others.
The end-user segment is sub-segmented into pharmaceutical & biopharmaceutical industries, medical device companies & academic institutes, and others. The region segment is sub-segmented into Asia-Pacific, Americas, Europe, and rest-of-the-world.
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North America dominates the preclinical CRO market. The largest share of the regional market is attributed to the growing numbers of pharmaceutical and biotechnology companies and preclinical trial outsourcing trends. Besides, the presence of many large players, well-established healthcare sectors, and a huge patient pool substantiate the region's preclinical CRO market shares.
The preclinical CRO market in the European region stands second globally in terms of both size & revenues. Factors fostering market growth include the presence of promising players, mainly in the UK, Germany, and Switzerland. With its advanced technologies and medical device preclinical CRO market, Germany contributes significantly to the regional market growth.
The Asia Pacific preclinical CRO market is emerging as a promising market globally. Substantial investments made by Asian CROs, alongside the improving economy in the region, provide a considerable impetus to regional market growth. Moreover, the availability of highly skilled yet cost-competitive lab professionals propels the market growth in this region, attracting foreign investors.
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