Preclinical Cro Market Size, Share, 2019 Growth, Regions, Major Players, Future Prospects, Mega Trends And Forecast To 2023
Global Preclinical CRO Market Information by Service, Application, by End User and Region – Forecast till 2024
Pune, India – August 30, 2019 /MarketersMedia/ —
Global Preclinical CRO Market will register approximately 6.6% CAGR throughout the estimated period (2018 – 2023), gaining further prominence by the end of the year 2023. In 2017, the gains of the market had reached to USD 4,450.2 MN.
Factors such as the increasing number of research & development activities required for the discovery of therapeutic drugs and medicines and the development of medical devices and other pharmaceutical products are attributing to the growth of the preclinical CRO market. Moreover, improving economic conditions globally that are increasing the healthcare expenditures are escalating the market on the global platform.
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Further, the preclinical CRO market is predominantly led by the augmented demand for various useful medical devices, breakthrough medicines, and generic drugs for various therapeutics. Additionally, the growing number of patent expiries of drugs are fostering the growth of the market.
Also, the ever-increasing population that is increasingly adopting the heady & sedentary lifestyle is eventually leading to increasing the prevalence of chronic diseases & disorders which is a key driving force reasoning to the outstanding growth of this market.
On the flip side, factors such as the increasing complexities in the clinical trials and the lack of in-house laboratory capacity are some of the major factors impeding the growth of the market. Also, factors like the structural changes associated with the employment in the industry are acting as a major headwind that is inhibiting the growth of preclinical CRO market, especially, in the developing regions.
Nevertheless, the growing emphasis of pharma companies on improving the production of drugs rather than getting involved in the clinical trials which is a new interesting trend observed in the market during the analysis will support the growth of the market to an extent.
A preclinical contract research organization or preclinical CRO provides the required expertise to take a pharmaceutical product or medical device from its clinical stage to marketing or distribution. The global preclinical CRO market has been growing pervasively over the past few years. Over the last decade, the demand for therapeutic medicines and devices has increased dramatically, increasing the R&D activities for new drug discovery drastically.
Competitive Players:
PAREXEL International Corporation, IQVIA, Envigo, Charles River, ICON plc., Eurofins Scientific, Medpace, PRA Health Sciences (PRA) and others.
Segment Analysis:
The global preclinical CRO market has been segmented on the basis of services, therapeutic area, end user and region. On the basis of service, the market has been divided into the toxicology testing, bioanalysis & bioanalysis, and drug metabolism and pharmacokinetics (DMPK) studies and others. The toxicology segment held the majority market share in 2018. However, bioanalysis & bioanalysis and drug metabolism and pharmacokinetics (DMPK) studies are expected to be the fastest-growing owing to the new technological developments by various companies to provide better services to pharmaceutical companies.
Regional Analysis:
Geographically, the global preclinical CRO market has been segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. As per MRFR analysis, the Americas was the largest market for the preclinical CRO in 2018 and is expected to remain dominant during the review period. Europe accounted for a significant market share and is projected to be the second-largest market during the forecast period. The increasing outsourcing activities in Europe are driving the growth of the preclinical CRO market in the region. Germany accounted for the largest market share of 24.7% in 2018, and the country-level market is projected to register a CAGR of 6.69% during the forecast period.
Key Findings of the Study:
The Global Preclinical CRO Market is projected to reach over USD 5,234.7 Million by 2024 at 14% CAGR during the review period of 2019 to 2024.
Americas accounted for the largest market share with North America being the major contributor to the growth of the market.
The toxicology testing segment is projected to register the highest CAGR of 8.79% during the forecast period owing to the increasing demand for testing new drugs and chemicals.
Key manufacturers are adopting geographic expansions, corporate acquisitions, and product launches as growth strategies. Moreover, they are focusing on e-commerce for distribution.
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