Preclinical CRO Market Overview:
The global market for the preclinical CRO market is getting backed by several factors like increasing investment in the pharmaceutical and biopharmaceutical sector, availability of additional value-added services, mutual benefits, a surge in the number of drugs for preclinical phase, and others. The global market is on track to surpass a valuation worth USD 5234.7 million during the forecast period of 2019 to 2024, with a CAGR of 8.14%. The constant growth in outsourcing can also propel the market’s growth.
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Preclinical CRO Market Segmentation:
The global market for preclinical CRO has been segmented on the basis of service, application, and end user to facilitate a study that would ease the process of deciding the future course of action. These segments will also reveal details regarding factors and their impact on production volume and revenue.
By service, the global preclinical CRO market has been segmented on the basis of toxicology testing, bioanalysis, drug metabolism and pharmacokinetics (DMPK) studies, and others. The toxicological testing segment will lead the global segment and its market valuation can surpass USD 2,476.28 Million by the end of 2024.
By application, the market study reveals segments like oncology, central nervous system (CNS) disorders, immunological disorders, respiratory diseases, cardiovascular diseases, diabetes, infectious diseases, and others. The growing occurrence of cardiovascular diseases can provide traction to the market. The oncology segment can also impact substantially.
By end user, the global market is getting studied on the basis of pharmaceutical and biopharmaceutical industries, medical device companies, and academic institutes. The pharmaceutical and biopharmaceutical industries are expected to make good ground as the investment in rising in the sector.
Preclinical CRO Market Regional Analysis:
The Americas had an over 40% market share in 2018, which made them the largest contributor. This control over the global market is expected to continue. Asia Pacific has the chance to outpace others with a 9.44% CAGR during the forecast period.
Preclinical CRO Market Competitive Landscape:
The global market for preclinical CRO us depending largely on the contributions made by companies like Envigo (US), Charles River (US), IQVIA (US), PAREXEL International Corporation (US), PRA Health Sciences (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), ICON PLC (Dublin), Pharmaceutical Product Development, LLC (US), Medpace (US), Laboratory Corporation of America Holdings (US), and MD Biosciences (US). Their endeavors are mainly focused on expanding the market reach and portfolio. For this, they took the routes concerning mergers, collaborations, acquisitions, innovations, spurring their expenditure for the research and development sector, and others. This also included a detailed approach dealing with marketing strategies like branding and launching plans. MRFR listed the latest changes in their report to make the study more comprehensive.
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Industry News:
In May 2020, Experimentica Ltd. announced that they have taken over the contract research division from Ophthy-DS, Inc. with a specialization in non-regulated drug discovery services and medical device testing for diverse ophthalmic indications. The company has made a significant name in the market as a leader in preclinical ophthalmic drug discovery services. Ophthy-DS, Inc. is a Michigan-based company with a substantial impact on the preclinical contract research organization (CRO) segment. This acquisition with cement Experimentica’s position in North America and boost its position as a leading service provider.
In May 2020, Altogen Labs announced that they would be offering in vivo xenograft efficacy studies and pharmacology/toxicology services that have been designed to increase the speed of preclinical research and drug development. The company has already made a name in the market as a GLP-compliant contract research laboratory (CRO).
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