Market Research Report
Preclinical CRO Market Size, Share & Trends Analysis Report By Service (Toxicology Testing, Bioanalysis & DMPK Studies), By End-use (Biopharmaceutical Companies, Government & Academic Institutes), And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||989729|
|Published||Content info||240 Pages
Delivery time: 2-3 business days
|Preclinical CRO Market Size, Share & Trends Analysis Report By Service (Toxicology Testing, Bioanalysis & DMPK Studies), By End-use (Biopharmaceutical Companies, Government & Academic Institutes), And Segment Forecasts, 2021 - 2028|
|Published: February 11, 2021||Content info: 240 Pages||
The global preclinical CRO market size is expected to reach USD 8.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2021 to 2028. The market is expected to witness lucrative growth over the forecast period due to increasing R&D expenditure and growing outsourcing trend. The increasing volume of new drugs entering the preclinical phase is also anticipated to boost the market growth over the forecast period.
The market is undergoing a series of mergers and acquisitions, resulting in the improvement in full-service capabilities and international reach of larger companies. For instance, in 2019, WuXi AppTec acquired Pharmapace. On the other hand, mid-sized and smaller contract research organizations (CROs) are focusing on niche sectors and are providing a personalized approach to their sponsors. Various companies are focusing on research and development of new drugs, and therefore are outsourcing these activities to launch efficient CRO services in the market. This, in turn, provides a positive atmosphere for joint ventures among market participants owing to the preference of sponsors to maximize their benefits.
The COVID-19 epidemic is ever increasing since it was first identified in China in December 2019. Until January 20, 2021, more than 96.7 million cases of COVID-19 were reported globally, with more than 2,068,303 deaths across the globe. This pandemic has fast-tracked the development of vaccine and drug testing. There are currently more than 50 COVID-19 vaccine candidates in preclinical studies as well as trials.
North America held the largest share of 47.7% in 2020. Significant investment in healthcare R&D, coupled with well-developed healthcare infrastructure in the U.S., is contributing to the largest share of North America. Asia Pacific is projected to expand at the fastest CAGR of 12.0% over the forecast period.