Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Preclinical CRO Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 09, 2021 (GLOBE NEWSWIRE) -- The Global Preclinical CRO Market is anticipated to grow at a CAGR of around 9.0% during the forecast period 2020 to 2027 and to reach around US$ 8.2 Bn by 2027.
Increasing percentage of clinical trials and high government spending on healthcare sector are major factors expected to drive the growth of global preclinical CRO market.
The market in North America is expected to account for major revenue share due to high government spending on development of new drugs. Gradual increase in number of patients suffering from chronic diseases and surfacing of new virus is forcing the government to invest in the drug discovery as a preventive step. The U.S. biopharmaceutical industry has been the world leader in development of new medicines and PhRMA member companies continue to be at the forefront. The entire biopharmaceutical industry invested an estimated US$ 102 billion in research and development (R&D) in 2018.
Major players are focused on enhancing the business presence through strategic partnership & agreements this is expected to positively impact the growth of target market. In 2018, Frontage Laboratories Inc. a global CRO acquired Concord Biosciences a preclinical CRO with the focus to enhance the product portfolio. The acquisition supported the company in pharmaceutical, agricultural, chemical and animal health industries with Drug Safety, Metabolism, Bioanalytical, Residue and Environmental Fate studies.
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The market in Asia Pacific is expected to witness faster growth in the preclinical CRO market due to increasing government spending on development of healthcare infrastructure. Government of developing countries is spending high on the development of present infrastructure. This is expected to attract major payers to establish new enterprise in collaboration and enhance their business presence. In addition, availability of favorable business polices by the government and emergence of small & mid-size enterprises is expected to boost the growth of target market.
Increasing government focus on development of lifesaving drugs, coupled with rising demand for service such as bioanalysis & DMPK studies, toxicology testing, etc. are major factors expected to drive the growth of global preclinical CRO market. PhRMA member companies have invested nearly US$ 1 trillion in R&D since 2000, establishing the biopharmaceutical sector as the most R&D-intensive industry in the U.S. economy. Increasing collaborative work approach among public and government for development of novel products is expected to impact the growth of preclinical CRO market. In addition, increasing merger & acquisition activities by major players in order to enhance the business and increase the customer bases is expected to boost the growth of the preclinical CRO market.
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In 2019, WuXi AppTec a global pharmaceutical player acquired Pharmapace, Inc. a U.S. based clinical research services company. The acquisition was focused on company’s core biometrics competences and integrated with WuXi Clinical’s other clinical development services. This helped the company to increase the revenue share.
In 2018, Admescope Ltd a global service provider of absorption, distribution, metabolism, and excretion (ADME) and toxicology acquired MetaSafe that focuses on metabolite identification studies during drug development. This acquisition helped the company to enhance the service portfolio.
Factors such as stringent government regulations related to preclinical and high cost associated to R&D are expected to hamper the growth of global preclinical CRO market. In addition, lack of developed infrastructure in developing countries restraining the R&D activities this is expected to challenge the growth of target market. However, high investment by the government for R&D activities, and major players focus on increasing the preclinical trials are factors expected to create new opportunities for players operating in the global preclinical CRO market. In addition, inclination towards strategic partnership between regional and public players is expected to revenue support the growth of target market.
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The global preclinical CRO market is segmented into service and end use. The service segment is bifurcated into bioanalysis & dmpk studies, toxicology testing, and others. Among type of service the toxicology testing segment is expected to account for major revenue share in the global preclinical CRO market. The end use segment is divided into biopharmaceutical companies, government & academic institute, and medical device companies.
Among the end use the biopharmaceutical companies segment is expected to account for major revenue share in the target market. Players operating in the global preclinical CRO market are ICON plc, Laboratory Corporation of America Holding, Medpace Inc, Pharmaceutical Product Development LLC (PPD), PRA Health Science, WuXi AppTec, Eurofins Scientific, Parexel International Corporation, Charles River Laboratories (MPI Research), Envigo Corporation. The market is highly competitive due to the presence of a large number of players operating on a global level.
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