New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview:
According to the latest analysis report from Persistence Market Research, the global Preclinical Contract Research Organization (CRO) market achieved a sales figure of US$ 5.1 Billion in 2022. The market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 9.2% from 2023 to 2033, reaching an estimated valuation of US$ 13.3 Billion by the end of 2033.
The segment contributing the highest revenue is expected to be Toxicology Testing, with a projected CAGR of 10% during the period from 2023 to 2033. The research by Persistence Market Research, a provider of market research and competitive intelligence, indicates that the market experienced a historical CAGR of approximately 7.6% from 2018 to 2022.
The Preclinical CRO market play a crucial role in shepherding drugs and medical devices from conceptualization to market. This involves the collaboration of scientists, a skilled workforce, subject matter experts, regulatory and industry liaisons, and a diverse array of other specialized and innovative individuals. Before progressing to clinical trials involving human subjects, new drugs or therapeutic devices must undergo rigorous testing in preclinical phases to ensure their safety and efficacy.
Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 5.5 billion | |
| Estimated Revenue 2033 | US$ 13.3 billion | |
| Growth Rate - CAGR | 9.2% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Service Type, By End-use, By Region | |
| Regions Covered | North America, Latin America, Europe, APAC, MEA | |
| Key Companies Profiled | Eurofins Scientific, PRA Health Sciences, Medpace Pharmaceutical Product Development, ICON Plc, Wuxi Apptec, MPI Research | |
Download Sample of this Research Report: https://www.persistencemarketresearch.com/samples/33295
Top 6 Trends in Preclinical CRO Market:
- Outsourcing Increase: The pharmaceutical industry has been increasingly outsourcing preclinical research activities to CROs to reduce costs and focus on core competencies.
- Technological Advancements: Adoption of advanced technologies such as high-throughput screening, in-silico modelling, and other innovative techniques to enhance the efficiency and accuracy of preclinical studies.
- Biosimilar Development: With the rise in the development of biosimilar, preclinical CROs have seen an increase in demand for services related to the evaluation of biologics and biosimilar products.
- Focus on Regulatory Compliance: Stringent regulatory requirements have led to a growing emphasis on compliance with Good Laboratory Practice (GLP) standards and other regulatory guidelines in preclinical research.
- Specialization in Therapeutic Areas: CROs specializing in specific therapeutic areas (oncology, neurology, immunology, etc.) to provide specialized expertise and services tailored to the needs of pharmaceutical and biotech companies.
- Integration of Big Data and Analytics: Utilization of big data analytics to derive meaningful insights from large datasets generated during preclinical studies, aiding in decision-making and optimizing the drug development process.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/preclinical-cro-market.asp
Consumption Analysis: Preclinical CRO Market:
Outsourcing Trends: The pharmaceutical industry has been increasingly outsourcing preclinical research activities to CROs. This is driven by a need to reduce costs, access specialized expertise, and accelerate the drug development timeline.
Increasing R&D Expenditure: The global increase in research and development (R&D) spending by pharmaceutical and biotechnology companies has positively impacted the preclinical CRO market. Companies are investing in outsourcing to manage costs and focus on core competencies.
Technological Advancements: Advances in technology, such as high-throughput screening, in vivo imaging, and molecular biology techniques, have enhanced the capabilities of preclinical research. CROs that can offer state-of-the-art technologies and expertise have a competitive advantage.
Regulatory Compliance: Stringent regulatory requirements in the pharmaceutical industry have made it crucial for companies to ensure compliance in preclinical studies. CROs that can navigate complex regulatory landscapes and provide high-quality data are in demand.
Therapeutic Areas: The demand for preclinical CRO services varies across different therapeutic areas. For example, there might be increased demand for preclinical services in areas such as oncology, central nervous system disorders, and rare diseases.
Globalization: The preclinical CRO market is becoming increasingly global, with companies looking for CROs that can provide services on a global scale. This trend is driven by the need for diverse patient populations, access to different expertise, and cost-effectiveness.
Potential mergers and acquisitions in Preclinical CRO Market:
Financial News Websites: Websites such as Bloomberg, Reuters, and CNBC often provide updates on mergers, acquisitions, and other financial activities in the healthcare and life sciences sectors.
Industry Reports and Publications: Reports from industry analysts and market research firms may provide insights into potential trends and developments in the preclinical CRO market, including M&A activities.
Company Press Releases: Keep an eye on press releases and official statements from major pharmaceutical companies and CROs. Companies typically announce significant business transactions through press releases.
SEC Filings: Companies are required to file documents with the U.S. Securities and Exchange Commission (SEC) that may contain information about mergers, acquisitions, and other financial transactions.
Conferences and Events: Industry conferences and events can be platforms where companies announce or discuss potential M&A activities. Monitoring presentations and discussions at such events may provide valuable insights.
Specialized News Outlets: Explore news outlets and publications that focus specifically on the pharmaceutical and CRO industries. These sources may offer in-depth coverage of industry developments.
Future Prospects:
Increased Outsourcing: The trend of outsourcing preclinical research activities is likely to continue, driven by the need for cost efficiency, access to specialized expertise, and a focus on core competencies by pharmaceutical and biotechnology companies.
Technological Advancements: Advances in technologies such as artificial intelligence, high-throughput screening, and advanced analytics will likely play a crucial role in shaping the future of preclinical CRO services. CROs that adopt and integrate these technologies effectively may gain a competitive edge.
Growing Demand in Emerging Markets: As pharmaceutical and biotech companies seek diverse patient populations and cost-effective solutions, there may be an increased demand for preclinical CRO services in emerging markets.
Rise in Personalized Medicine: The shift towards personalized medicine, which involves tailoring treatments based on individual patient characteristics, may impact the preclinical CRO market. CROs that can support personalized medicine research may experience increased demand.
Focus on Rare Diseases: With advancements in genomics and increased understanding of rare diseases, there could be a growing focus on preclinical research in this area. CROs with expertise in rare diseases may see expanded opportunities.
Regulatory Changes: Any shifts in regulatory requirements or the regulatory environment, such as changes in drug approval processes or safety regulations, can significantly impact the preclinical CRO market. CROs that stay abreast of regulatory changes and adapt accordingly will be better positioned for success.
Strategic Alliances and Partnerships: Continued collaboration between pharmaceutical companies, biotech firms, and CROs through strategic alliances and partnerships may shape the future landscape of preclinical research. Such collaborations could involve sharing resources, expertise, and infrastructure.
Integration of Data Sciences: The integration of data sciences and bioinformatics into preclinical research processes may enhance the efficiency and effectiveness of studies. CROs that can leverage data analytics for better decision-making and outcomes may find increased demand.
Some majors Players in the Preclinical CRO Market:
- Eurofins Scientific: Eurofins Scientific is a multinational life sciences company providing a broad range of analytical testing services to various industries, including pharmaceuticals, food, environmental, and clinical diagnostics. The company offers services such as laboratory testing, genomics, and pharmaceutical product testing. Eurofins has a significant presence in the global CRO market.
- PRA Health Sciences: PRA Health Sciences is a global CRO that specializes in providing clinical development and research services to pharmaceutical and biotechnology companies. The company offers a range of services, including clinical trials management, data management, biostatistics, and strategic consulting. PRA Health Sciences plays a key role in supporting the drug development process.
- Medpace: Medpace is a CRO that focuses on providing full-service clinical development services to the pharmaceutical and biotechnology industries. The company offers services such as clinical trial management, regulatory support, medical writing, and data management. Medpace is known for its therapeutic expertise and global capabilities.
- Pharmaceutical Product Development (PPD): PPD is a global CRO offering a comprehensive range of services in clinical development, laboratory services, and consulting. The company provides support for various phases of clinical trials, from early development to post-approval studies. PPD is known for its expertise in areas such as oncology, neurology, and infectious diseases.
- ICON plc: ICON plc is a global CRO that provides a wide array of services to the pharmaceutical, biotechnology, and medical device industries. The company's services include clinical trial management, data analytics, and consulting. ICON is known for its global reach and expertise in diverse therapeutic areas.
- Wuxi Apptec: Wuxi Apptec is a Chinese-based CRO with a global presence, offering a broad range of services in drug discovery, development, and manufacturing. The company provides services such as laboratory testing, preclinical research, and manufacturing of active pharmaceutical ingredients (APIs). Wuxi Apptec is a key player in the CRO industry, serving both domestic and international clients.
- MPI Research: MPI Research, now part of Charles River Laboratories, was a preclinical CRO specializing in non-clinical research services. The company provided a range of services including toxicology studies, safety assessments, and pharmacology services to support drug development. The acquisition by Charles River Laboratories expanded the capabilities of both organizations in preclinical research.
Market Segments Covered in Preclinical CRO Market Analysis:
By Service Type:
Bioanalysis and DMPK Studies: This service involves the analysis of drugs and their metabolites in biological samples. Drug Metabolism and Pharmacokinetics (DMPK) studies assess how the body absorbs, distributes, metabolizes, and excretes a drug.
In vitro ADME: In vitro ADME (Absorption, Distribution, Metabolism, and Excretion) studies evaluate how a drug behaves in laboratory settings, providing insights into its pharmacokinetics and potential efficacy.
In-vivo PK: In-vivo PK (Pharmacokinetics) studies involve the study of how the body processes and affects a drug over time, typically through the administration of the drug to living organisms.
Toxicology Testing: Toxicology testing assesses the safety of drugs or compounds by examining their potential adverse effects on living organisms. This can include both in vitro and in vivo studies.
GLP (Good Laboratory Practice): GLP refers to a set of principles and guidelines ensuring the quality and integrity of non-clinical laboratory studies. It is a regulatory standard that ensures data reliability and validity.
Computational Chemistry: Computational chemistry involves the use of computer simulations and modelling to study chemical structures and predict properties, aiding in drug discovery.
By End-use:
Biopharmaceutical Companies: Biopharmaceutical companies are organizations engaged in the research, development, and manufacturing of pharmaceutical products, including biologics and traditional drugs.
Government and Academic Institutes: Government and academic institutes are entities involved in scientific research, education, and policy development. They often collaborate on preclinical and clinical research projects.
Medical Device Companies: Medical device companies specialize in the development, manufacturing, and distribution of medical devices, such as diagnostic equipment and implants.
By Region:
North America: North America represents the pharmaceutical and biotechnology hub, with numerous CROs and research institutions concentrated in the United States and Canada.
Latin America: Latin America is emerging as a region with growing importance in clinical research, offering diverse patient populations and cost-effective research options.
Europe: Europe has a strong presence in the pharmaceutical and CRO industries, with countries like the United Kingdom, Germany, and France playing key roles in research and development.
APAC (Asia-Pacific): The Asia-Pacific region, including countries like China, India, and Japan, is a significant player in the CRO market, offering cost-effective services and diverse patient populations.
MEA (Middle East and Africa): The Middle East and Africa region is experiencing growth in clinical research activities, with several countries contributing to the expansion of the pharmaceutical and CRO sectors.
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Persistence Market Research
Teerth Technospace, Unit B-704
Survey Number - 103, Baner
Mumbai Bangalore Highway
Pune 411045 India
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com
