Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The "Preclinical CRO Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global preclinical CRO market is expected to grow from $4.67 billion in 2022 to $5.15 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The preclinical CRO market is expected to reach $7.26 billion in 2027 at a CAGR of 8.9%.
The increasing demand for preclinical trials is expected to propel the growth of the preclinical CRO market going forward. Preclinical trials play a critical role in drug development, and their importance is increasing with the growing emphasis on the safety and efficacy of new drugs. For instance, in April 2023, according to the National Library of Medicine, a US-based medical library reports, 399,501 preclinical studies were conducted by the end of 2021, and 437,536 preclinical trials were completed by the end of 2022. Therefore, the increasing demand for preclinical trials is driving the growth of the preclinical CRO market going forward.
Technological advancements are a key trend gaining popularity in the preclinical CRO market. Major companies operating in the preclinical CRO market are adopting new technologies to sustain their position in the market. For instance, in February 2023, BenchSci, a Canada-based AI solutions company for preclinical R&D launched ASCEND, an end-to-end SaaS (software as a service) platform and for preclinical drug discovery. By gaining biological insights into the fundamental underpinnings of disease, this method seeks to speed up preclinical phase drug development pipelines. ASCEND extracts experimental data from safe internal and public external sources using BenchSci's machine learning technology. The platform compares experimental results using curated ontology datasets. As a result, the software can produce a "map" of the biological processes underpinning various diseases that is based on evidence.
Major players in the preclinical CRO market are Eurofins Scientific SE, PRA Health Sciences Inc., Wuxi AppTec, Medpace Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, SGA SA, Intertek Group Plc, Crown Bioscience International, Cynbiose, AmplifyBio, Vivotecnia, Simavita Ltd., BioEmission Technology Solutions, Altasciences, Global Center For Medical Innovation, Pharmaceutical Product Development LLC, Parexel International, and Envigo.
In June 2022, Asahi Kasei Medical Co. Ltd., a Japan-based chemical company, acquired Bionova Scientific, LLC, for an undisclosed amount. With the acquisition of Bionova Scientific, Asahi Kasei Medical will be able to expand its bioprocess business by adding a biopharmaceutical CDMO (contract development and manufacturing organization) and reaching a broader customer base, including those developing the most cutting-edge next-generation biopharmaceuticals. Bionova Scientific, LLC is a US-based company that offers biopharmaceutical firms contract process development services and GMP-compliant contract manufacturing services.
North America was the largest region in the preclinical CRO market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in preclinical CRO report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $5.15 billion |
| Forecasted Market Value (USD) by 2027 | $7.26 billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Preclinical CRO Market Characteristics
3. Preclinical CRO Market Trends And Strategies
4. Preclinical CRO Market - Macro Economic Scenario
4.1. COVID-19 Impact On Preclinical CRO Market
4.2. Ukraine-Russia War Impact On Preclinical CRO Market
4.3. Impact Of High Inflation On Preclinical CRO Market
5. Preclinical CRO Market Size And Growth
5.1. Global Preclinical CRO Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Preclinical CRO Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Preclinical CRO Market Segmentation
6.1. Global Preclinical CRO Market, Segmentation By Service, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Bioanalysis And DMPK Studies
- Toxicology Testing
- Compound Management
- Chemistry
- Safety Pharmacology
- Others Services
6.2. Global Preclinical CRO Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Patient Derived Organoid (PDO) Model
- Patient Derived Xenograft Model
6.3. Global Preclinical CRO Market, Segmentation By Animal Model, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Small Animal Model
- Large Animal Model
6.4. Global Preclinical CRO Market, Segmentation By Model System, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- In Vivo
- In Vitro
6.5. Global Preclinical CRO Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Biopharmaceutical Companies
- Government And Academic Institutes
- Medical Device Companies
- Other End-users
7. Preclinical CRO Market Regional And Country Analysis
7.1. Global Preclinical CRO Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Preclinical CRO Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes:
- Eurofins Scientific SE
- PRA Health Sciences Inc.
- Wuxi AppTec
- Medpace Inc.
- Charles River Laboratories International Inc.
- Laboratory Corporation of America Holdings
- SGA SA
- Intertek Group PLC
- Crown Bioscience International
- Cynbiose
- AmplifyBio
- Vivotecnia
- Simavita Ltd.
- BioEmission Technology Solutions
- Altasciences
- Global Center For Medical Innovation
- Pharmaceutical Product Development LLC
- Parexel International
- Envigo
For more information about this report visit https://www.researchandmarkets.com/r/4t1vko
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