Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “CRO accurate Market – Global Industry Analysis, Market Size, Opportunities and Outlook, 2020-2027 ”
LOS ANGELES, March 09, 2021 (GLOBE NEWSWIRE) – The Global CRO preclinical market it is expected to grow at a CAGR of around 9.0% in the projected period 2020 to 2027 and reach around US $ 8.2 Bn by 2027.
An increase in the percentage of clinical trials and high government spending on the healthcare sector are key factors expected to drive global preclinical CRO market growth.
The North American market is expected to account for a large revenue segment due to high government spending on new drug development. A gradual increase in the number of patients suffering from chronic diseases and a new virus surface is forcing the government to invest in the discovery of drugs as a preventive measure. The U.S. biopharmaceutical industry has been a world leader in the development of new pharmaceuticals and PhRMA member companies remain at the forefront. The entire biopharmaceutical industry invested approximately US $ 102 billion in research and development (R&D) in 2018.
Key players are aiming to promote the industry’s presence through strategic partnerships & agreements and this is expected to have a positive impact on the growth of the target market. In 2018, Frontage Laboratories Inc., a global CRO acquired Concord Biosciences ’preclinical CRO with the focus to advance its product portfolio. The acquisition supported the company in the pharmaceutical, agricultural, chemical and animal health industries with Drug Safety, Metabolism, Bioanalytical, Residue and Environmental studies.
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The Asia Pacific market is expected to see faster growth in the CRO preclinical market as a result of growing government spending on healthcare infrastructure development. The Government of developing countries spends high on the development of existing infrastructure. This is expected to attract large payers to set up a new venture in collaboration and to strengthen their business presence. In addition, the availability of favorable business policies by the government and the emergence of small & medium enterprises are expected to drive the growth of the target market.
There is more government focus on the development of life-saving drugs, along with the growing demand for service such as bioanalysis & DMPK studies, toxicology testing, etc. 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. An increase in a collaborative approach among the public and government for the development of novel products is expected to impact the growth of the CRO preclinical market. In addition, an increase in integration & acquisition activities with key players to promote the business and customer bases is expected to boost CRO preclinical market growth.
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In 2019, WuXi acquired AppTec, a global pharmaceutical player, Pharmapace, Inc., a U.S.-based clinical research services company. The build focused on the company’s core biometrics capabilities and was integrated with WuXi Clinical’s other clinical development services. This helped the company to increase its revenue share.
In 2018, Admescope Ltd acquired a global service provider of MetaSafe Absence, Circulation, Metabolism, and Extraction (ADME) and toxicology that focuses on metabolite recognition studies during drug development. This purchase helped the company increase the service package.
Factors such as strict government regulations related to preclinical and high cost associated with R&D are expected to hinder the growth of the global CRO market. In addition, the lack of developed infrastructure in developing countries hinders R&D activity which is expected to challenge the growth of the target market. However, high investment by the government for R&D activities, with key players focusing on increasing preclinical testing of the factors is expected to create new opportunities for players operating in the global CRO market. In addition, a bias toward strategic partnership between regional and public players is expected to support the growth of the target market.
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The CRO global preclinical market is segmented into service and end use. The service department is comprised of bioanalysis & dmpk studies, toxicology testing, and others. Among the type of service the toxicology testing sector is expected to account for a large revenue segment in the global CRO market. The end-use segment is divided into biopharmaceutical companies, government & academic institute, and medical device companies.
Among the end uses the segment of biopharmaceutical companies is expected to account for a large revenue segment in the target market. The players operating in the global market are CRO preclinical 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), Corporra Envigo. The market is highly competitive due to the large number of players operating at a global level.
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