Rise in number of drug development activities and growing R&D expenditure in the healthcare sector is expected to drive the preclinical CRO market growth over the forthcoming years. The biopharmaceutical and pharmaceutical industry is spending heavily on clinical R&D. High expenditure associated with such activities have encouraged companies to opt for outsourced preclinical services. The need for deduction in cost and improved productivity builds in further interest in choosing outsourcing or contract research organizations, instigating preclinical CRO market development. According to Global Market Insights, Inc., the preclinical CRO market size is expected to exceed USD 7.8 billion by 2027.
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Increasing demand for toxicology testing services
Toxicology services are required in the preclinical phase, given that they assist in the characterization and identification of all toxicities related to the drug for predicting adverse events. The toxicology testing service segment accounted for a valuation of USD 1.7 billion.
These preclinical services are utilized for the depiction of the toxicity outline of a drug by detecting its effect on organ functionality or structure. This provides vital data related to long-term protection.
Surging number of R&D activities
Rising number of drugs and an escalation in the R&D expenditure are expected to augment preclinical CRO market size through the estimated period. The highest R&D expenses at the global level are recorded from the pharmaceutical and biopharmaceutical industry.
The soaring requirement for R&D cost containment is set to stimulate preclinical CROs market growth. This is on account of the increasing demand for enhanced efficiency and cost reduction.
Rising preference for preclinical CROs in the Asia Pacific
An upsurge in the ongoing preclinical testing in oncology and the number of investigational compounds will bolster the requirement for preclinical CROs in the APAC. The Asia Pacific preclinical CRO industry is projected to depict appreciable growth of 8.6 per cent through 2027.
This is due to the soaring prevalence of chronic health issues comprising cardiac diseases, cancer, and diabetes in the region. In addition, escalating concerns associated with drug safety and efficacy and the adoption of preclinical CROs by governments will propel industry growth.
On the whole, rapidly evolving research practices coupled with an increase in the outsourcing of R&D activities will boost preclinical CRO market share through the assessment period.
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Partial Chapter of the Table of Content
Chapter 3 Preclinical CRO Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
184.108.40.206 Increasing R&D expenditure worldwide
220.127.116.11 Growing outsourcing of R&D activities
18.104.22.168 Rising number of drugs in preclinical trails
3.3.2 Industry pitfalls & challenges
22.214.171.124 Stringent regulatory policies
3.4 Growth potential analysis
3.4.1 By service
3.4.2 By end-use
3.5 Porter’s analysis
3.6 Competitive landscape
3.6.1 Company matrix analysis
3.7 PESTEL analysis
Chapter 4 Preclinical CRO Market, By Service
4.1 Key segment trends
4.2 Bioanalysis & DMPK studies
4.2.1 Market size, by region, 2016 - 2027 (USD Million)
4.3 Toxicology testing
4.3.1 Market size, by region, 2016 - 2027 (USD Million)
4.4.1 Market size, by region, 2016 - 2027 (USD Million)