The
global Preclinical CRO Market size
is expected to reach USD 7.8 billion by 2027, registering a CAGR of 8.3% over
the forecast period, according to a new report by Grand View Research, Inc. The
market is expected to show lucrative growth due to increasing R&D
expenditure and rising outsourcing trend, which is expected to increase the
demand for preclinical trials in the future. Whereas rise in number of complex
drugs entering clinical trials and increasing R&D expenses are some of the
factors responsible for the preclinical Contract Research Organization (CRO)
growth. Increasing prices and changes in reimbursement policies are also
anticipated to boost the in emerging countries such as India and China.
Increasing
number of new entrants in market is anticipated to help the market to grow
during the forecast period. Various companies are focusing on research and
development of new drugs and therefore are outsourcing these activities to
launch efficient CRO services in the market.
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Report
Preclinical
CRO Market Report Highlights
- Toxicology
testing held the largest share in the service segment in 2019 due to
increasing trend of outsourcing, especially in emerging countries
- Bioanalysis
is expected to grow with the highest CAGR of 8.8% over the forecast period
- North
America dominates the market with the largest share of 47.5% in 2019 owing
to advanced healthcare infrastructure in the region
- The Asia
Pacific region is projected to witness the fastest growth during the
forecast period owing to government support in development of outsourcing
hubs along with availability of skilled practitioners
- Some of the
key preclinical CRO market players are Envigo Corporation, MPI research,
and Eurofins Scientific.
About Us:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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