Preclinical CRO Market to be Worth $9.67 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Sept. 13, 2022 /PRNewswire/ -- The global preclinical CRO market size is expected to reach USD 9.67 billion by 2030, expanding at a CAGR of 7.9%, 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 trends. The increasing volume of new drugs entering the preclinical phase is also anticipated to boost the market during the forecast period. However, the COVID-19 pandemic had temporarily affected the market owing to the shutdown of research sites due to the implementation of national lockdowns.

Key Industry Insights & Findings from the report:

• The toxicology testing segment accounted for the largest share of more than 25.48% in 2021 due to its significance in Investigational New Drug (IND)-enabling studies.
• The Patient Derived Organoid (PDO) Model segment held the largest share of 80.47% in 2021, owing to the high accuracy obtained by this model.
• The government and academic institutes segment is anticipated to witness the fastest CAGR of 8.2% during the forecast period. This growth is credited to the rising government initiatives in the healthcare sector, especially in developing economies.
• North America held the highest revenue share of the global market in 2021. Huge investments in healthcare R&D, coupled with well-developed healthcare infrastructure in the U.S., contributed to the market growth in North America. Asia Pacific is projected to expand with the fastest CAGR of 10.9% during the forecast period.

Read 275-page full market research report, "Preclinical CRO Market Size, Share & Trends Analysis Report By Service (Toxicology Testing, Bioanalysis & DMPK Studies), By End Use (Biopharmaceutical Companies, Government & Academic Institutes), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Preclinical CRO Market Growth & Trends

The market is undergoing a series of mergers and acquisitions, resulting in improvement in full-service capabilities and the international reach of larger companies. For instance, in 2019, WuXi AppTec acquired Pharmapace. On the other hand, mid-sized and smaller contract research organizations are focusing on niche sectors and are providing a personalized approach to their sponsors. 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. This, in turn, provides a positive atmosphere for joint ventures among market participants owing to the preference of sponsors to maximize their benefits.

The COVID-19 pandemic is ever increasing since the disease was first identified in China in December 2019. Until March 9, 2022, more than 4500 million cases of COVID-19 were reported globally; this pandemic has fast-tracked the development of vaccines and drug testing. There are currently over 195 COVID-19 vaccine candidates in preclinical studies.

Preclinical CRO Market Segmentation

Grand View Research has segmented the global Preclinical CRO market on the basis of service, model type, end-use, and region 

Preclinical CRO Market - Service Outlook (Revenue, USD Million, 2018 - 2030)

• Bioanalysis and DMPK studies
• In vitro ADME
• In-vivoPK
• Toxicology Testing
• GLP
• Non-GLP
• Compound Management
• Process R&D
• Custom Synthesis
• Others
• Chemistry
• Medicinal Chemistry
• Computation Chemistry
• Safety Pharmacology
• Others

Preclinical CRO Market - Model Type Outlook (Revenue, USD Million, 2018 - 2030)

• Patient Derived Organoid (PDO) Model
• Patient derived xenograft model

Preclinical CRO Market -  End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Biopharmaceutical Companies
• Government and Academic Institutes
• Medical Device Companies

Preclinical CRO Market - Regional Outlook (Revenue, USD Million, 2018- 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia

List of Key Players in the Preclinical CRO Market

• Eurofins Scientific
• PRA Health Sciences, Inc.
• Wuxi AppTec
• Medpace, Inc.
• Charles River Laboratories International, Inc.
• Pharmaceutical Product Development (PPD), LLC
• SGS SA (SGS)
• Intertek Group Plc (IGP)
• Laboratory Corporation of America, Inc.
• Crown Bioscience

Check out more related studies published by Grand View Research:

• Preclinical Imaging Market - The global preclinical imaging market size is expected to reach USD 5.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.8% from 2022 to 2030. Heavy investments in research and development are encouraging research projects worldwide. As a result, the demand for preclinical imaging is steadily increasing. Pharmaceuticals, biotechnology, life sciences, medical devices, and cosmetics are wide application areas, where imaging modalities are widely used in research and development. Furthermore, veterinary hospitals and educational institutions also create additional demand for this market.
  
  
• Medical Device Contract Research Organization Market - The global medical device contract research organization market size is expected to reach USD 12.1 billion by 2028, registering a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc. During the second half of the COVID-19 pandemic in 2020, the market witnessed a surge in demand for CRO services as compared to the first half, where the growth was stagnant. The main driver of the market includes time-saving, cost efficiency, and expertise in the area, which accelerates the process of devices reaching the market. In addition, outsourcing to a CRO with precise expertise in a medical device helps in meeting the complex regulatory requirements and audits as they work on it on a daily basis.
  
  
• Dermatology CRO Market - The global dermatology CRO market size is expected to reach USD 7.04 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. The rise in demand for topical dermatological medications, such as anti-inflammatory agents, anti-infective, local anesthetics, cleansers, and emollients, to treat acne is a major factor driving the market. Furthermore, increased awareness regarding skin diseases, high demand for speedy diagnosis, and an increase in the prevalence of skin cancer and other skin problems are all driving the industry forward.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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