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.
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.
Further key findings from the report suggest:
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