Preclinical CRO Market Analysis by Application, Types, Region and Business Growth Drivers by 2024
Date: 2019-02-13   Author: Rahul Sankrityayan  Category: #industry

Preclinical CRO  Market Analysis by Application, Types, Region and Business Growth Drivers by 2024

Rising need and demand for outsourcing should accelerate business growth in forthcoming years. Contract research firms offer quicker R&D to companies. Many emerging economies are found to employ CROs for carrying out their R&D activities and clinical trials. Thus, numerous companies are increasingly relying on outsourcing for drug development. For instance, according to American Pharmaceutical Review, developing companies are found to outsource 55% services during the first phase of clinical trials whereas 69% of medium-sized biotech and pharmaceutical companies outsource during second phase. Thus, growing demand for outsourcing should stimulate market growth.

Increasing need for R&D cost containment will positively impact preclinical CROs market growth. Technological advancements and product innovation account for substantial cost in R&D. Additionally, R&D cost for every approved new molecular entity is increasing. Thus, improved efficiency and need for reduction in cost further escalates the demand for outsourcing or contract research organizations, thereby impelling market share.lack of standardization to regulatory policies can potentially impede market growth in recent years.

Get Table of Content of this [email protected]  https://www.gminsights.com/request-toc/upcoming/2860

Toxicology testing service segment will witness lucrative growth during the forecast timeframe owing to increasing demand for testing of new drugs and chemicals. Robust growth in pharmaceutical and biopharmaceutical sector accelerates the rise in need for toxicology testing. Efforts to decrease animal testing coupled with rising focus on early safety assessments will further assist in boosting segmental growth in upcoming years.

Biopharmaceutical companies end-use segment will contribute to significant market share. High segmental share is attributable to growing focus of the firms to reduce R&D expenditure.  Increase in number of drug entities owing to growing competition and disease burden will propel biopharmaceutical companies growth. Moreover, stringent regulatory requirements for drugs and biopharmaceutical products should impel segmental growth in forthcoming years.

 

By Region

U.S. preclinical CROs market will show remarkable growth. Growth can be credited to high demand for toxicology testing. High quality and greater success rate will lead to substantial growth in the country. Furthermore, fast development of biosimilars across the country should stimulate increase in U.S. preclinical CROs industry size over the forecast timeframe.

India preclinical CROs market will grow at considerable CAGR over the projected timeframe. India offers preclinical services at lower costs than developed nations that fosters customer preference. Initiatives by Indian Government to expand the CRO potential will offer attractive market opportunity in recent years. In addition, availability of scientific expertise in the country will spur business growth in India.

Browse Full Report Details @ https://www.gminsights.com/industry-analysis/preclinical-cro-market

 By Industry

The major market players of global preclinical CRO market include Envigo Corporation, MPI research, Eurofins Scientific, PRA Health Sciences, Wuxi AppTec, Medpace, Pharmaceutical Product Development, Paraxel International Corporation, ICON and Laboratory Corporation of America. Firms are emphasizing on strategic alliances such as collaborations and partnerships for expanding their market reach. For instance, in October 2016, Envigo Corporation collaborated with Intertek and OCSiAl. This initiative will assist the company in enhancing its position in industry.

Rising need and demand for outsourcing should accelerate business growth in forthcoming years. Contract research firms offer quicker R&D to companies. Many emerging economies are found to employ CROs for carrying out their R&D activities and clinical trials. Thus, numerous companies are increasingly relying on outsourcing for drug development. For instance, according to American Pharmaceutical Review, developing companies are found to outsource 55% services during the first phase of clinical trials whereas 69% of medium-sized biotech and pharmaceutical companies outsource during second phase. Thus, growing demand for outsourcing should stimulate market growth.

Increasing need for R&D cost containment will positively impact preclinical CROs market growth. Technological advancements and product innovation account for substantial cost in R&D. Additionally, R&D cost for every approved new molecular entity is increasing. Thus, improved efficiency and need for reduction in cost further escalates the demand for outsourcing or contract research organizations, thereby impelling market share.lack of standardization to regulatory policies can potentially impede market growth in recent years.

 Get Table of Content of this [email protected]  https://www.gminsights.com/request-toc/upcoming/2860

Toxicology testing service segment will witness lucrative growth during the forecast timeframe owing to increasing demand for testing of new drugs and chemicals. Robust growth in pharmaceutical and biopharmaceutical sector accelerates the rise in need for toxicology testing. Efforts to decrease animal testing coupled with rising focus on early safety assessments will further assist in boosting segmental growth in upcoming years.

Biopharmaceutical companies end-use segment will contribute to significant market share. High segmental share is attributable to growing focus of the firms to reduce R&D expenditure.  Increase in number of drug entities owing to growing competition and disease burden will propel biopharmaceutical companies growth. Moreover, stringent regulatory requirements for drugs and biopharmaceutical products should impel segmental growth in forthcoming years.

By Region

U.S. preclinical CROs market will show remarkable growth. Growth can be credited to high demand for toxicology testing. High quality and greater success rate will lead to substantial growth in the country. Furthermore, fast development of biosimilars across the country should stimulate increase in U.S. preclinical CROs industry size over the forecast timeframe.

India preclinical CROs market will grow at considerable CAGR over the projected timeframe. India offers preclinical services at lower costs than developed nations that fosters customer preference. Initiatives by Indian Government to expand the CRO potential will offer attractive market opportunity in recent years. In addition, availability of scientific expertise in the country will spur business growth in India.

Browse Full Report Details @ https://www.gminsights.com/industry-analysis/preclinical-cro-market

 By Industry

The major market players of global preclinical CRO market include Envigo Corporation, MPI research, Eurofins Scientific, PRA Health Sciences, Wuxi AppTec, Medpace, Pharmaceutical Product Development, Paraxel International Corporation, ICON and Laboratory Corporation of America. Firms are emphasizing on strategic alliances such as collaborations and partnerships for expanding their market reach. For instance, in October 2016, Envigo Corporation collaborated with Intertek and OCSiAl. This initiative will assist the company in enhancing its position in industry.

 



About Author


Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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