Preclinical CRO Market Growth & Trends
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.
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.
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Preclinical CRO Market Report Highlights
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
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