COVID-19 Impact on Pre Clinical CROs Market 2020 |Analysis By Covance, Charles River, Eurofins Scientific, PRA Health Sciences, WuXi AppTec, Medpace, Pharmaceutical Product Development, Parexel International Corporation, ICON, and MD Biosciences among the
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Pre Clinical CROs market expected to be US$ 4,282.42 Mn in 2018 and is predicted to grow at a CAGR of 8.1% during the forecast period 2019 - 2027, to reach US$ 8,412.9 Mn by 2027.
Covance Inc. (LabCorp)
Charles River Laboratories, Inc.
Eurofins Advinus Limited
PRA Health Sciences
WuXi AppTec Group
Pharmaceutical Product Development, LLC
MD Biosciences, Inc.
Higher Cost of Drug Development Process in Developed Countries
A rise in outsourcing activities by pharmaceutical companies has been witnessed during recent years. This trend has been seen as a plan to remain competitive and flexible in a market of exponential growth, sophisticated technologies, and an unstable economic environment. Companies generally outsource R&D tasks which include a broad range of activities such as, fundamental research to late-stage development: hit exploration and lead optimization, target validation, genetic engineering, assay development, safety and efficacy tests in animal models, and clinical trials which involve humans.
The major factors driving the growth of outsourcing activities by companies are, cutting costs, need for innovations, increased speed and agility, and accessing specialized knowledge and technologies. A decreasing percentage of profits has become a primary concern for pharmaceutical companies over the past decade. As per an analysis by PhRMA, around $0.8 to $1.7 billion is estimated to be invested by the pharmaceutical industry in R&D to bring a new drug to market. Hence, with an increase in the R&D expenditure, the need for Pre Clinical services is expected.
Increasing Number of Clinical Trials
Clinical trials are a vital step in discovering whether the medical strategy, treatment, or device is safe and effective for human use. It is one of the engines that drive innovation in the biopharmaceutical sector. Clinical studies help in understanding as well as determining the most suitable medical approaches for a particular therapeutic area. These trials are conducted primarily to collect data regarding the safety and efficacy of a new drug and device development. Before the approval of molecules and medical devices by the regulatory authorities, a series of clinical studies are carried out. Increasing the prevalence of chronic diseases is increasing the demand for the development of new drugs or medical devices for the treatment. According to a report published by Seeker Health, at any given point, there are approximately 6000 clinical trials for which patients enroll across the globe. This is in turn expected to increase the demand of the clinical trial activities for various therapeutic areas, hence driving the growth of the Pre Clinical CROs market.
TOC of Market Report Contains:
Production Market Analysis
Sales Market Analysis
Consumption Market Analysis
Production, Sales and Consumption Market Comparison Analysis
Major Manufacturers Production and Sales Market Comparison Analysis
Major Type of Analysis
Major Organization Size Analysis
Industry Chain Analysis
Global and Regional Market Forecast
Major Manufacturers Analysis
New Project Investment Feasibility Analysis
Bio-Analysis and DMPK Studies
Government and Academic Institutes
Medical Device Companies
Asia Pacific (APAC)
Middle East & Africa (MEA)
South and Central America
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