Pre Clinical CROs market 2027 Top Players : ovance, Inc., Charles River, Eurofins Scientific, PRA Health Sciences

The global Pre Clinical CROs market is expected to reach US$ 8,412.9 Mn in 2027 from US$ 4,282.4 Mn in 2018. The market is estimated to grow with a CAGR of 8.1% from 2019-2027.

The report highlights the trends prevalent in the global Pre Clinical CROs market and the factors driving the market along with those that act as deterrents to its growth.
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The List of Companies
1. Covance, Inc.
2. Charles River
3. Eurofins Scientific
4. PRA Health Sciences
5. WuXi AppTec
6. Medpace, Inc.
7. Pharmaceutical Product Development, LLC
8. Parexel International Corporation
9. ICON Plc
10. MD Biosciences
The global Pre Clinical CROs market, based on service, has been segmented into bio-analysis and DMPK studies, toxicology and other services. The toxicology segment held a largest share of the market in 2018. Moreover, the same segment is anticipated to register the highest CAGR in the market during the forecast period as toxicology testing plays a vital role in drug discovery process to evaluate the safety of the drug candidate. Moreover, the test is also one of the most reliable and commonly performed that is taken into consideration for translation of animal responses into an understanding risk among human subjects.

Increasing R&D expenditures and high cost of drug development process in the developed countries have been boosting the market over the years. However, stringent regulations for conduction of clinical trials and variations in the GMP guidelines across countries around the globe are likely to have a negative impact on the growth of the market in the coming years.

PRE CLINICAL CROS – MARKET SEGMENTATION

By Service
• Bio-Analysis and DMPK Studies
• Toxicology
• Other Services
By End-User
• Biopharmaceutical Companies
• Government and Academic Institutes
• Medical Device Companies
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.
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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.

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This release was published on openPR.