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Preclinical CRO Global Market Report 2024 Market Size, Insights, Growth Demand And Forecast To 2033
Preclinical CRO Global Market Report
According to The Business Research Company's, The preclinical cro market size has grown strongly in recent years. It will grow from $5.15 billion in 2023 to $5.66 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to demand for faster drug development, cost containment strategies, focus on core competencies, regulatory compliance requirements, globalization of clinical trials.
The preclinical cro market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rise in personalized medicine, focus on rare diseases and orphan drugs, increased outsourcing in biopharmaceuticals, emphasis on biomarker research, demand for real-world evidence generation. Major trends in the forecast period include integration of artificial intelligence (ai), expansion of oncology research, advances in omics technologies, advanced in vitro and in vivo models, collaboration for translational research.
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Market Drivers and Trends:
The increasing demand for preclinical trials is expected to propel the growth of the preclinical CRO market going forward. Preclinical trials refer to any study conducted on medicine or treatment for a condition before human volunteers are used as test subjects. Preclinical studies often involve novel medical devices, prescription medications, and diagnostics, and its primary objectives are to establish a beginning, safe dose for first-in-human research and evaluate any potential toxicity of the product. Preclinical trials play a critical role in drug development, and their importance is increasing with the growing emphasis on the safety and efficacy of new drugs. For instance, in April 2023, according to the National Library of Medicine, a US-based medical library reports, 399,501 preclinical studies were conducted by the end of 2021, and 437,536 preclinical trials were completed by the end of 2022. Therefore, the increasing demand for preclinical trials is driving the growth of the preclinical CRO market going forward.
Technological advancements are a key trend gaining popularity in the preclinical CRO market. Major companies operating in the preclinical CRO market are adopting new technologies to sustain their position in the market. For instance, in February 2023, BenchSci, a Canada-based AI solutions company for preclinical R&D launched ASCEND, an end-to-end SaaS (software as a service) platform and for preclinical drug discovery. By gaining biological insights into the fundamental underpinnings of disease, this method seeks to speed up preclinical phase drug development pipelines. ASCEND extracts experimental data from safe internal and public external sources using BenchSci's machine learning technology. The platform compares experimental results using curated ontology datasets. As a result, the software can produce a map of the biological processes underpinning various diseases that is based on evidence.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Eurofins Scientific SE; PRA Health Sciences Inc.; Wuxi AppTec Co. Ltd.; Medpace Holdings Inc.; Charles River Laboratories International Inc.; Laboratory Corporation of America Holdings; SGA SA; Intertek Group plc; Crown Bioscience International; Cynbiose; AmplifyBio LLC; Vivotecnia SL; Simavita Ltd.; BioEmission Technology Solutions; Altasciences Company Inc.; Global Center For Medical Innovation; Pharmaceutical Product Development LLC; Parexel International Corporation; Envigo RMS Holding Corporation; Veeda Clinical Research Ltd.; ICON plc; Kunming Biomed International Ltd.; PharmaLegacy Laboratories; NorthEast BioAnalytical Laboratories LLC; MDS Pharma Services; MPI Research; Toxikon Corporation; BioReliance Corporation; Covance Inc.; Syngene International Limited
Preclinical CRO Market 2024 Key Insights:
• The preclinical cro market will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Surging Demand For Preclinical Trials Drives Growth In The Preclinical Cro Market
• Revolutionizing Preclinical Drug Discovery
• North America was the largest region in the preclinical CRO market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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