Visiongain Publishes Preclinical CRO Market Report 2020-2030
30 July 2020
Visiongain has launched a new report Preclinical CRO Market Report 2020-2030: Forecasts by Services (Bioanalysis & DMPK Studies, Toxicology Testing), by End-use (Biopharmaceutical Companies, Medical Device Companies), and by Region (North America, Europe, Asia Pacific, Latin America & MEA), Including Forecasts by Major Developed Countries and Developing Countries, Plus Profiles of Leading Companies.
Preclinical contract research organization (CRO) helps companies take their product from the planning phase to marketing or distribution. This journey requires the experience and aptitude provided by these organization and help in the product approval process. This process involves the knowledge from many professionals such as specialists, researchers, legislative and industry contacts, and large group of innovative people. Prior to use of pharmaceutical products by people, it needs to successfully undergo preclinical preliminaries. As these preliminary tests need to be performed on animals, there is a need for supervision by veterinaries and control specialists. As these companies do not have access to such specialists, they opt for such contract research to analyse the safety of the product.
There is a rise in pressure to decrease the overall expenses for drug delivery and development. As the outsourcing the preclinical services to CROs can help to reduce the time and expenses for the preliminary tests, there is increase in the companies that opt for these services. Moreover, changes in process of FDA drug approval process such as 21st Century Cures bill passed in U.S., would reduce the time required for the launch of breakthrough drugs and technology. Although preclinical CROs lack standardization, these CROs are improving their quality standards and attempting to comply with international standards implemented by regulatory authorities. This will motivate companies to outsource high-end tests such as genotoxicity that are currently conducted in-house. Such factors are expected to increase the demand of CRO services.
Almost 50% of failure in preclinical phase occurs during toxicology testing. Thus, toxicological testing segment is the dominant segment in the preclinical CRO market. The increase in number of drugs undergoing preclinical phase, rise in R&D expenditure, and growing demand for outsourcing services further drives the growth of global preclinical CRO market. However, the high labour costs, and stringent regulatory policies are expected to hamper the market growth.
The Visiongain report analyst commented "The increase in number of drugs in preclinical phase, increase in R&D investments, need to contain expenses for drug discovery and development, and increase in awareness regarding the benefits of using outsourcing services are further driving the growth of the Preclinical CRO market."
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Envigo Corporation, MPI research, Eurofins Scientific, PRA Health Sciences, Inc., Wuxi AppTec, Medpace, Inc., Pharmaceutical Product Development, LLC, Paraxel International Corporation, Icon Plc, and Laboratory Corporation of America, Inc.
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