Pre-Clinical CROs Market to Grow with $8,412.9 Million by 2027 with Top Brands – WuXi AppTec Group, Medpace, Pharmaceutical Product Development, Parexel International, ICON

October 03 12:34 2019
Pre-Clinical CROs Market to Grow with $8,412.9 Million by 2027 with Top Brands - WuXi AppTec Group, Medpace, Pharmaceutical Product Development, Parexel International, ICON

Pre-Clinical CROs Market
Pre-Clinical CROs Market to 2027 – Global Analysis and Forecasts By Service (Bio-analysis & DMPK Studies, Toxicology, and Other Services); End User (Biopharmaceutical Companies, Government & Academic Institutes, and Medical Device Companies), and Geography

According to a new market research study titled ‘Pre-clinical CROs Market to 2027 – Global Analysis and Forecasts by Service and End User.’ 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.

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.

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The report segments the global pre-clinical CROs market as follows:

•    Global Pre-Clinical CROs Market – By Service
•    Bio-Analysis and DMPK Studies
•    Toxicology
•    Other Services

•    Global Pre-Clinical CROs Market – 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.

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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