The global Preclinical CRO market size was estimated at USD $5.29 billion in 2022 and is expected to surpass around USD $11.32 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 7.90% during the forecast period 2023 to 2032.
Report Scope of The Preclinical CRO Market:
|Market Size In 2022||USD $5.29 Billion|
|Revenue Forecast By 2032||USD $11.32 Billion|
|Growth Rate From 2023 to 2032||7.90%|
|Segments Covered||Service, Model Type, End-Use|
|Market Analysis (Terms Used)||Revenue In USD Million/Billion And CAGR From 2023 To 2032|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Key Companies Profiled||WuXi AppTec, Inc. (WAI); LABCORP; Eurofins scientific se; Medpace holdings inc; Charles River Laboratories International, Inc.; Intertek group plc (igp); SGA SA; PPD (Thermo Fisher Scientific, Inc.); PRA Health Sciences, INC. (ICON plc); CROwn bioscience|
Increased R&D budget for drug development is leading to rising demand for preclinical contract research organization (CRO) services, thus boosting the market growth during the forecast period. The surge in the number of preclinical trials involving large molecules and the growing need to curb R&D expense is expected to contribute to the growing demand for quality preclinical CRO. The ongoing COVID-19 pandemic initially disrupted preclinical research projects, especially during the first quarter of 2020. Nevertheless, lifesaving drugs are developing and are brought to market swiftly.
Over the years, there has been a significant change in the process of drug approval by the Food and Drug Administration (FDA). Recently, the 21st Century Cures bill was passed in the U.S., which fastened the approval process for the launch of breakthrough drugs and medical devices. These changes in approval processes are expected to drive innovation and are also anticipated to increase demand for preclinical services, thereby contributing to market growth.
With regards to the COVID-19 vaccine itself, preclinical studies have been performed at an exponential speed, indicative of the overwhelming role of CROs. Increasing spending on CRO services is expected to boost the market growth significantly during the forecast period. The growing demand for drugs for COVID-19 is further contributing to the market growth. Different organizations across the globe had made significant funding for developing therapeutics and medical devices for COVID-19. For instance, in April 2021, the WHO in the R&D Blueprint of COVID-19 reported that over USD 1,618.5 million was funded for COVID-19 vaccine research. Such initiatives are likely to profit from the market growth.
Segments Covered in the Report: