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Preclinical CRO Market Trends

Report ID: GMI2860
Published Date: Mar 2023
Report Format: PDF

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Preclinical CRO Market Trends

Increasing prevalence of chronic disease is one of the key factors that organizations are aiming to develop the drugs for and to prevent such disease. For instance, GeoVax has outsourced their immune-oncology and infectious disease vaccine development to meet the medical needs. Their products have been outsourced for preclinical validations. Such outsourcing activities of drugs will increase the demand for preclinical CROs thereby supplementing the preclinical CRO market growth over the forecast timeframe. Moreover, technology has aided the market to semi-automate or automate current, manual procedures that will increase the demand for preclinical CROs, as companies tend to opt for such technological advancements in research studies. Thus, rising number of outsourcing activities to CROs for preclinical validation will further boost the industry statistics.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market for preclinical CRO exceeded a valuation of USD 5 billion in 2022 and is set to progress at more than 7.5% CAGR over the next 10 years owing to increasing R&D expenditure on early-stage development, coupled with the growing number of drugs in the preclinical phase.

Medical device companies segment is anticipated to depict more than 7.5% CAGR between 2023 and 2032 due to the mounting demand for special preclinical CRO services that fulfill the personalized needs of medical device and diagnostics companies.

Toxicology testing segment is projected to surpass USD 4 billion by 2032 as toxicology studies are a legal prerequisite of drug development.

North America preclinical CRO market held more than 43% business share in 2022 on account of consistent drug development and the strong presence of key medical device manufacturers in the region.