Preclinical CRO Market Size Worth $8.4 Billion By 2028 | CAGR: 8.1%: Grand View Research, Inc.

Preclinical CRO Market Size Worth $8.4 Billion By 2028 | CAGR: 8.1%: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Feb. 18, 2021

SAN FRANCISCO, Feb. 18, 2021 /PRNewswire/ -- The global preclinical CRO market size is expected to reach USD 8.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2021 to 2028. The market is expected to witness lucrative growth over the forecast period due to increasing R&D expenditure and growing outsourcing trend. The increasing volume of new drugs entering the preclinical phase is also anticipated to boost the market growth over the forecast period.

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Key suggestions from the report:

Read 240 page research report with ToC on "Preclinical CRO Market Size, Share & Trends Analysis Report By Service (Toxicology Testing, Bioanalysis & DMPK Studies), By End-use (Biopharmaceutical Companies, Government & Academic Institutes), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/preclinical-cro-market 

The market is undergoing a series of mergers and acquisitions, resulting in the improvement in full-service capabilities and international reach of larger companies. For instance, in 2019, WuXi AppTec acquired Pharmapace. On the other hand, mid-sized and smaller contract research organizations (CROs) are focusing on niche sectors and are providing a personalized approach to their sponsors. Various companies are focusing on research and development of new drugs, and therefore are outsourcing these activities to launch efficient CRO services in the market. This, in turn, provides a positive atmosphere for joint ventures among market participants owing to the preference of sponsors to maximize their benefits.

The COVID-19 epidemic is ever increasing since it was first identified in China in December 2019. Until January 20, 2021, more than 96.7 million cases of COVID-19 were reported globally, with more than 2,068,303 deaths across the globe. This pandemic has fast-tracked the development of vaccine and drug testing. There are currently more than 50 COVID-19 vaccine candidates in preclinical studies as well as trials.

North America held the largest share of 47.7% in 2020. Significant investment in healthcare R&D, coupled with well-developed healthcare infrastructure in the U.S., is contributing to the largest share of North America. Asia Pacific is projected to expand at the fastest CAGR of 12.0% over the forecast period.

Grand View Research has segmented the global preclinical CRO market on the basis of service, end-use, and region:

List of Key Players of Preclinical CRO Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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