The latest trends in the preclinical CRO market are driven by an increase in collaborative strategies by key industry participants. In a similar context, Charles River Laboratories completed the acquisition of MPI Research, a non-clinical organization focused on providing comprehensive testing services, in February 2018. —
Citing another instance, in February 2021, ERS Genomics awarded CRO ZeClinics with a non-exclusive license to its CRISPR-Cas9 patent portfolio. ZeClinics will be utilizing this license for the creation of somatic F0 knockout, single-knockout, and double-knockout zebrafish variants to be deployed as disease models.
According to Eric Rhodes, the CEO of ERS, by securing access to this foundational CRISPR-Cas9 intellectual property, ZeClinics is capable of continuing the provision of valuable preclinical services and models for drug development and discovery. Similar advancements are touted to bolster the demand for preclinical testing over the ensuing years.
As per the latest research by Global Market Insights Inc., the global preclinical CRO market size is estimated to surpass USD 7.8 billion by 2027.
Major preclinical CRO companies comprise Laboratory Corporation of America Holdings, Pharmaceutical Product Development, Charles River Laboratories, Envigo, and others. These participants are focusing on acquisitions, mergers, partnership agreements, and product developments for the enhancement of product portfolio and increasing their geographical footprint.
To access a sample copy or view preclinical CRO market report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/2860
Few pivotal trends driving industry expansion include:
Increasing demand for toxicology testing services
Toxicology services are required in the preclinical phase, given that they assist in the characterization and identification of all toxicities related to the drug for predicting adverse events. The toxicology testing service segment accounted for a valuation of USD 1.7 billion.
These preclinical services are utilized for the depiction of the toxicity outline of a drug by detecting its effect on organ functionality or structure. This provides vital data related to long-term protection.
Surging number of R&D activities
Rising number of drugs and an escalation in the R&D expenditure are expected to augment preclinical CRO market size through the estimated period. The highest R&D expenses at the global level are recorded from the pharmaceutical and biopharmaceutical industry.
The soaring requirement for R&D cost containment is set to stimulate preclinical CROs market growth. This is on account of the increasing demand for enhanced efficiency and cost reduction.
Rising preference for preclinical CROs in the Asia Pacific
An upsurge in the ongoing preclinical testing in oncology and the number of investigational compounds will bolster the requirement for preclinical CROs in the APAC. The Asia Pacific preclinical CRO industry is projected to depict appreciable growth of 8.6 per cent through 2027.
This is due to the soaring prevalence of chronic health issues comprising cardiac diseases, cancer, and diabetes in the region. In addition, escalating concerns associated with drug safety and efficacy and the adoption of preclinical CROs by governments will propel industry growth.
On the whole, rapidly evolving research practices coupled with an increase in the outsourcing of R&D activities will boost preclinical CRO market share through the assessment period.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA
Release ID: 89037972