SAN FRANCISCO, November 29, 2017 /PRNewswire/ —
The global preclinical CRO market is anticipated to reach USD 6.6 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness lucrative growth during the forecast period owing to rise in R&D expenditure on early stage development as well as increase in number of drugs in preclinical phase. Hence, increase in outsourcing penetration is further expected to contribute to the growing demand of life science companies for outsourced preclinical services.
Rise in the number of complex drugs entering preclinical trial and growing pressure to curb R&D expenses are expected to contribute to the growing demand for quality CROs, thereby contributing to the market growth. As per Servier Research Institute, issues related to nonclinical toxicology testing results in a 50.0% failure rate in the early stage development phase. High failure rate in this phase is expected to contribute to the demand for early stage development CROs during the forecast period.
Rise in outsourcing of R&D and growing competency of CROs are expected to further contribute to the growing demand for early stage development CROs by life science companies. CRO’s such as Charles River Laboratories and LabCorp specialize in early phase development services. Vendors in emerging countries, such as India and China, provide quick preclinical services at lower costs, which contributes to the outsourcing of R&D.
Browse full research report with TOC on “Preclinical CRO Market Analysis By Service Type (Bioanalysis & DMPK Studies, Toxicology Testing, Other Preclinical Services), By End-use, And Segment Forecasts, 2014 – 2025“ at: http://www.grandviewresearch.com/industry-analysis/preclinical-cro-market
Further Key Findings From the Report Suggest:
Toxicology testing held the largest share in the service segment as of 2016 and is expected to dominate over the forecast period. The attrition of drugs due to toxicity is fueling demand for outsourcing of preclinical studies to CROs, which offer end-to-end services, including toxicology testing. Biopharmaceutical companies are the major clients for preclinical vendors and held the highest share in the end-use segment in 2016 and is expected to dominate over the forecast period. North America is expected to dominate preclinical CRO market over the forecast period owing to local presence of established early development CRO’s, such as Charles River Laboratories International, Inc.; Laboratory Corporation of America; and Envigo. In addition, better quality of work, established scientific experience, economic stability, and better