Preclinical CRO Market Astonishing Growth with Top Influencing Key players
Increasing demand for testing new drugs and chemicals and
vigorous growth in the pharmaceutical and biopharmaceutical sectors are
expected to drive the market growth. However, the bioanalysis and drug
metabolism and pharmacokinetics (DMPK) studies segment is projected to exhibit
the highest CAGR of 8.96% from 2019 to 2024. New technological developments by
various companies to provide better services to pharmaceutical companies is
driving the growth of the segment.
The Global Preclinical
CRO Market is estimated to be valued at USD 5,234.7 Million by 2024 and is
expected to register a CAGR of 8.14% during the forecast period. Americas
accounted for the largest market share of 40.7% in 2018, and the regional
market is projected to register a CAGR of 7.49% during the forecast period.
Asia-Pacific is expected to register the fastest CAGR. The Indian market is
projected to exhibit the highest growth rate of 9.44% during the forecast
period of 2019 to 2024.
Market Players
Market Research Future (MRFR) recognizes IQVIA (US), PAREXEL
International Corporation (US), Envigo (US), Charles River (US), Eurofins
Scientific (Luxembourg), ICON PLC (Dublin), PRA Health Sciences (US), Medpace
(US), Laboratory Corporation of America Holdings (US), Pharmaceutical Product
Development, LLC (US), WuXi AppTec (China), MD Biosciences (US) as the key
players in the global preclinical CRO market.
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Segment Analysis
The global preclinical CRO market has been segmented on the
basis of services, therapeutic area, end user and region. On the basis of
service, the market has been divided into the toxicology testing, bioanalysis
& bioanalysis, and drug metabolism and pharmacokinetics (DMPK) studies and
others. The toxicology segment held the majority market share in 2018. However,
bioanalysis & bioanalysis and drug metabolism and pharmacokinetics (DMPK)
studies are expected to be the fastest-growing owing to the new technological
developments by various companies to provide better services to pharmaceutical
companies.
Regional Analysis
Geographically, the global preclinical CRO market has been
segmented into North America, Europe, Asia-Pacific, and the Middle East &
Africa. As per MRFR analysis, the Americas was the largest market for the
preclinical CRO in 2018 and is expected to remain dominant during the review
period. Europe accounted for a significant market share and is projected to be
the second-largest market during the forecast period. The increasing
outsourcing activities in Europe are driving the growth of the preclinical CRO
market in the region. Germany accounted for the largest market share of 24.7%
in 2018, and the country-level market is projected to register a CAGR of 6.69%
during the forecast period.
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Akash Anand
Market Research Future
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