Preclinical CRO Market Set for Strong Growth: Expected to Reach $7.94 Billion by 2028 with a Remarkable CAGR of 8.8%

The preclinical cro market size has grown strongly in recent years. It will grow from $5.15 billion in 2023 to $5.66 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to demand for faster drug development, cost containment strategies, focus on core competencies, regulatory compliance requirements, globalization of clinical trials.

The preclinical cro market size is expected to see strong growth in the next few years. It will grow to $7.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rise in personalized medicine, focus on rare diseases and orphan drugs, increased outsourcing in biopharmaceuticals, emphasis on biomarker research, demand for real-world evidence generation. Major trends in the forecast period include integration of artificial intelligence (ai), expansion of oncology research, advances in omics technologies, advanced in vitro and in vivo models, collaboration for translational research.

Market Overview -
Preclinical CROs (contract research organizations) are support organizations that provide the knowledge in research and development needed to guide a drug candidate through animal testing and advance it to the clinical stage. A preclinical CRO supports new medical product producers in showing product safety and efficacy in living animals that the Food and Drug Administration (FDA) considers mirroring human anatomy most closely before entering clinical trials or being used for human care.

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Surging Demand For Preclinical Trials Drives Growth In The Preclinical Cro Market
The increasing demand for preclinical trials is expected to propel the growth of the preclinical CRO market going forward. Preclinical trials refer to any study conducted on medicine or treatment for a condition before human volunteers are used as test subjects. Preclinical studies often involve novel medical devices, prescription medications, and diagnostics, and its primary objectives are to establish a beginning, safe dose for first-in-human research and evaluate any potential toxicity of the product. Preclinical trials play a critical role in drug development, and their importance is increasing with the growing emphasis on the safety and efficacy of new drugs. For instance, in April 2023, according to the National Library of Medicine, a US-based medical library reports, 399,501 preclinical studies were conducted by the end of 2021, and 437,536 preclinical trials were completed by the end of 2022. Therefore, the increasing demand for preclinical trials is driving the growth of the preclinical CRO market going forward.

Competitive Landscape -
Major companies operating in the preclinical cro market report are Eurofins Scientific SE, PRA Health Sciences Inc., Wuxi AppTec Co. Ltd., Medpace Holdings Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, SGA SA, Intertek Group plc, Crown Bioscience International, Cynbiose, AmplifyBio LLC, Vivotecnia SL, Simavita Ltd., BioEmission Technology Solutions, Altasciences Company Inc., Global Center For Medical Innovation, Pharmaceutical Product Development LLC, Parexel International Corporation, Envigo RMS Holding Corporation, Veeda Clinical Research Ltd., ICON plc, Kunming Biomed International Ltd., PharmaLegacy Laboratories, NorthEast BioAnalytical Laboratories LLC, MDS Pharma Services, MPI Research, Toxikon Corporation, BioReliance Corporation, Covance Inc., Syngene International Limited

Revolutionizing Preclinical Drug Discovery
Technological advancements are a key trend gaining popularity in the preclinical CRO market. Major companies operating in the preclinical CRO market are adopting new technologies to sustain their position in the market. For instance, in February 2023, BenchSci, a Canada-based AI solutions company for preclinical R&D launched ASCEND, an end-to-end SaaS (software as a service) platform and for preclinical drug discovery. By gaining biological insights into the fundamental underpinnings of disease, this method seeks to speed up preclinical phase drug development pipelines. ASCEND extracts experimental data from safe internal and public external sources using BenchSci's machine learning technology. The platform compares experimental results using curated ontology datasets. As a result, the software can produce a map of the biological processes underpinning various diseases that is based on evidence.

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Key Segments -

The preclinical cro market covered in this report is segmented -

1) By Service: Bioanalysis And DMPK Studies, Toxicology Testing, Compound Management, Chemistry, Safety Pharmacology, Others Services
2) By Type: Patient Derived Organoid (PDO) Model, Patient Derived Xenograft Model
3) By Animal Model: Small Animal Model, Large Animal Model
4) By Model System: In Vivo, In Vitro
5) By End User: Biopharmaceutical Companies, Government And Academic Institutes, Medical Device Companies, Other End-users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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