Preclinical CRO Market - By Service (Bioanalysis & DMPK Studies, Toxicology Testing), By End-use (Biopharmaceutical Companies, Government & Academic Institutes, Medical Device Companies), By Region & Global Forecast, 2023 - 2032

Preclinical CRO Market - By Service (Bioanalysis & DMPK Studies, Toxicology Testing), By End-use (Biopharmaceutical Companies, Government & Academic Institutes, Medical Device Companies), By Region & Global Forecast, 2023 - 2032

Preclinical CRO Market is slated to grow at a robust rate through 2032 owing to the increasing usage of drugs during preclinical trials given the rising cases of chronic diseases and an increasing demand for effective treatment for the same. Besides, various biotechnology and pharmaceutical companies, quite often, opt for outsourcing to attain the medical needs for preclinical validations to fasten up the whole process. This has significantly propelled the number of drugs entering the preclinical phase.

Overall, the preclinical CRO market has been bifurcated in terms of end-use, service, and region.

Within the service segment, the others subsegment is slated to grow at a steady rate of more than 7% CAGR through the estimated timeframe. The other services in the preclinical CRO market comprise bioavailability testing, bioequivalence testing, drug-interaction testing services, etc.

Based on end-use, the preclinical CRO market has been divided into government & academic institutes, biopharmaceutical companies, medical device companies, and others. Among them, the government & academic institutes segment held more than 14.5% market share in 2022. The growth can be primarily attributed to the increasing number of research and R&D activities that are outsourced to academic institutes. Besides, academic institutes and the governments are also providing diagnosis and access to treatments under preclinical trials, which is likely to propel the preclinical CRO industry growth in the upcoming time.

In the regional landscape, the preclinical CRO market has been broadly categorized into North America, Europe, LATAM, MEA, and Asia Pacific. Among them, the preclinical CRO market in the Asia Pacific region is anticipated to grow at a steady rate over the estimated timeframe. The increasing geriatric population in this region and rising cases of chronic diseases like diabetes, cancer, and cardiac diseases are anticipated to supplement the market growth.

Additionally, an increase in the number of investigational compounds and ongoing preclinical trials in oncology in Asia Pacific will boost the preclinical CRO business size in this region.

Meanwhile, the preclinical CRO market in the LATAM region is also slated to grow at a robust rate through the analysis timeframe. The healthcare infrastructure in this region is well-developed and it also boasts a well-established regulatory environment. These factors enable Latin America to be a fertile landscape to allow preclinical research to be conducted easily.

Some of the key companies operating in the preclinical CRO market are Laboratory Corporation of America Inc., Charles River Laboratory Inc., Pharmaceutical Product Development (PPD) LLC, ICON plc, Eurofins Scientific, Parexel International Corporation, Medpace, Inc., WuXi AppTec, SGS SA, Altasciences Company, Inc.