New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Preclinical CRO Global Market Report 2023" - https://www.reportlinker.com/p06479765/?utm_source=GNW
, BioEmission Technology Solutions, Altasciences, Global Center For Medical Innovation, Pharmaceutical Product Development LLC, Parexel International, and Envigo.
The global preclinical CRO market is expected to grow from $4.67 billion in 2022 to $5.15 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The preclinical CRO market is expected to reach $7.26 billion in 2027 at a CAGR of 8.9%.
The preclinical CRO market includes revenues earned by entities through project management, information gathering, medical evaluations, maximum dose research, adherence to regulations, efficacy and safety reporting, and quality analysis.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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 to mirror human anatomy most closely before entering clinical trials or being used for human care.
North America was the largest region in the preclinical CRO market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in preclinical CRO report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services of preclinical CRO are bioanalysis and dmpk studies, toxicology testing, compound management, chemistry, safety pharmacology, and others.A small three-dimensional (3D) cell culture made from a patient’s cancer cells is known as a patient-derived organoid (PDO), and it has undergone substantial investment and experimental validation to offer prospective therapeutic alternatives for the diagnosis of complex diseases.
The various types of preclinical CRO include the patient-derived organoid (PDO) model and the patient-derived xenograft model that are available for small animal and large animal models. The model systems are In Vivo and In Vitro that are used by biopharmaceutical companies, government and academic institutes, medical device companies, and others.
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.
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.
In June 2022, Asahi Kasei Medical Co. Ltd., a Japan-based chemical company, acquired Bionova Scientific, LLC, for an undisclosed amount. With the acquisition of Bionova Scientific, Asahi Kasei Medical will be able to expand its bioprocess business by adding a biopharmaceutical CDMO (contract development and manufacturing organization) and reaching a broader customer base, including those developing the most cutting-edge next-generation biopharmaceuticals. Bionova Scientific, LLC is a US-based company that offers biopharmaceutical firms contract process development services and GMP-compliant contract manufacturing services.
The countries covered in the preclinical CRO market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The preclinical CRO market research report is one of a series of new reports that provides preclinical CRO market statistics, including preclinical CRO industry global market size, regional shares, competitors with an preclinical CRO market share, detailed preclinical CRO market segments, market trends and opportunities, and any further data you may need to thrive in the preclinical CRO industry. This preclinical CRO market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479765/?utm_source=GNW
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