In vivo CRO Market To Hit Value .81 Billion By 2026 |Grand View Research, Inc.Posted by Mrudula Karmarkar on December 27th, 2021 The global in vivo cro market is anticipated to reach USD 5.81 billion by 2026, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.5% during the forecast period. Increasing focus on core competencies by the pharmaceutical players coupled with economic efficiency offered for outsourcing is expected to boost the demand. In Addition, the CROs are equipped with a competent workforce capable of performing a diverse number of tasks along with being well-versed through regulatory requirements. Also, the pressure from the increasing competition owing to rapid growth of generics, patent expirations, and introduction of biosimilar equivalents are encouraging pharmaceutical companies to take the aid of such organizations. Increasing mergers and collaborations have propelled the value of pharmaceutical outsourcing with major industry contributors expanding into developing regions. The year 2015 experienced high valued transactions as a result of LabCorp acquiring Covance for USD 5.5 billion and the Chinese Private Equity Group acquiring WuXifor USD 3.3 billion. The patent cliff, high research and development cost involved, and globalization in the clinical trial process has driven the Contract Research Organization (CRO) services benefit sponsors/manufacturers to focus completely on the production capacity and augmenting their in-house processes. Also, the availability of extensive services from drug discovery to post-marketing surveillance has made it easy for small-scale and mid-size biotechnological and pharmaceutical companies by providing them the option to outsource what they think is beyond their core expertise To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/in-vivo-cro-market/request/rs1 As there is a patent cliff, many molecules are expiring, which is expected to drive the biosimilar industry. This, in turn, is expected to increase the number of R&D activities undertaken by the companies to commercialize the generic molecule. The race to launch the molecule in a feasible timeline and cost will propel the need for CRO service providers. Further key findings from the report suggest:
Toxicology and pharmacokinetic studies are the most commonly outsourced activities of preclinical studies by tier 1 pharma and biotechnology companies. The major reasons for these outsourcing activities have been highlighted to be the time and cost efficiency provided by the providers of such services. Over the forecast period, these activities are expected to rise due to rising focus and R&D budget allocation for the development of new products by the pharmaceutical companies. Based on product type, the In vivo CRO market is bifurcated into rodent based and non-rodent based In vivo CRO testing. The rodent based In vivo CRO testing held a lucrative market share in 2018. Better correlation with the human system and abundant availability of genetically modified species drive the market growth. Among rodent based testing, mice is the most widely used animal and is poised for the fastest growth over the forecast period. This is owing to the small, inexpensive, and easy to handle organisms with shorter life span and faster reproduction rate. Some of the key market players include Pharmaceutical Product Development, LLC (PPD); Quintiles; ICON Plc; Parexel International; American Preclinical Services, LLC; Covance Inc.;Theorem Clinical research; WuXi AppTec, Inc.; inVentiv Health; Evotec (US), Inc.; and Charles River Laboratories. The market players are undertaking various strategies such as collaborations and mergers and acquisitions. Grand View Research has segmented the global In vivo CRO market based on product type, GLP type, indication: In vivo CRO Product Type Outlook (Revenue, USD Million, 2015 - 2026)
In vivo CRO GLP Type Outlook (Revenue, USD Million, 2015 - 2026)
In vivo CRO Indication Outlook (Revenue, USD Million, 2015 - 2026)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Like it? Share it! More by this author |