Preclinical Assets Market to Surpass US$ 9,778.8 Mn by 2030
Global Preclinical Assets Market, by Service ( Bioanalysis and DMPK studies (In vitro, In-vivo), Toxicology Testing (GLP, Non-GLP), compound management (Process R&D, Custom Synthesis, Asymmetric Synthesis & Others (Scale-up, cGMP, etc.), Safety Pharmacology, Others(Chemistry, etc.)), by Model type (Patient Derived Organoid (PDO) Model, Patient derived xenograft model), by End user (Biopharmaceutical Companies, Government Institutes & Others (Academic and Research institutes) ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 5,250.2 Million in 2022 and is projected to exhibit a CAGR of 7.5% over the forecast period (2022 – 2030).
Increasing number of inorganic strategies such as acquisition by the key market players to expand their product portfolio is expected to drive growth of the global preclinical assets market over the forecast period. For instance, on May 31, 2022, Eurofins Scientific, a global scientific bio analytical testing and clinical diagnostics testing company, announced the completion of the acquisition of a majority stake in Repertoire Genesis Inc., a biotechnology company.
Acquisition of Repertoire Genesis Inc. will further expand Eurofins Scientific service offering to the healthcare sector globally and strengthen its unique service portfolio.
Similarly, in December 2021, Thermo Fisher Scientific Inc., a U.S. based supplier of scientific instrumentation, reagents and consumables, and software services, announced that it had completed its acquisition of PPD, Inc., a global provider of clinical research services to the biopharma and biotech industry, for US$17.4 billion. This acquisition will help Thermo Fisher Scientific Inc., to expand their offering in biotechnology and pharmaceutical sector.
Global Preclinical Assets Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
Increasing number of service launch during covid-19 pandemic had driven growth of the global preclinical assets market. For instance, in May 2020, Saama Technologies, Inc., an AI (Artificial Intelligence) clinical analytics platform company, and iNDX.Ai, a Multi-omics Data Analytics and translational research platform company, announced the launch of the new COVID-19 Command Center. The COVID-19 Command Center, was based on combination of, Saama Technologies, Inc., Life Science Analytics Cloud (LSAC) and iNDX.Ai’s iCore Platform, which works in therapeutic area-specific data analytics platform, that will accelerate the ability of life sciences companies to expedite internal research and development programs for therapies to prevent and treat COVID-19.
Thus, increasing efforts by the key players to develop new platforms to treat and prevent COVID-19 infection is expected to drive the global preclinical asset market growth over the forecast period.
Global Preclinical Assets Market: Key Developments
On August 9, 2022, Cerba Healthcare, a medical diagnosis company, announced that it had reached an agreement to acquire Viroclinics-DDL, a global virology and immunology contract research organization (CRO), from Summit Partners, Capital Market Company, expanding and transforming its offering in clinical trials. The acquisition will further help Cerba Healthcare to strengthen their strategy and position in diagnostics and clinical trial laboratory services.
In July 2021, ICON plc., a clinical research organization, announced the completion of its acquisition of PRA Health Sciences, a research company. The combined company will retain the name ICON and will bring together 38,000 employees across 47 countries, creating an advanced healthcare intelligence and clinical research organization. The combined company will leverage its enhanced operations to transform clinical trials.
Browse 36 Market Data Tables and 25 Figures spread through 176 Pages and in-depth TOC on " Global Preclinical Assets Market, by Service ( Bioanalysis and DMPK studies (In vitro, In-vivo), Toxicology Testing (GLP, Non-GLP), compound management (Process R&D, Custom Synthesis, Asymmetric Synthesis & Others (Scale-up, cGMP, etc.), Safety Pharmacology, Others(Chemistry, etc.)), by Model type (Patient Derived Organoid (PDO) Model, Patient derived xenograft model), by End user (Biopharmaceutical Companies, Government Institutes & Others (Academic and Research institutes) ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Global Forecast to 2030"
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Key Takeaways of the Global Preclinical Assets Market:
- Global preclinical assets market is expected to expand at a CAGR of 7.5% during the forecast period (2022–2030), owing to increasing number of inorganic strategies such as service/platform launch by the key market players used in preclinical studies.
- Among service type, Toxicology Testing segment is expected to hold the dominating position for the year 2022, owing to increasing research and development in toxicology testing by key market players. For instance, in June 2021, first toxicology testing strategy without animal testing had been approved by the OECD (Organization for Economic Co-operation and Development). The testing strategy consists of three alternative methods which can be used to predict whether a substance causes allergic reactions in the skin.
- Among Model Type, Patient derived xenograft model is expected to hold the dominant position, owing to increasing research and development in prostate cancer by the market players. For instance, in September 2018, Crown Bioscience, a global drug discovery and development Services Company, announced the addition of patient-derived xenograft (PDX) models for prostate cancer in their product portfolio.
- Major players operating in the global preclinical assets market include Eurofins Scientific, ICON plc, WuXi AppTec, Viroclinics Xplore, Medpace, Inc., Charles River Laboratories., Pharmatest Services, PPD Inc., SGS SA (SGS), Intertek Group plc, Labcorp Drug Development, Laboratory Corporation of America, Inc., Crown Bioscience, Comparative Biosciences, Inc., TCG Lifesciences Private Limited., Shanghai Medicilon Inc., Domainex, Absorption Systems, AmplifyBio, and IQVIA
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