Global preclinical research outsourcing market to grow at 8% CAGR during 2022-2031
The global preclinical contract research organization (CRO) market is projected to grow at a compounded annual growth rate of 8 per cent from 2022 to 2031, according to New York City-based consulting firm Kenneth Research.
In 2021 alone the CRO industry registered an approximate revenue of $5 billion, an aggressive growth attributed to the increased number of pharmaceutical companies that invested heavily on research and development projects.
United Nations Educational, Scientific and Cultural Organization (UNESCO) Institute for Statistics, global spending on R&D reached a record high of almost US$ 1.7 trillion.
The report also suggests that there is a correlation between this bullish projection and the rise of chronic diseases.
“According to the National Library of Medicine, nearly 1 in a 3 adults suffer from multiple chronic conditions that are leading to a global burden. Therefore, preclinical CRO are required for the trials of medicines in order to defeat chronic diseases.” the report read.
Kenneth Research also notes that a significant portion of the spending on R&D in 2021 came from North America. Most research projects are commissioned by the biopharmaceutical industry and are dominated by chemistry-related research.
