In Vivo CRO Market Size Worth $7.92 Billion By 2030

[sara James]

The global In Vivo Cro Market size is expected to reach USD 7.92 billion by 2030, registering a CAGR of 8.2% 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 the 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 for USD 3.3 billion.

Related Press Release@ In Vivo CRO Market Report

In Vivo CRO Market Report Highlights

• Rodent-based In vivo CRO led the market in 2018 and is anticipated to remain dominant throughout the forecast period. Mice are the most used animal for preclinical evaluation and accounted for almost 76% of the market share in 2018.
• Based on indication, oncology held the largest market share in 2018, attributed to the increasing number of cancer cases and the focus of pharmaceutical players on introducing novel drug treatments with fewer side-effects
• North America led the global In vivo CRO market in 2018 owing to the presence of technologically advanced CROs
• Asia Pacific is anticipated to register the fastest CAGR over the forecast period. Constantly improving healthcare infrastructure, huge patient base, presence of untapped opportunities, and economic development, are some factors responsible for the rapid growth
• Some of the key market players include Pharmaceutical Product Development, LLC (PPD); IQVIA; American Preclinical Services, LLC.; Charles River Laboratories; Parexel International Corporation; ICON Plc; Covance Inc.; Theorem Clinical research; inVentiv Health; WuXi AppTec, Inc.; American Preclinical Services, LLC.; and Evotec (US), Inc. Partnership and mergers and acquisitions are the key strategic undertakings by these players