In – Vivo Contract Research Organisation Market is Set to Garner Staggering Revenues by 2024
CRO stands for contract research organization which provides research services to a biotechnology, pharmaceutical and medical devices companies on contract basis. CRO provides a various service such as biologic assay development, clinical research, biopharmaceutical development, clinical trials management, preclinical research, pharmacovigilance and commercialization. In Vivo CRO means preclinical testing for drug discovery and disease pathology. In Vivo Contract research organization market is expanding as drug manufacturers increases their pipeline products to develop and manufacture new molecule to sustain in market with good profit and with a patent products. Drug manufacturer require CRO to collect and investigate sufficient data to develop new drug and this is a key factors responsible for the growing demand for the CROs in pharmaceutical drug development segment. The use of Contract Research Organization services helps manufacturers to give complete attention on the own business production capacity and also to enhancing and develop their in-house processes.
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The global in vivo contract research organization market has been segmented by type, indication and geography. The global in vivo Contract research organization market has been segmented on the basis of type animals used to conduct the preclinical tests such as rodent and non-rodent type. Rodent are generally from the mice family. Further rodent are classified into mice, rat and others. Non- rodent are classified into Hamsters, Guinea pigs and others. Rodent based testing for drug development and discovery holds the largest share of the market because mice and rats are tend to have a similar chromosomal make-up that is to humans and thus increase of uses of this species. Based on the indication the global contract research organization is segmented into oncology, autoimmune, CNS, pain management, obesity, diabetes and others. Major share is hold by an oncology testing in indication segment as number of cancer patient is increasing across the world. Various drugs development and clinical trials are carried out in an oncology as various types of cancer are increasing day by day.
Geographically, in- vivo CRO market has been segmented into five major region i.e. North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America was observed as the largest market, in terms of revenue for in- vivo contract research organization market. As the advancement of technology for in- vivo CROs present in this region also increase in healthcare spending by government and availability of grants and funding from government organizations. Asia Pacific are expected to record robust growth during the forecast period 2016-2024 due to growing health care industry, economic development and huge patient base affects the growth of in- vivo CRO market.
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In addition there are number of factors affecting the growth of in- vivo CRO market such as shifting of preference of pharmaceutical industries toward the outsourcing clinical and preclinical trials to focus on their core business also the in- Vivo contract research organization saves the time of industries and make product available in market in minimum time. The increase in number of patients and the various diseases across the globe increases the number of pipeline products which ultimately increases the contract research organization market. The market is also witnessing certain restraints, such as quality issue of the CRO, huge cost for the clinical trials and presence of suitable animal for specific tests.
The major players operating in this market include American Preclinical Services, LLC., BTS Research, Charles River Laboratories International, Inc., Chiltern International Ltd., Covance Inc., ICON Plc., INC Research, inVentiv Health, PAREXEL International Corporation, Pharmaceutical Product Development, LLC., PRA Health Sciences, Quintiles Inc. and WuXi AppTec, Inc.