PUBLISHER: Grand View Research | PRODUCT CODE: 1433662
PUBLISHER: Grand View Research | PRODUCT CODE: 1433662
The global in vivo CRO market size is expected to reach USD 7.93 billion by 2030, registering a CAGR of 8.1% during the forecast period, according to a new report by Grand View Research, Inc. The growth of the pharmaceutical market in emerging countries, along with strong demand for numerous in vivo cell therapies, rapid advancements in material sciences, and complexities of drug-device combinations, has led to the demand for services in the region. Additionally, rising in vivo preclinical and clinical research, regulatory approval, expanding services by market players, and the burden of different diseases contribute to market earnings. Also, increasing outsourcing of preclinical and clinical services across developing economies at a lower cost is one of the major factors supporting the growth of in vivo CRO market.
Likewise, the increase in offshoring drugs to emerging economies has created immense demand for the market. Budget scrutiny in developed countries, pricing pressure, and changes in reimbursement schemes are some of the major factors anticipated to increase the adoption of cost-containment measures by drug sponsors in emerging countries such as India and China. Outsourcing development services such as preclinical in vivo services to contract service providers in emerging countries is expected to boost the demand for quality assurance & regulatory affairs services, thereby contributing to the rising demand for in vivo outsourced services. Stringent processes for FDA approval and regulatory changes in the EU region are expected to make the approval process in Europe complex. They are some of the major factors contributing to the offshoring of drug companies to emerging countries.
The COVID-19 pandemic has initially negatively impacted the clinical trials industry and the in vivo CRO market was no different! The shift in the focus of the biopharmaceutical industry on developing vaccines & therapies in response to COVID-19 has resulted in the unintended consequences of potentially disrupting clinical trials for other diseases. One of the key issues faced by companies operating in the cell and gene therapy industry is the untimely delivery of therapies to patients at required clinical sites. In addition, the administration of cell-based therapeutics poses several post-pandemic challenges. Hospitals have shown hesitation in offering cell therapy services owing to concerns over transmission of SARS-CoV-2, especially to vulnerable individuals. Patients have not been able to visit cell therapy centers either owing to the lockdowns or travel bans.
Furthermore, the key participants are engaged in strategies such as mergers & acquisitions, partnerships, agreements, collaborations, and service launches, among others, to expand their global footprints and service/product portfolio. For instance, in April 2023, PsychoGenics, Inc. announced the launch of eCube, a pharmaco-electroencephalography platform, to enhance phenotypic drug discovery. Similarly, in February 2023, Biocytogen recently introduced "the Nano 100 Project" to develop over 100 fully human nanobody drugs that target specific targets. This endeavor involves combining Biocytogen's proprietary RenNano, a mouse model capable of producing fully human nanobodies, with their advanced in vitro and in vivo antibody screening platforms. By leveraging these integrated technologies, Biocytogen is poised to facilitate the extensive development of fully human nanobody drugs.