PUBLISHER: Grand View Research | PRODUCT CODE: 1529839
PUBLISHER: Grand View Research | PRODUCT CODE: 1529839
The global oncology based in-vivo CRO market size is expected to reach USD 2.37 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 8.58% over the forecast period. An increase in outsourcing of R&D activities, high demand for advanced medicines, and implementation of international standards by CROs are key factors driving the market growth.
Furthermore, the pressure from increasing competition due to patent expirations, the rapid growth of generics, and the introduction of biosimilar equivalents are propelling pharmaceutical companies to seek the aid of such organizations. Hence, it can be predicted that the oncology-based in-vivo CRO industry may witness lucrative growth over the forecast period.
Technological advancements such as mobile-enabled innovations for recruiting and communicating with participants, web-based life science labs and robotics labs to perform routine tests can be the opportunities of the market. At a global level, outsourcing is one of the solutions for sponsors and pharma companies seeking to make an entry into a new market. Big pharma companies such as Pfizer and GlaxoSmithKline partner with local CMOs and CROs, which have been successful in enabling foreign companies to achieve marketing, regulatory, and manufacturing goals in emerging economies.
Furthermore, an increase in the number of mergers and collaborations in this industry is expected to expand the market in the coming years. For instance, in January 2023, Bruker, an analytical solutions company, acquired a preclinical Switzerland-based CRO Biogenesis to expand its capabilities in preclinical activities.