As per the research report, the size of the Latin America Preclinical CRO Market is valued at USD 0.38 billion in 2023 and expected to grow at a CAGR of 8.42%, reaching USD 0.57 billion by 2028 during the forecast period 2023 to 2028.
A preclinical CRO is a regional support center that offers research and development expertise (R&D). It assures that a pharmaceutical or therapeutic device is safe and well-developed before being released. In addition, it provides services to help a pharmaceutical item pass animal testing and move to the clinical stage. It also delivers vital studies to researchers, the healing workforce, various sectors, and legislative connections to evaluate drug efficacy and safety in animal models and complete Investigational New Drug (IND) filing studies.
Preclinical CRO, or preclinical contract research organization in Latin America, provides the expertise, knowledge, and aptitude needed to take a pharmaceutical or medical device from concept to market. The rising frequency of chronic disease in Latin America is one of the main reasons organizations are working to find treatments to treat and prevent it.
Biopharmaceutical businesses held more than 52 percent of the preclinical CRO market share in 2022, owing to various chronic diseases such as cancer, cardiac disease, neurological disease, and infectious disease.
Another important driver is rising R&D spending, which, along with an increase in the number of medications in the preclinical stage, is expected to improve significantly market growth. The pharmaceutical and biopharmaceutical industries in Latin America have some of the highest R&D costs. As a result, many pharma and biopharma organizations will be encouraged to outsource preclinical services, consequently complementing market growth.
Furthermore, technical improvements benefits the market in semi-automating or automating current manual procedures, which would boost demand for preclinical CROs, as corporations prefer such technological advancements in research studies.
Furthermore, the growing necessity to reduce R&D costs will positively impact market value. As a result, better efficiency and the need to cut expenses drive up demand for outsourcing or contract research businesses, driving up market demand.
The industry's expansion may be hampered by strict regulatory standards for preclinical CRO services. Mexico, for example, has several regulatory authorities. While conducting preclinical testing, the FDA has established international standards, including Good Laboratory Practice (GLP) rules. According to this GLP, quality control must integrate into preclinical testing to eliminate errors. Furthermore, high-end testing such as genotoxicity is performed in-house departments of pharmaceutical companies due to regulatory rules, limiting market expansion.
This research report on the Latin America Preclinical CRO Market has been segmented and sub-segmented into the following categories:
By Service Type:
By End User:
By Country:
Geographically, the Latin American preclinical CRO market has a moderate share of the worldwide market and is expected to influence the preclinical CRO sector due to large CRO suppliers.
The Mexico Preclinical CRO Market is rapidly increasing due to rising R&D costs that are expected to promote preclinical outsourcing trends in emerging regions.
The Brazil Preclinical CRO Market is expected to reach a significant growth rate due to the cost-effectiveness of CROs.
Another reason for outsourcing preclinical tests to CROs, which provide end-to-end services, including toxicology testing, is the decreased desire for drugs due to their adverse effects. As a result, biopharmaceutical businesses will be the most important consumers for preclinical companies in the upcoming years.
KEY MARKET PLAYERS
Prominent companies dominating the Latin America Preclinical CRO Market profiled in the report are PRA Health Science, Inc.; Wuxi AppTec; Medpace, Inc.; Charles River Laboratories International, Inc, Laboratory Corporation of America; Envigo, Eurofins Scientific, Pharmaceutical Product Development, LLC.; and Paraxel International Corporation.,
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