Grand News Network | October 24, 2023

Global Preclinical Assets Market Set For Continued Growth, Projected To Reach $7.62 Billion By 2027 As Per The Business Research Company's Preclinical Assets Global Market Report 2023

LONDON, Oct. 24, 2023 (GLOBE NEWSWIRE) --

As per The Business Research Company's Preclinical Assets Global Market Report 2023, the global preclinical assets market is on a significant growth trajectory, poised to increase from $4.84 billion in 2022 to $5.32 billion in 2023, boasting a compound annual growth rate (CAGR) of 9.9%. The market is expected to maintain its momentum, projecting an estimated value of $7.62 billion by 2027, at a CAGR of 9.4%. The increase in drug discovery activities plays a pivotal role in propelling the preclinical assets market, where preclinical assets provide essential data and evidence for candidate selection.

Fueling Market Growth: Increasing Drug Discovery

The process of drug discovery is in the midst of a renaissance, with a surge in approved drugs. The US Food and Drug Administration (FDA) approved 74% of drugs in 2021 through expedited pathways, signaling an increase from the previous year. The Pharma R&D Annual Review 2022 reported that the number of drugs in the R&D pipeline grew from 17,737 in 2020 to 20,109 in 2022. This expanding drug discovery landscape is a catalyst for the preclinical assets market.

Learn More In-Depth On The Preclinical Assets Market

Leading Players in the Preclinical Assets Market

Major players driving the preclinical assets market include Laboratory Corporation of America, IQVIA Inc., ICON PLC, Eurofins Scientific SE, and others. These industry leaders ...

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