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LONDON, GREATER LONDON, UK, August 12, 2024 /EINPresswire.com/ -- The oncology-based in-vivo Contract Research Organization (CRO) market has demonstrated robust growth in recent years. It is projected to increase from $1.27 billion in 2023 to $1.38 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%. It will grow to $2 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. This growth is driven by several factors, including an increased focus on oncology therapeutics, the rising incidence of cancer, a shift towards personalized medicine, expansion in the pharmaceutical industry, and a growing demand for target-specific therapies.
Rising Healthcare Expenditure Drives Market Expansion
The rising healthcare expenditure is a significant driver of the oncology-based in-vivo CRO market. Healthcare expenditure, which encompasses the total spending on healthcare-related goods and services, supports the development and accessibility of innovative therapies. For instance, healthcare expenditure in the US rose by 0.8% to $331 billion in 2022, according to the Canadian Institute for Health Information. This increase underscores the financial commitment towards advancing cancer research and treatments, thereby fueling market growth for oncology-based in-vivo CRO services.
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Key Players and Market Trends
Major companies such as Crown Bioscience, Charles River Laboratories International Inc., and Taconic Biosciences Inc. are at the forefront of innovation in the oncology-based in-vivo CRO market. Crown Bioscience, for example, launched the 3D Ex Vivo Patient Tissue Platform in October 2021, designed to enhance predictability in immuno-oncology drug response. This platform combines 3D models of patient tumors with high-content imaging to analyze drug responses effectively.
In addition, companies like WuXi AppTec Inc. and Eurofins Scientific SE are focusing on developing advanced solutions and integrating new technologies to maintain their competitive edge. The focus on regenerative medicine, cell therapies, and digitalization in data analytics highlights the industry's drive towards faster drug development and precision medicine.
Trends Shaping the Market
Key trends influencing the oncology-based in-vivo CRO market include:
• Regenerative Medicine and Cell Therapies: Growing interest in regenerative approaches and cell-based treatments is driving innovation and market expansion.
• Demand for Faster Drug Development: There is an increasing need for accelerated drug development processes to meet the rising demand for oncology therapies.
• Digitalization and Data Analytics: The integration of digital tools and data analytics is enhancing research capabilities and operational efficiency.
• Focus on Tumor Microenvironment: Understanding the tumor microenvironment is crucial for developing targeted therapies.
• Rise in Biologics and Immunotherapies: The development of biologics and immunotherapies is reshaping treatment approaches and driving market growth.
Segments
• By Indication: Blood Cancer, Solid Tumors, Other Indications
• By Model: Syngeneic Model, Xenograft, Patient Derived Xenograft (PDX), Other Models
• By Application: Hospitals, Rehabilitation Centers
Geographical Insights: North America Leading the Market
North America was the largest region in the oncology-based in-vivo CRO market in 2023 and is expected to be the fastest-growing region during the forecast period. The region's advanced healthcare infrastructure and significant investments in oncology research are key factors driving its market leadership.
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Oncology Based In-Vivo CRO Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Oncology Based In-Vivo CRO Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on oncology-based in-vivo CRO market size, oncology-based in-vivo CRO market drivers and trends, oncology-based in-vivo CRO market major players, competitors' revenues, market positioning, and market growth across geographies. The oncology-based in-vivo CRO market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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