The market studied is anticipated to register a CAGR of 7.3%, during the forecast period. The major factors attributing to the growth of the oncology based In-Vivo CRO market are the rising incidence of cancer cases worldwide.
- A rise in the geriatric population has also been propelling the growth for the oncology based In-Vivo CRO market. Owing to the increasing number of specific therapies in the oncology pipeline and the presence of a large number of pipeline drugs, the number of late-stage pipeline therapies rose from 711 in 2017 to 849 in 2018 – an increase of 19%, and the use of oncology based In-Vivo CRO help in deriving the novel therapies for the diagnosis, prevention, and treatment to patients, which are further expected to boost the market growth.
- In addition to the development of vaccines for infectious diseases, oncology is among the most studied indication, as per the statistics available from government agencies around the world. And there are few more factors that have been playing crucial roles in taking the oncology based In-Vivo CRO market to the next level; among them federal funding for research studies and increasing treatment for cancer and research expertise, which are expected to propel the growth of oncology based In-Vivo CRO market.
- As per the North American Association of Central Cancer Registries (NAACCR) 2019 data, there may be an estimated 176,2450 new cancer cases in the United States.
Key Market Trends
Solid Tumor Segment is Expected to Hold the Largest Market Share in the Oncology Based In-Vivo CRO Market
- As per the statistics from GLOBOCAN 2018, there had been an estimated 2,129,118 number of incident cases in the United States, in 2018, which had been expected to grow by 2040 and reach a number of 3,096,944 cases. Additionally, the pressure through increased competition as a result of patent expirations, the rapid growth of generics, and the launch of the biosimilars have been prompting pharmaceutical manufacturers to take support from these organizations (CRO) for research and development.
- As per the statistics from GLOBOCAN, 2018, worldwide, around 18,078,957 individuals have cancer. Asia remains the leading contributor in the rising incidence of cancer with a reported share of 48.4% followed by Europe, North and Latin America, Africa, and Oceania with a share of 23.4%, 13.2%, and 7.8%, 5.8%, and 1.4% respectively.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall oncology based In-Vivo CRO market, throughout the forecast period. This is owing to factors, such as the rising prevalence of cancer, the availability of advanced healthcare infrastructure, and the presence of a large number of CROs in the region among the major factors. In the North American region, the United States holds the largest market share, owing to the factors, such as the increasing number of population suffering from cancer, along with the rising geriatric population and research and developments related to cancer therapy and rising government initiative for the awareness of cancer in the country, are anticipated to further drive the oncology based In-Vivo CRO market in this region.
The oncology based In-Vivo CRO market is moderately competitive and consists of several major players. In terms of market share, few of the major players have been currently dominating the market. And some prominent players have been vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions across the world. Some of the companies that are currently dominating the market are Crown Bioscience Inc., Charles River Laboratories Inc., ICON PLC, Taconic Biosciences Inc., and Covance Inc.
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