Contract Research Organization (CRO) Market to Witness Massive Growth During the Forecast Period 2019-2025

The global contract research organization (CRO) market is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 in 2017. The market is estimated to grow with a CAGR of 8.6% from 2018-2025.

North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period, whereas Asia Pacific is expected to witness highest growth owing to factors such as, increasing focus of industry players to expand in India & Japan and improving regulatory policies that are favorable for conducting clinical trials along with a large pool of patient participants.

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Company Profiles Involved

  • IQVIA
  • Laboratory Corporation of America Holdings
  • PAREXEL International Corporation
  • Syneos Health
  • PRA Health Sciences
  • Charles River
  • ICON plc
  • Pharmaceutical Product Development, LLC
  • WuXi AppTec
  • Medpace

Market Insights

Increasing R&D Expenditures and Outsourcing Activities

Research and development (R&D) is an essential and crucial part of the company’s business. Pharmaceutical and biotech companies focus on the research and development (R&D) to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential. The companies invest majorly on the R&Ds with the aim of delivering high quality and innovative products to the market. Research and development expenditures relate to the processes of discovering, testing and developing new products, upfront payments and milestones, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch. According to the International Federation of Pharmaceutical Manufacturers & Associations, the R&D expenditures in 2014 by the pharmaceuticals and biotechnology industry grew by approximately 8.7% than that of the expenditures in 2013. Moreover, in United States, investments for R&D by pharmaceutical companies had grown consistently over the last 15 years. The intensity for R&D by the companies in Japan accounted for about 13.3%, in US it accounted approximately 17% and in the European Union it was registered to be approximately 13% in the year 2014.

Rise in the Number of Clinical Trials

Clinical trials are the crucial and significant step in discovering whether the medical strategy, treatment, or device is safe and effective for human use. The clinical studies help in understanding and determining the best medical approaches for certain therapeutic area. Clinical trials are conducted primarily to collect data regarding the safety and efficacy of new drug and device development. Before the approval of drug molecules and the medical devices by the regulatory authorities, series of clinical studies are conducted. Increasing prevalence of various communicable and non-communicable diseases are increasing the demand for the development of new drugs or medical devices for the treatment. This is in turn expected to increase the demand of the clinical trial activities for various therapeutic areas. As per the US National Library of Medicine presently approximately, 280, 801 clinical studies have been listed with locations of 50 states and 204 countries in till 2018. The number of registered studies by August 2018, is shows the rise in the number of the registration for the clinical trials.

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Type Insights

In 2017, the clinical research services segment held a largest market share of 54.4% of the contract research organization (CRO) market, by product. This segment is also expected to dominate the market in 2025. This is primarily attributed the increasing number of new drug molecules and medical devices for the treatment of various therapeutic areas and the requirement for the fulfillment of stringent regulatory requirements before product approvals. However, the laboratory services segment is anticipated to witness the fastest growth rate of 10.3% during the forecast period, 2018 to 2025.

End User Insights

Drug discovery services segment is anticipated to grow at a CAGR of 7.7% during the forecast period. Increasing R&D expenditure by the pharmaceutical companies and increasing demand of outsourcing of services to the CROs to save time and cost is expected to boost the demand for these services in the coming years.

Strategic Insights

Product approvals and acquisitions were observed as the most adopted strategy in global contract research organization industry. Few of the product approvals and acquisitions made by the players in the market are listed below;

2018: In June, 2018, Laboratory Corporation of America Holdings acquired Sciformix Corporation, a scientific process outsourcing company focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical devices clients. Sciformix has become part of Covance, Laboratory Corporation of America Holdings’s drug development business.

2018: In June, IQVIA launched Virtual Research Solutions, a new suite of technology-led study options offering advances in patient-centric trial design and execution. Powered by the IQVIA CORE, Virtual Research Solutions combines unparalleled information assets, advanced analytics, technologies and critical domain expertise to design and execute trials and late-phase studies. 

CONTRACT RESEARCH ORGANIZATION – MARKET SEGMENTATION 

By Type

  • Clinical Research Services
  • Early Phase Development Services
  • Laboratory Services
  • Post-Approval Services

By End User

  • Pharmaceutical & Biotechnology Companies
  • Medical Device Companies

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • UK
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • South Africa
    • UAE
  • South America (SAM)
    • Brazil
    • Argentina

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Reasons to Buy the Report:

⦁ Learn about the driving factors, affecting the market growth.
⦁ Imbibe the advancements and progress in the market during the forecast period.
⦁ Understand where the market opportunities lies.
⦁ Compare and evaluate various options affecting the market.
⦁ Pick up on the leading market players within the market.
⦁ Envision the restrictions and restrains that are likely to hamper the market.

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Posted by on Monday November 11 2019, 4:59 PM EST. All trademarks acknowledged. Filed under Healthcare. Comments and Trackbacks closed. Follow responses: RSS 2.0

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