Global Contract Research Organization Market gaining further prominence will register a spectacular growth by 2023, posting 11.48% CAGR during 2017 – 2023. Contract Research Organization (CROs) refers to the contract basis outsourcing of research & development of medicines, therapeutic drugs & medical devices and other pharmaceutical products. Over the past few years, improving economic conditions globally, have increased healthcare expenditures, improving access to the quality healthcare. This has further augmented the demand for the therapeutic medicines, & devices. Resultantly, this is fostering the market growth, increasing R&D activities.
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Factors contributing to the proliferation of the market growth include augmented demand and supply for the medicines, demand for the generic drugs, coupled with the growing number of patent expiries and growing drugs manufacturing sector. Pervasively Growing CMO market backed by the growing population that is increasingly adopting the heady & sedentary lifestyle, leading to the prevailing chronic diseases & disorders, is reasoning for the driving force behind this outstanding growth.
The global CRO market is highly competitive and fragmented with the presence of many small specialty providers. Large CROs are indulging in M&A to gain a competitive edge over the market. The key players operating in the market include Laboratory Corporation of America Holdings. (U.S.), PAREXEL International Corporation. (U.S.), INC Research LLC (U.S.), ICON plc. (Europe), QuintilesIMS (U.S.), Pharmaceutical Product Development, LLC. (U.S.), PRA Health Sciences, Inc. (U.S.), and others.
The global contract research organization has been segmented based on segment, clinical trial phase, and end-users. By segment, the market has been segmented into drug discovery, clinical development, post-marketing services, and others. By clinical trial phase, the market has been segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others. By end-users, the market has been segmented into pharmaceutical/ biotechnology companies, medical devices companies, academic institutes, and others.
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Contract Research Organization Market – Regional Analysis:
The key markets of the global contract research organization market include the Americas, Europe, Asia-Pacific and the Middle East & Africa. The America market is consolidated due to the concentration of market activity owing to favorable conditions and the presence of a robust drug market in the region. The Americas is closely followed by Europe due to the availability of funds for research, and a well-developed healthcare sector in the region. Asia-Pacific market is expected to emerge as a growing market due to increase in clinical research activities in the region, especially in China and India. The Middle East & Africa holds a comparatively smaller share of the market but holds potential growth opportunities as the region facilitates conduction of clinical trials at a fraction of costs as compared to the US and Europe.
- In July 2018, KCR, a contract research organization based in Berlin, expanded its consulting portfolio by adding clinical trial execution as part of its offerings. The new service will be available for small and medium-sized pharmaceutical and biotechnology companies.
- In June 2018, Syneos Health, a contract research organization announced a strategic partnership with Elligo Health Research. The collaboration is aimed at evolving the clinical trial process to speed up delivery of therapies to market.
- In July 2018, Theradex Oncology, a contract research organization, and OncBioMune Pharmaceuticals, Inc., a biopharmaceutical company joined forces for a clinical trial of prostate cancer. The trial would be hosted at a teaching hospital of Harvard University Medical School, Boston.
- In June 2018, Asymmetrex, a stem cell biotechnology company entered into a new marketing and sales distribution partnership with a contract research organization DRIK. The agreement will authorize DRIK to market Asymmetrex’s test service, AlphaSTEM Test which is a first-in-kind technology to count tissue stem cells specifically.
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