Contract Research Organization Market Overview
The work of a contract research organization is to provide research services to pharmaceutical, biotechnology, and medical device industries. They generally work on contract basis. A CRO may provide services as biopharmaceutical development, biologic assay development, commercialization, preclinical research, clinical research, clinical trials management, and pharma covigilance. CROs being cost-effective provide a more affordable channel for companies to pursue new medicines and help them in finding a cost-effective solution to develop drugs for even niche markets. Working with CROs have made entry into drug development immensely simplified, as the need for large pharma companies to do everything ‘in-house’ is now redundant. In addition to governmental organizations, CROs also help foundations, research institutions, and universities.
Growing R&D expenditure, increased outsourcing of R&D activities, growing demand for outsourcing analytical testing and clinical trial services, and an increase in the number of clinical trials are expected to propel the growth of this market. Moreover, the high failure rate of clinical trials is also expected to trigger the demand for CROs by pharmaceutical and biopharmaceutical vendors to outsource their R&D. However, increasing regulatory pressure on CROs can hinder their market growth to a certain extent. Furthermore, factors such as difficulty in finding personnel with expertise for specific projects and unavailability of highly skilled experts are going to hinder the growth of the market. But, a rise in the cases of diseases such as cardiovascular, diabetes, and oncological has led to an increased emphasis on innovative treatment therapies for existing as well upcoming diseases, growing demand for outsourcing analytical testing, and optimal service provided by the CROs are some of the driving factors of the market
Contract Research Organization Market Forecast Report (2018-2023)
Contract Research Organization (CRO) Services Market is anticipated to grow at a 6.59% CAGR from 2018 to 2023 and it is estimated that the global market was valued at USD 34.60 billion in 2018 and is relied upon to achieve USD 47.61 billion by 2023.
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Contract Research Organization Market Segmentation
The global market for Contract Research Organization Services market is segmented into Type, therapeutic area, and end user. Based on type, it is segmented into Preclinical, Clinical Research and Laboratory. Clinical research services account for the largest share of this market segment. The laboratory services segment is anticipated to witness the highest growth mainly due to the increase in subcontracting of analytical and bioanalytical testing services by pharmaceutical and biopharmaceutical companies and medical device companies. Based on therapeutic area, it is segmented into Oncology, CNS, and Cardiovascular. The oncology segment has the largest share in this market segment. It is mainly due to factors such as rise in the prevalence of cancer worldwide and increases in the number of clinical trials conducted for oncology. Based on end user, it is segmented into Pharmaceutical, Biopharmaceutical and Medical Device Company. Pharmaceutical and biopharmaceutical held the largest share in this market segment. To boost profit margins, avoid high capital expenditure, and reduce the time of drug development, pharmaceutical and biopharmaceutical have increased the outsourcing of early-phase development services, clinical research, and laboratory testing services thereby by aiding the growth of the market.
Based on geography, the market is analyzed under various regions namely North America, Europe, Asia-Pacific and Middle East and Africa. North America has the largest share in the global market. The large share of this regional segment can be credited to it high-quality standards in pharmaceutical industry, swift growth in the biosimilars and biologics market, increase in the demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and rise in the number of clinical trials in this region. The market in the Asia-Pacific region is expected to grow the most in the coming years. It is mainly due to the rapid growth in pharmaceutical industry, favorable government policies, and increase in the number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in the region.
Some of the companies dominating the market are Quintiles Transnational Holdings Inc., Laboratory Corporation of America Holdings, Pharmaceutical Product Development, PAREXEL International Corporation, ICON Plc, PRA Health Sciences Inc., InVentiv Health Inc., Charles River Laboratories International Inc., INC Research Holdings Inc., and Wuxi PharmaTech.
The scope of the report:
1. Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the untapped regions.
2. Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
3. Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
4. Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
5. Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
6. A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
7. Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
8. An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
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