Contract Research Organization (CRO) Market Industry Overview
Contract research organization (CRO) market 2020 is on track to attain a growth rate of 11.48% by 2023 (appraisal period), suggests Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak. Growth of the contract research organization services market in recent years has been quite impressive, given the surging costs of drug development, rise in patent expirations of medicines and drugs, and the expansion of the biologics industry.
Some of the top restraints can be the unsuccessful clinic trials in recent past and the strict regulations. Moving ahead, the escalating demand for effective clinical trials of diverse medical devices, mounting preference for outsourcing services in developing nations and the widening application scope of CRO solutions via technology can ensure relentless market growth in the following years. The surge in supportive regulatory environments across developed countries, growing spending on research and development and the rise in strategic collaborations between renowned firms could also benefit the worldwide market over the next few years.
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CROs are finding excellent opportunities in emerging countries like India, Brazil and China, in terms of conducting clinical trials to bring down the drug development costs. Besides the cost factor, these countries also offer benefits to CROs of conducting clinical trials to boost their capabilities and gain a far more diverse patient pool than before. Since the COVID-19 outbreak, vendors have been leveraging advanced technologies, such as eConsent, risk-based monitoring, telemedicine and wearables. Owing to the novel coronavirus, numerous large pharmaceutical firms have had to halt the new clinical trials, while several small and mid-sized enterprises had to suspend the ones that were underway, exhibiting the magnitude of the COVID-19 impact on the CRO market.
However, to reduce the negative effects of the SARS-CoV-2 pandemic, organizations such as patient recruitment organizations/PROs and site management organizations/SMOs have started exploring opportunities provided by emerging eRecruitment providers, remote monitoring solutions companies and virtual trial platform vendors to be able to support hybrid CT models. Although the worldwide lockdown to curb the spread of the virus has not been as effective as expected, the market can still recover at a promising rate owing to the rising penetration of new clinical trial models that use virtual trial tools along with the changing regulatory policies. Hybrid trials have successfully taken the center stage in the post COVID-19 era and can be one of the top CRO industry trends in the near future.
Contract Research Organization Market Segmental Analysis
Contract research organization services market can be dissected on the basis of segment, clinical trial phase, and end users.
The contract research organization market, segment-wise, can be considered for post marketing services, clinical development, drug discovery, and others.
Depending on clinical trial, the contract research organization market caters to preclinical trials, phase I, phase II, phase III, phase IV, and more.
Some of the primary contract research organization market end users include academic institutes, medical devices companies, pharmaceutical/ biotechnology companies, and others.
Contract Research Organization Market Regional Insight
MEA/Middle East and Africa and Europe along with APAC/Asia Pacific and the Americas are the top markets for CRO across the globe.
The Americas remains the frontrunner in the global CRO market and can observe further growth in the years ahead owing to the presence of a well-established healthcare industry and the massive patient pool. On top of that, the evolving lifestyle along with the surge in healthcare spending seems to be working in favor of the regional market. Some of the highest developed nations in the world such as the United States and Canada in the region contribute immensely to the CRO market growth. in recent times, the region has been witnessing a rapid surge in SARS-CoV-2 cases despite the strict lockdown. This situation has given rise to the need for vaccine and therapeutics to bring down the spread of the pandemic, which has resulted in a higher number of clinical trials in the region. Hence, the COVID-19 outbreak is projected to be favorable for the healthcare contract research organization market in the forthcoming period.
Europe stands as the second leading CRO market, considering the vast amount of funds that are allocated for researches, massive patient population and the presence of a highly developed healthcare industry. The strong government support given in terms of research and development also substantiates the market position in the region. The European market is split into Eastern Europe and Western Europe. Western Europe is presently in the lead, with Germany, France and the UK standing at the vanguard of the growth. It is anticipated that Eastern Europe can accrue the fastest growth rate over the given period owing to the rising number of patients suffering from chronic illnesses.
APAC has secured the fastest expansion rate, thanks to the humungous patient pool present across the emerging countries such as India and China, which can be characterized by steadily rising per capita healthcare spending. Most of the countries in the region are consistently observing similar or even higher illnesses incidence rates than Western countries, thereby offering favorable scenario for conducting clinical trials.
Contract Research Organization Market Top Vendors
Some of the firms that are employing contract research organization market strategy are INC Research LLC (U.S.), PRA Health Sciences, Inc. (U.S.), ICON plc (Europe), Laboratory Corporation of America Holdings (US), Pharmaceutical Product Development LLC (U.S.), PAREXEL International Corporation (US), QuintilesIMS (US), to mention a few.
Pfizer has expanded its deal with CRO Icon, with the addition of three more years. This partnership will observe more efforts pertaining to drug development as well as commercialization, which could mean expansion of Pfizer’s drugs pipeline.
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