Contract Research Organization (CRO) Market Overview
The global contract research organization market was analyzed by Market Research Future (MRFR) and it was projected that a notable CAGR of 11.48% will be attained by the market over the forecast period of 2018 to 2023. The valuation of the contract research organization market was further stated to surpass its previous valuation with the revenue pool getting wider.
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The changing economic condition has prompted large pharmaceutical companies to outsource majority of their critical operations, which includes research and manufacturing of the therapeutic drugs as well as medical devices. This has provided positive backgrounds for the development of the Contract Research Organizations (CRO) and subsequently aided the market growth.
The Contract Research Organizations are organizations that offer clinical trial and various other research support services primarily to both medical device and pharmaceutical/biotechnology industries and others. Additionally, they also help serve foundations, government institutions, and universities in their process of research.
The contract research organizations take bulk orders from various clients and thereby attain economies of scale. This helps in bringing down the price. The declining cost of manufacturing or service is then transferred to the concluding client, thereby offering the benefit of cost efficiency. Thus, economics of production and scale alongside several other factors like mutual benefit to both contractor and client and focus on core competencies is expected drive the growth of the global market. However, the market can be challenged by the high pricing level of labor, exchange rate volatility, structural changes in industry and employment, flight of contract research across developing regions, and others.
Contract Research Organization (CRO) Market Segmentation
The global contract research organization market has been segmented in terms of segment, clinical trial, and components.
By segment, the market comprises clinical development, drug discovery, post marketing services, and others.
By clinical trial, the market is divided into preclinical trials, phase II, phase IV, phase I, phase III, and others.
By end users, the market includes medical devices companies, pharmaceutical/ biotechnology companies, academic institutes, and others.
Contract Research Organization (CRO) Market Regional Analysis
The global contract research organization market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
As per the study by MRFR, the Americas region spearheads the contract research organization market. This is due to an established and developed healthcare sector and the presence of a huge pool of patient population. Aside from this, evolving lifestyles and increasing healthcare expenditure have majorly contributed to the growth of the market for contract research organization in the Americas region. Additionally, the presence of various developed economies like the U.S. and Canada within the region is expected to further boost market growth.
The European region is another prime market for contract research organization. Herein, vast patient population, the accessibility to funds for research, increasing healthcare expenditure, and government support for research & development is anticipated to influence a positive demand for the market over the forecast period.
The Asia Pacific regional market is slate to grow with the fastest pace globally due to the presence of a massive patient population and continuously developing nations like India and China which boast an increasing per capita healthcare expenditure.
Lastly, the Middle Eastern and African region enjoys the least share in the contract research organization market due to the lack of economic stability, especially in the African region due to the low per capita income rate and restricting government policies.
Contract Research Organization (CRO) Market Competitive Landscape
The global contract research organization market comprises a host of key players. This includes names like Pharmaceutical Product Development, LLC. (U.S.), QuintilesIMS (U.S.), Laboratory Corporation of America Holdings. (U.S.), PAREXEL International Corporation (U.S.) PRA Health Sciences, Inc. (U.S.), INC Research LLC (U.S.), ICON plc (Europe), and others.
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- Pharmaceutical companies
- Biotechnological institutes
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research and Consulting Service Providers
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