Zion Research has published a new report titled “Contract Research Organization (CRO) Industry for Early-Stage Development Services and Last-Stage Development Services: Global Market Perspective, Comprehensive Analysis and Forecast, 2014 – 2020.” According to the report, global Contract Research Organization market was valued at USD 34.00 billion in 2014 and is expected to reach USD 59.42 billion in 2020, growing at a CAGR of 9.80% between 2015 and 2020.
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CRO is an organization that works on a contract basis for various industries and it serves the outsourced research services. Different industries served by CROs include pharmaceutical, medical device, biotechnology, government institutions & foundations, universities, etc. CROs facilitate effective control on research and development expenditure of a company. CROs save the valuable time of companies and make them focus on their core activities. Additionally, it also helps them to develop their ability for healthcare regulatory submissions, biostatistics, and data management. CROs have started providing their research and development services to their vendors throughout all the phases of a drug development.
Increasing outsourcing of research and development industry is one of the major driving factors for the growth of the contract research organization market. Major benefit associated with outsourcing of research and development to CROs helps to optimize the expenditure of the research institutes. Moreover, institutes get strength to concentrate on their basic skills and abilities. The global CRO market is expected to grow at a rapid CAGR of above 9% between 2015 and 2020. Outsourcing of clinical trial activities to CROs is gaining popularity, especially in major developed economies such as the U.S. Increasing aging population and rise in the instance and occurrence of lifestyle-related diseases such as CVD and diabetes have increased the demand for improved pharmaceutical products.
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However, global CRO market is expected to face major challenges for the growth such as shortage of experienced personnel to conduct various activities in CROs. The soaring failure rate of recently discovered drugs in the clinical trial stage is expected to hold the growth of this market.
The contract research organization market can be segmented on the basis of end-user segments such as early stage development services and late stage development services. Late stage development services segment dominated the contract research organization market with around 70% share of the total market in 2014. It is also expected to exhibit fastest growth rate during the forecast period. On the basis of therapeutic area, the R&D clinical trial pipeline comprises seven segments such as oncology, infectious diseases, CNS, cardiovascular, metabolic, respiratory, and others. Oncology dominated the research and development clinical trial pipeline with around 25% share of the total market in 2014.
With around 50% share of the total market the Americas dominated the global CRO market in 2014. The U.S. was the largest market for CRO in the region. EMEA was the second largest market for CRO in 2014. CRO market in EMEA region is mainly driven by the UK, France, Germany, Italy, and Spain. The CRO market in the APAC region is expected to exhibit strong growth in the years to come. China, India, and South Korea, Malaysia and Singapore, are expected to drive CRO market in the region. Owing to strong growth in these countries CRO market in Asia Pacific is expected to exhibit fastest growth rate during forecast period.
Some of the key players involved globally in contract research organization market include Covance, Parexel International, PRA Health Sciences, Quintiles Translational. Other prominent players in the contract research organization market includes Chiltern, Charles River Laboratories, Icon, Inventiv Health, QPS, Ricerca Biosciences, EPS , SynteractHCR, INC Research, WIL Research and WuXi AppTec.
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