The global contract research organization market is expected to grow at a CAGR of 11.48% during the forecast period. The global economy is changing and the big pharmaceutical companies are progressively looking to outsource critical functions including research and manufacturing of the therapeutic drugs and medical devices. Many major corporations are using CROs to lead clinical trials, drug discovery, drug development, outsourcing and various other services. The contract research organizations achieve economies of scale which brings down the price. The reduced costs of manufacturing are then transferred to the final client, thereby giving the benefit of cost efficiency, enabling the client to be free to use his own resources in business.
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Key Players
The key players for the global contract research organization market are Laboratory Corporation of America Holdings. (U.S.), QuintilesIMS (U.S.), PAREXEL International Corporation. (U.S.), Pharmaceutical Product Development, LLC. (U.S.), INC Research LLC (U.S.), PRA Health Sciences, Inc. (U.S.), ICON plc. (Europe), and others.
The Americas dominates the global contract research organization market due to a well-developed healthcare sector providing large number of medical services. Moreover, large patient population and changing lifestyle have boosted the growth of the market in the Americas. Additionally, the presence of the global players like Laboratory Corporation of America Holdings and PAREXEL International Corporation along with the developed economies like the U.S. and Canada which have a high per capita income within the region fuels the market growth.
Europe is the second largest global contract research organization market, which is followed by Asia Pacific. Availability of funds for research, increasing healthcare expenditures, well-developed healthcare sector and favorable governmental policies will to drive the market growth in the Europen contract research organization market during the forecasted period.
Asia Pacific is the fastest growing region in global the market due to the presence of a huge patient population, continuously developing economies like India and China. According to the Indian Brand Equity Foundation in 2017, the Indian healthcare sector is one of the fastest growing industries and is expected to advance at a CAGR of 22.87% during the review period to reach USD 280 billion by 2020.
On the other hand, the Middle East & Africa holds the least share in the global contract research organization market due to the presence of poor economies especially in Africa region with low per capita income. Moreover, stringent government policies also restrict the market growth. Majority of the market of this region is held by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure.
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The global contract research organization market is segmented on the basis of segment, clinical trial phase, and by end users.
On the basis of segment, the market is segmented drug discovery, clinical development, post marketing services, and others.
On the basis of clinical trial, the market is categorized into preclinical trials, phase I, phase II, phase III, phase IV, and others.
On the basis of end users, the market is segmented into pharmaceutical/ biotechnology companies, medical devices companies, academic institutes, and others.
Europe is the second largest global contract research organization market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, a well-developed healthcare sector and government support for research & development are projected to drive the market growth during the forecasted period. Regionally, Europe is divided into Western Europe and Eastern Europe. Western Europe hold the major share of the regional market, which is majorly contributed by Germany, the U.K., and France. However, Eastern Europe is the fastest growing region due the huge opportunities in the untapped market.
Asia Pacific is the fastest growing region in global the market due to the presence of a huge patient population, continuously developing economies like India and China which have increasing per capita healthcare expenditures. According to Indian Brand Equity Foundation in 2017, the Indian healthcare sector is one of the fastest growing industries and is expected to advance at a CAGR of 22.87% during the review period to reach USD 280 billion by 2020. Moreover, favourable government policies fuel the market growth within this region.
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List of Figure
FIGURE 1 GLOBAL CRO MARKET, BY SEGMENT, 2016 (%)
FIGURE 2 GLOBAL CRO MARKET, BY CLINICAL TRAIL, PHASE, 2016 (%)
FIGURE 3 GLOBAL CONTRACT RESEARCH ORGANIZATION MARKET: MARKET STRUCTURE
FIGURE 4 RESEARCH PROCESS
FIGURE 5 GLOBAL MHEALTH DEVICE MARKET: PORTER FIVE FORCE ANALYSIS
FIGURE 6 VALUE CHAIN ANALYSIS
FIGURE 7 GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) MARKET, BY SEGMENT, 2016 & 2023 (USD MILLION)
FIGURE 8 GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) MARKET, BY CLINICAL TRIAL PHASE, 2016 & 2023 (USD MILLION)
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