With increase in operating costs, organizations tend to outsource certain functions to independent companies. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently published a report on this market. The global contract research organization market is predicted to grow at a CAGR of 11.48% during the forecast period.
As contract research organization or CROs bundle certain functions effectively, they are being preferred over having in-house research facilities. Cost efficiency is one of the main driving factors for this sector. The pharmaceutical, biotechnology, and medical device industries are the main user demographic of this sector.
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The global contract research organization market is segmented on the basis of segment, clinical trial phase, and 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.
Detailed Regional Analysis
The Americas dominate the global contract research organization market owing to a well-developed healthcare sector and huge patient population. Apart from this, changing lifestyle and increasing healthcare expenditure have further boosted the growth of the market in America. Moreover, the presence of developed economies like the U.S. and Canada within the region will boost the market growth.
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, favorable government policies fuel the market growth within this region.
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On the other hand, the Middle East & Africa holds the least share in the global contract research organization market due to presence of poor economy, especially, in the African region due to low per capita income and stringent government policies. Majority of the market of this region is held by the Middle East in this region due to the well-developed healthcare sector Moreover, the presence of developed economies like Kuwait, Saudi Arabia, Dubai and Qatar facilitates it to hold the market.
Global Competitive Analysis
The industry players in the segment are utilizing their primary resources to initiate a trend of solid, volume-driven growth that has been observed in the market with the development of different varieties of product types. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. However, with companies aiming to capture a considerable share of the market segment as early as possible, they implementing and experimenting with various advantage points.
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.).
Latest Industry News:
Jan 2018 Charles River Laboratories has acquired KWS BioTest for up-to-approximately £18 million, in a deal that will expand the discovery services offerings in oncology and immunology for this contract research organization (CRO). KWS is a CRO specializing in offering validated in vitro and in vivo models, among other discovery testing contract research services, in immuno-oncology as well as autoimmune disease, inflammation and allergy, and antimicrobials, antivirals, and vaccinology.
Jan 2018 MyDx, Inc, a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to understand the chemical profile of cannabis with how it makes them feel and which ailments it alleviates announced a definitive agreement recently and statement of work with a contract research organization to commence clinical trials in Israel on its proprietary pain management formula that was derived from 50,000+ pre-clinical, crowd-sourced physiological data-points tracked by MyDx’s Handheld Cannabis Tester and associated mobile app.
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Jan 2018 Optimapharm has acquired MKS Research as a part of its plans to double its revenue and become the largest independent contract research organization (CRO) in the Central and Eastern Europe (CEE) and South East Europe (SEE) regions. The Croatian CRO Optimapharm has more than 10 offices in Europe and operates in several countries in both CEE and SEE. The company’s acquisition of MKS Research expands its footprint to the Czech market and brings its total number of full-time employees to 120 and annual revenues to more than €12m ($14.5m). Following the completed transaction, MKS Research will be fully integrated in Optimapharm’s standard operating procedures and will continue operating under the Optimapharm brand.
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