The Worldwide Contract Research Organization (CRO) Market is expanding rapidly, and with demand for CRO services surging at a rate of 11.48% CAGR, the future appears promising, asserts Market Research Future (MRFR). Increasing complexities and size of clinical trials has necessitated outsourcing of critical operations such as research and manufacture of therapeutic drugs and medical instruments which has resulted in expansion and diversification of CROs.
This growth can be attributed to continuous investment by pharmaceutical sponsors in R&D and outsourcing a more considerable portion of R&D to independent service providers. Moreover, it is believed that CROs possess greater ability and expertise to perform the needed services than pharmaceutical or biotechnology could perform internally. Biotechnology and pharmaceutical companies are increasingly applying for regulatory approvals in different countries, and the CRO market is expected to benefit from this trend. Moreover, M&A activities in the business landscape also provide growth opportunities to CRO market.
Pharmaceutical companies generally aim to reduce costs through M&A and in a bid to manage their processes, they outsource R&D activities to CROs. Regulatory norms towards standardization throughout the world have also supported the growth of the market. Companies are increasingly outsourcing to CROs to capitalize on the expertise and capabilities which they offer. Rising costs of drug development have raised reliance on CROs. Many companies lack the capital, equipment, and resources to conduct internal clinical trials and thus choose to outsource to CROs which not only eliminates the need to expand infrastructure but also offers a reduction in costs and drug development cycle.
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Additionally, expansion of service offerings by CROs coupled with technological advancements such as wearable technologies and big data is augmenting the growth of the market. However, number of CROs have not been able to keep pace with the growth in consumer base of CROs and existing CROs find difficulty in managing operations and acquiring funds to sustain capacity development. Other restraining factors include the high cost of labor, escalating complexities of clinical trials, volatility in exchange rates and freight charges.
The Global CRO Market is highly competitive and fragmented with the presence of many small specialty providers. Large CROs are indulging in M&A to gain a competitive edge over the market. The key players operating in the market include Laboratory Corporation of America Holdings. (U.S.), PAREXEL International Corporation. (U.S.), INC Research LLC (U.S.), ICON plc. (Europe), QuintilesIMS (U.S.), Pharmaceutical Product Development, LLC. (U.S.), PRA Health Sciences, Inc. (U.S.) and others.
The Global contract research organization has been segmented based on segment, clinical trial phase, and end-users. By segment, the market has been segmented into drug discovery, clinical development, post-marketing services, and others. By clinical trial phase, the market has been segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others. By end-users, the market has been segmented into pharmaceutical/ biotechnology companies, medical devices companies, academic institutes and others.
The key markets of the Global Contract Research Organization Market include the Americas, Europe, Asia-Pacific and the Middle East & Africa. The America market is consolidated due to the concentration of market activity owing to favorable conditions and the presence of a robust drug market in the region. The Americas is closely followed by Europe due to the availability of funds for research, and a well-developed healthcare sector in the region. Asia-Pacific market is expected to emerge as a growing market due to increase in clinical research activities in the region, especially in China and India. The Middle East & Africa holds a comparatively smaller share of the market but holds potential growth opportunities as the region facilitates conduction of clinical trials at a fraction of costs as compared to the US and Europe.
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