As per the Report by Market Research Future (MRFR), the Global Contract Research Organization Market is Expected to Grow at a CAGR of 11.48% by 2023. The Global Contract Research Organization Market is segmented on the basis of segment, clinical trial phase, and by end users.
Acknowledging the exponential traction, the market is vibrating with, currently, Market Research Future (MRFR) in its recently published analysis, asserts that the global Contract Research Organization market will register approximately 11.48% CAGR throughout the estimated period (2017 – 2023), gaining further prominence by the end of the year 2023.
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.
As a result, the demand for therapeutic medicines and devices has increased dramatically. As a result, the R&D activities for new drug discovery have increased drastically, which, in turn, is escalating the CRO market on the global platform.
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Factors substantiating the growth of the CRO market include the augmented demand for breakthrough medicines and generic drugs. Additionally, the growing number of patent expiries in the burgeoning drugs manufacturing sector are fostering the market growth.
The ever-increasing population that is increasingly adopting the heady & sedentary lifestyle which is eventually leading to increasing the prevalence of chronic diseases & disorders, is one of the key driving forces behind the outstanding growth of this market.
Conversely, factors such as the increasing complexities in the clinical trials and the lack of in-house laboratory capacity are impeding the growth of the market. Also, some other factors such as the structural changes associated with the employment in the industry, fluctuating exchange rate and freight charges, etc are acting as a headwind that is inhibiting the growth of CRO market, especially, in the developing regions.
Nevertheless, there is a new interesting trend observed in the market during the analysis, which is the growing emphasis of pharma companies, on improving the production of drugs rather than getting involved in the R&D. This trend is expected to support market growth to an extent.
Furthermore, the unmet needs in the healthcare sectors such as the drug shortages which are leading to increasing the demand for new medicine development and discoveries are expected to benefit the CROs by availing the commercially successful biologics for clinical use at lower costs.
Key players leading the global CRO market are QuintilesIMS (US), Laboratory Corporation of America Holdings. (US), Pharmaceutical Product Development, LLC. (US), PAREXEL International Corporation. (US), INC Research LLC (US), ICON plc. (Europe), and PRA Health Sciences, Inc. (US) among others.
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.
Contract Research Organization Market – Regional Analysis
Globally, the North American region accounts for the leading market for the contract research organization securing the largest share. Factors such as the growing activities of outsourcing research processes by pharmaceutical and biotechnology companies, the presence of a well-established healthcare sector, and huge patient pool, are substantiating the growth of the market.
The incredibly growing CRO market in the US, heading with the expanded healthcare industry in the country, provides a tremendous impetus to the growth of the regional market.
Additional factors such as changing lifestyle and high healthcare expenditures are boosting the market growth in the North American region.
The European Contract Research Organization market accounts for the second-largest market, followed by the Asia Pacific region closely. Factors fostering the growth of the market include the presence of promising players mainly in the UK, Germany, and Switzerland. The region is estimated to register a significant CAGR throughout the review period. Additionally, factors such as the presence of a well-proliferated healthcare sector, increasing funding for research activities from the public & private organizations, substantial patient population, and the resurging healthcare expenditures are boosting the growth of the market in the region.
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Western Europe, among the two divisions of Europe, heading with the major contributions from Germany, the UK, and France, accounts for the larger market share. Whereas, Eastern Europe accounts for the fastest growing region due to the vast opportunities from the untapped markets.
The Asia Pacific region is emerging as a promising market for Contract Research Organization owing to the substantial investments by Asian CMOs that are resultantly sufficing the exponential progress of the regional market. Moreover, the factors such as the availability of cost-competitive, skilled labor force are propelling the market growth in this region, attracting foreign investors. Ever-increasing patient population, along with the continually improving economic conditions are providing impetus to the growth of the regional market.
The Middle East and Africa region certainly hold the vast potential for the development & production of pharmaceutical products. However, the weak economy and political conditions, especially in Africa, are affecting the growth of the CRO market in the MEA region as a whole.
Whereas, the Middle Eastern market for CRO is poised to witness a phenomenal growth due to top the proliferating healthcare sector led by the government’s initiatives and funding. Countries such as Kuwait, Saudi Arabia, Dubai, and Qatar are majorly contributing to the market growth, which in turn, is transforming the landscape of the market, facilitating it to reach the global space. Cost competitive product development is undoubtedly the key factor driving the growth of the CRO market in the Middle East.
January 07, 2019 –– Factory-CRO Group (US), a leading global contract research organization focused on medical devices and in vitro diagnostics along with its partner, Boston Biomedical Associates (USA), a premier full-service Medical Device/Biotechnology CRO and Consultancy based announced their merger. The merger is in alignment with the shared strategic goal of becoming the leading global CRO focused on medical devices and medical technology.
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