Contract Research Organization Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Growing demand for novel drugs for the treatment of chronic disorders coupled with increase in research and development activities is likely to grow the contract research organization market.
Contract Research Organization Market is valued at USD 39.1 Billion in 2018 and expected to reach USD 64.5 Billion By 2025 with the CAGR of 7.4% over the forecast period.
Contract research organizations are also known as clinical research organization and these companies provide support to the lifescience industry by providing them research services on contract basis. These organizations are designed to reduce the manufacturing cost of novel drug and also provide easy access to the market. These organizations also offer clinical trials to the pharmaceutical or medical devices companies which also help them to get FDA or EMA approval for the product without any extra expenses. These approvals are required by the company to assure the safety and efficacy of the product.
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Contract Research Organization Market report is segmented on service type, Therapeutic area, end user and by regional & country level. Based upon service type, Contract Research Organization market is segmented into Early Phase Development Services, clinical research services, Laboratory and consulting services. On the basis of therapeutic area, market is segmented into oncology, clinical pharmacology, cardiology, infectious disease, Neurology, Ophthalmology, gastroenterology and hepatology, and others. Based upon end use, Contract Research Organization market is classified into Pharmaceutical & biopharmaceutical companies, Medical device companies, and Academic institutes.
The regions covered in this Contract Research Organization market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Contract Research Organization market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Contract Research Organization Market Reports–
Some major key players for Contract Research Organization market are Laboratory Corporation of America Holdings, LLC, ICON Plc, Wuxi Pharmatech (Cayman), Inc., InVentiv Health, Inc., PAREXEL International Corporation, Pharmaceutical Service Type Development, INC Research Holdings, Inc., Charles River Laboratories International, Inc., Quintiles Transnational Holdings, Inc., and PRA Health Sciences, Inc. among others.
In June 2017, PAREXEL entered into a merger agreement with West Street Merger Sub, Inc., a wholly-owned subsidiary of West Street Parent, LLC. According to the merger agreement, PARAXEL will survive as a subsidiary of West Street Parent, LLC, in a transaction valued at approximately USD 5.5 billion.
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Increase in the novel drug development by the pharmaceutical companies and increase in research and development activities over the period of time are expected drive the growth of Contract research organization
Some of the major factors drives the growth of contract research organization market over the period of time include the novel drug development by the pharmaceutical companies. The constant increase in the chronic disorders is expected to raise the demand for advanced drug for the treatment and for this pharmaceutical companies are constantly striving for the same. Furthermore, increase in research and development activities are expected to fuel the growth of contract research organization market over the near future. Moreover, increase investment by the government to further promote the research and development activities for the drug development are expected to create ample opportunities in the market. However, High cost and intellectual property rights are expected to hamper the growth of contract research organization market over the forecast period.
North America is expected to dominate the Contract Research Organization Market.
North America accounted for largest share to dominate the contract research organization market. The U.S. holds the major market share which was closely followed by Canada and others countries. Due to the various guidelines with regards to clinical trials and most of the major Pharmaceutical companies belongs to the region. Europe is expected to be the second largest growing economy after North America. The presence of advanced infrastructure and increase in research and development activities are expected to create ample opportunities for the contract research organization market. Asia Pacific is expected to be the fastest growing region over the period of time due to the presence of developing economies such as India, China and others. There is an increase in the presence of pharmaceutical companies in the region coupled with increase in the demand for novel drugs for the treatment of chronic disorders are expected to promote the growth of contract research organization market. Latin America, Middle East and Africa is expected to develop moderately over the forecast period.
Key Benefits for Contract Research Organization Market Reports –
- Global market report covers in depth historical and forecast analysis.
- Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global market report helps to identify opportunities in market place.
- Global market report covers extensive analysis of emerging trends and competitive landscape.
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Contract Research Organization Market Segmentation –
By Service Type
- Early Phase Development Services
- Clinical research services
- Laboratory services
- Consulting services
By Therapeutic Area
- Clinical pharmacology
- Infectious disease
- Gastroenterology and hepatology
By End Use
- Pharmaceutical & biopharmaceutical companies
- Medical device companies
- Academic institutes
By Regional & Country Analysis:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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