Contract Research Organization (CRO) MarketOutlook 2020 to 2023 Analyzed By Segment (Drug Discovery, Clinical Development), By Clinical Trial Phase (Preclinical Trials, Phase I, Phase II, Phase III), By End Users (Pharmaceutical Companies) – Global Trends, Industry Analysis, Size & Share, Business Demand And Forecast.
Contract Research Organization Services (CROS) Market Highlights
The global contract research organization (CRO) market is expected to grow at a robust 11.48% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global contract research organization market is profiled in detail in the report, which takes a look at the past and present of the global market in order to make projections about the market’s future over the forecast period. The leading drivers and restraints affecting the global contract research organization market are profiled in detail in the report in order to provide information about the market’s growth trends. Leading players operating in the global contract research organization market are also profiled in the report.
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Contract research organizations are used by biotech and pharmaceutical companies to outsource operations such as research and manufacturing of clinical drugs and medical devices. Contract research organizations bundle the demand from several manufacturers to achieve an economy of scale and thus provide drug and medical device manufacturing services at an overall lower cost. This helps the end consumer obtain the products at lower rates. Apart from this, the contract research organization industry is also gaining from the fact that core competencies are focused on in CROs, allowing drug and medical device manufacturers to focus on their own core competencies, i.e. marketing and administrative processes, and allow for the production of high-quality products in the fields of both drugs and medical devices. This is likely to remain a major driver for the contract research organization market over the forecast period.
On the other hand, issues such as the high cost of labor, structural changes in employment, and exchange rate volatility are likely to hold the contract research organization market back over the forecast period. High labor costs are especially a challenge in developed Western markets, as the labor costs are high in these regions compared to developing regions such as Asia Pacific and the Middle East. This is likely to result in a mass migration of contract research organizations to developing countries over the forecast period, changing the dynamics of the global market.
Leading players in the global contract research organizations market include ICON plc, PRA Health Sciences Inc., INC Research LLC, Pharmaceutical Product Development LLC, PAREXEL International Corporation, QuintilesIMS, and Laboratory Corporation of America Holdings.
In December 2019, Metrion Biosciences, a drug discovery and CRO major, and LifeArc, a UK-based medical research charity, announced an extension on their collaboration, started in January 2019.
The global contract research organization market is segmented on the basis of segment, clinical trial phase, end use, and region.
By segment, the global contract research organization market is segmented into drug discovery, clinical development, post marketing services, and others.
On the basis of clinical trial phase, the global contract research organization market is segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others.
On the basis of end use, the global contract research organization market is segmented into pharmaceutical/biotech companies, medical device companies, academic institutes, and others.
North America holds the largest share in the global contract research organization market, followed by Europe. Many leading players in the contract research organization market are situated in North America, and the region also holds an early mover advantage, as the contract research organization industry originated in North America. This has given the region a strong advantage in the global contract research organization market. The well-developed healthcare sector in the U.S. and Canada is a major driver for the contract research organization market in the region and is likely to drive the market’s growth over the forecast period. Europe is also a major player in the global contract research organization market, with Western Europe, led by Germany, France, and the UK, holding a dominant share.
Asia Pacific is likely to become increasingly important for the global contract research organization market over the forecast period due to the growth of the healthcare sector in India and China.
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