Contract Research Organization (CRO) Market Size, Growth and Share Analysis By Segment (Drug Discovery, Clinical Development), By Clinical Trial Phase (Preclinical Trials, Phase I, Phase II, Phase III), End Users (Pharmaceutical Companies) – Global Forecast till 2023
Contract Research Organization (CRO) Market Overview
Global Contract Research Organization (CRO) Market size is expected to grow at a 11.48% CAGR across the review period. The Global Contract Research Organization (CRO) Market 2020 is likely to witness promise potential. Increasing demand for efficiency in the pharmaceutical industry is supposed to augment the market in the coming years. The report offers a detailed analysis of the market based on past data and ongoing trends. The projection foresees that the contract research organization market is supposed to remain lucrative and attain a decent valuation by the close of the evaluation period.
The pharmaceutical industry is thriving at a rapid pace which is projected to boost demand for outsourcing. This, in turn, is assumed to catalyze the expansion of the contract research organization market. Increasing prevalence of diseases and disorders such as cancer, diabetes, etc. has posed challenge to drug manufacturers. Investments have been intensified in research and development, which is anticipated to boost augmentation of the contract research organization market. In order to keep up with the efficiency of the industry, the contract research organization (CRO) market is injected with investments and opportunities to be capitalized on.
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With drug patents entering the phase of expiry, the competition in the pharmaceutical industry is set to witness an upswing. This, in turn, unleashes immense opportunities for the players in the contract research organization (CRO) market. Also, rising number of clinical trials is projected to impact the market favorably. Stringent regulations are being imposed by the governments to regulate the pharmaceutical industry. It is supposed to catapult the contract research organization (CRO) market on upward trajectory. Also, the growth of the contract research organization (CRO) market ensures economies of scale for the pharmaceutical industry leaders. However, the market is supposed to be restrained by factors such as exchange rate volatility, high cost of labor, and structural changes in industry among others.
Contract Research Organization Market Segmentation
Based on segment, the segmentation of the CRO market covers drug discovery, post marketing services, clinical development, and others.
Based on clinical trial, the CRO market has been segmented into phase I, phase III, phase II, phase IV, preclinical trials, and others.
Based on end-users, the CRO market has been segmented into medical devices companies, pharmaceutical/ biotechnology companies, academic institutes and others.
Contract Research Organization Market Regional Analysis
The geographical study of the contract research organization (CRO) market spans across Americas, Europe, Asia Pacific, and the Middle East and Africa (MEA). These regional segments are narrowed down to country-level basis for deeper insight into the global market. Americas is supposed to hold its dominance over the market over the next few years. Increasing healthcare expenditure in the region is one of the prime factors expected to boost growth of the healthcare CRO market. In addition, the strict regulations implemented for the pharmaceutical industry is also poised to intensify the expansion of the regional contract research organization market. Rapidly developing healthcare sector of Americas is poised to support the growth rate of the market in the upcoming years. Asia Pacific is also expected to thrive exponentially on account of developing healthcare industry. However, MEA contract research organization services market is presumed to hold a limited share on the global front due to the presence of underdeveloped regions.
Contract Research Organization Market Competitive Dashboard
Laboratory Corporation of America Holdings. (U.S.), PAREXEL International Corporation. (U.S.), QuintilesIMS (U.S.), Pharmaceutical Product Development, LLC. (U.S.), PRA Health Sciences, Inc. (U.S.), INC Research LLC (U.S.), and ICON plc. (Europe) are few of the key players of the contract research organization (CRO) market.
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