Contract Research Organization Market Overview:
Outsourcing of critical operations has become a norm in pharmaceutical industry owing to the changing economic conditions and high demand and supply gap for advanced healthcare solutions across the globe. Contract research organizations provide clinical trials, research and manufacturing of therapeutic drugs and advanced medical devices along with other research support to biotechnological and pharmaceutical industries. Market Research Future (MRFR) has published a report stating that the global contract research organizations market is anticipated to expand remarkably at a CAGR of 11.48% during the forecast period of 2017-2023.
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The global market for contract research organization is segmented on the basis of clinical trial phase, segment, and end users. Based on segment, the contract research organization market has been segmented into drug discovery, clinical development, post-marketing services, and others. Based on clinical trial, the contract research organization market is segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others. Based on end users, the contract research organization market has been segmented into pharmaceutical/ biotechnology companies, medical devices companies, academic institutes and others.
Globally, North America accounts for the largest share in the global Contract Research Organization market. Factors substantiating this growth include the growing activities of outsourcing the research processes by the Pharmaceutical and biotechnology companies backed by the well-established healthcare sector and huge patient pool. The US among other North American countries, accounts for a large share owing to the expanded healthcare industry in the country. Additionally, changing lifestyle and increasing healthcare expenditure have boosted the market growth in America.
Europe is the second-largest market for Contract Research Organization, followed by the Asia Pacific. Attributing to the presence of promising players mainly the UK, Germany& Switzerland; the regional market is expected to grow at a considerable CAGR. Other factors expected to contribute to the regional market growth include a well-developed healthcare sector, huge patient population, increasing healthcare expenditures, and public & private funding for research activities.
Among the two divisions of Europe, Western Europe holds the larger market share owing to the major contributions from Germany, the UK, and France. On the other hand, Eastern Europe accounts for the fastest growing region owing to the huge opportunities from the untapped market.
The Asia Pacific region is expected to be the fastest growing market for Contract Research Organization. Substantial investments by Asian CMOs are, sufficing the exponential progress resultantly. Furthermore, factors such as availability of cost-competitive, skilled labor force are propelling the rapid growth in this region. A vast patient population, along with the continually improving economic conditions are providing impetus to the market growth, pervasively increasing the per capita healthcare expenditures mainly in India and China.
The Middle East and Africa certainly hold the huge potential for the pharmaceutical products’ development & production, but due to the poor economy, and political conditions in Africa, the MEA market as a whole gets affected.
On the other hand, market in the Middle East region is poised to witness a phenomenal growth due well-developed healthcare sector backed 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 market, facilitating it to reach the global space. Cost competitive product development is undoubtedly the key factor driving the regional market growth.
The players in the global contract research organization market are focusing on business expansion in the global contract research organizations market through strategic mergers and acquisitions in order to sustain the competitive environment of the market. For instance, in May 2018, PolarityTE, a U.S.-based healthcare firm, has announced the acquisition of GLP/USDA Preclinical Biomedical Research Facility with the goal of accelerating the research and development of company’s pipeline products.
The prominent players profiled by MRFR that are operating in the global contract research organization market are Laboratory Corporation of America Holdings. (the U.S.), QuintilesIMS (the U.S.), PAREXEL International Corporation. (the U.S.), Pharmaceutical Product Development, LLC. (the U.S.), INC Research LLC (the U.S.), PRA Health Sciences.
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