Impact of COVID-19 on Contract Research Organization (CRO) Market Analysis By Size, Growth, Share Analysis, Clinical Trial Phase (Preclinical Trials, Phase I, Phase II, Phase III), Segment (Drug Discovery, Clinical Development), Clinical, End Users (Pharmaceutical Companies) – Global Forecast till 2023
Contract Research Organization Market Scope
Contract research organizations (CROs) are firms which provide clinical and other services to large pharmaceutical and biopharmaceutical companies at economical prices. Their main focus is to bring down prices of blockbuster drugs and manufacture it on a large scale while making it feasible for the original manufacturers. The global contract research organization market report by Market Research Future (MRFR) has been compiled with respect to the changing economy and prevalence of various diseases. It contains insights, drivers, and roadblocks for end-users for the period of 2018 to 2023 (forecast period).
The global contract research organization market is predicted to expand at 11.48% CAGR during the forecast period. Research and manufacture of medical devices and therapeutic drugs are prime drivers of the market. Increasing investments in research and development, emergence of pharmaceutical and biopharmaceutical companies, and patent expiration of drugs will bolster the CRO market growth.
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The high need to lower costs across all phases of clinical research will play a major role in the contract research organization market in the coming years. This trend can be credited to the requirement for effective treatment of Alzheimer’s, cancer, and others. The privatization of clinical trials in the healthcare industry can further push this trend. Stringent regulations on drugs and continuous monitoring to reduce the number of adverse effects will bode well for the market. Collaborations and partnerships will positively impact the CRO market. CROs can reduce the time to bring a product to market, improve quality, and show efficiency in its production.
However, high labor costs, volatile prices of exchange rates, and structural changes in employment are restraining factors of the contract research organization market.
Contract Research Organization Market Segmentation
The global contract research organization market is segmented on the basis of segment, clinical trial phase, and end users.
Segments in the market are clinical development, drug discovery, post marketing services, and others.
On the basis of clinical trial, the contract research organization market is segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others.
On the basis of end users, the contract research organization market is segmented into academic institutes, pharmaceutical/ biotechnology companies, medical devices companies, and others.
Contract Research Organization Market Regional Analysis
The Americas, Asia Pacific (APAC), Middle East & Africa (MEA), and Europe are major regions of the global contract research organization (CRO) market.
The Americas is projected to dominate the global CRO market owing to the large patient pool, prevalence of chronic diseases, and a well-developed healthcare sector. The change in lifestyle and large allocation of healthcare expenditure for the public can bolster the regional market growth. Developed economies such as the U.S. and Canada and the outsourcing of drug development to developing economies for saving manufacturing costs and time will augur favorably for the CRO market.
APAC will be highly lucrative for the global contract research organization market due to the large manufacturing bases in China and India and lax regulations. According to the Indian Brand Equity Foundation (IBEF), the India healthcare market value can skyrocket to USD 280 billion by 2020 by showcasing a CAGR of 22.87% over the assessment period.
Europe is the second-largest region in the CRO market owing to government support for research and development, abundance of funds for research, and a large patient pool. France, Germany, and the U.K. are countries which can contribute to the region.
Contract Research Organization Market Competition Outlook
Laboratory Corporation of America Holdings, INC Research LLC, ICON plc., PAREXEL International Corporation, PRA Health Sciences, Inc., Pharmaceutical Product Development, LLC., QuintilesIMS, and others are key players of the contract research organization market.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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