Contract Research Organization (CRO) Market Research Report, By Segment (Drug Discovery, Clinical Development), By Clinical Trial Phase (Preclinical Trials, Phase I, Phase II, Phase III), By End Users (Pharmaceutical Companies), Global Forecast till 2023
The global CRO market size is expected to rise at a CAGR of 11.48% by 2023, says Market Research Future (MRFR),. The report provides for an extensive review of COVID-19 impact on CRO market conditions. The study also focuses on key market factors that will influence this sector’s growth, such as market share, the top region, and major companies.
The changing economy has impelled large pharmaceutical companies to outsource many of their crucial operations, including research and manufacturing of therapeutic drugs and medical devices. This provided favorable background for the development of the contract research organizations (CROs).
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The Contract Research Organizations offer clinical trials and other research support services to the pharmaceutical/biotechnology and medical device sectors, among others. They can also represent government institutions, foundations, and universities in their research process.
Contract research organizations combine orders from several clients and thus achieve economies of scale that lower the price. The decreased cost of manufacturing or service may then be passed to the final client, providing cost efficiency. The economics of production and scale, along with a variety of other factors, such as the emphasis on core competencies, and the shared interest of both the contractor and the client, will drive CRO market development.
In the last few years, dramatic growth in the global economy has transformed the healthcare market, increased per capita healthcare costs, and enhanced access to quality healthcare. As a result, the outsourcing of R&D activities needed to discover breakthrough medicines, therapists, medical devices, and other pharmaceutical products has been pushed forward. With the outbreak of COVID-19 pandemic, the already expanding CRO market has seen increasing insight programs promoting best practices in the battle against pandemic.
However, the CRO market may be constrained by high labor costs, structural changes in industry and employment, fluctuations in exchange rates, the flight of contract research to developing regions, and others.
CRO Market Segmentation
The global CRO market has been segmented based on segment, clinical trial phase, and end-users.
Based on the segment, the global CRO market has been drug discovery, clinical development, post marketing services, and others.
Based on the clinical trial, the global CRO market has been categorized into phase I, phase II, phase III, phase IV, preclinical trials, and others.
Based on end-users, the global CRO market has been segmented into pharmaceutical/ biotechnology companies, academic institutes, medical devices companies, and others.
CRO Market Regional Analysis
By region, the global CRO market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas dominate the market of the global contract research organization (CRO) due to a well-developed healthcare sector and a large patient population. In addition, changing lifestyles and rising health care spending has fueled market growth in America. In addition, the presence of developed economies such as the U.S. and Canada within the region will bolster market growth.
Europe is the second-largest CRO market, followed by the Asia Pacific. The availability of research funding, increasing patient population, a rise in healthcare spending, a well-developed healthcare sector, and government support for research and development are anticipated to push market growth during the forecast period. Europe is divided regionally between Western Europe and Eastern Europe. Western Europe holds the largest share of the regional market, primarily contributed by Germany, the United Kingdom, and France. However, Eastern Europe is the fastest-growing region owing to the enormous potential of the untapped market.
The Asia Pacific is the fastest-growing region in the CRO market due to the presence of a large patient population, continually improving economies such as India and China, with rising per capita healthcare expenditure. As per the Indian Brand Equity Foundation in 2017, the Indian healthcare sector is one of the fastest-growing industries and is projected to reach USD 280 billion by 2020 and register CAGR of 22.87% over the review period. In addition, favorable government policies are fueling market growth in the region.
The Middle East & Africa has the least market share in the global CRO market due to the existence of a weak economy, especially in the African region, due to low per capita income and strict government policies. The Middle East controls the bulk of the market in this area due to the well-developed healthcare sector. However, the presence of developed economies such as Kuwait, Saudi Arabia, Dubai, and Qatar makes it easier to maintain the CRO market.
CRO Market Key Players
The key players identified by MRFR in the global CRO market are Laboratory Corporation of America Holdings. (U.S.), QuintilesIMS (U.S.), ICON plc. (Europe), Pharmaceutical Product Development, LLC. (U.S.), INC Research LLC (U.S.), PAREXEL International Corporation. (U.S.) PRA Health Sciences, Inc. (U.S.), and others.
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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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