Contract Research Organization (CRO) Market Scope
Market Research Future (MRFR) expects the contract research organization (CRO) market to thrive at a rate of 11.48% between 2020 and 2027 (assessment period).
Top Boosters and Key Barriers
The COVID-19 pandemic has had a grave impact on the global contract research organization (CRO) market, with several pharmaceutical firmed compelled to pause ongoing clinical trials. This exhibits the magnitude of the challenges brought on by the pandemic. To address these issues, organizations such as patient recruitment organizations (PROs) as well as site management organizations (SMOs) are joining hands with virtual trial platform vendors, eRecruitment providers, and remote monitoring solution vendors. This is helping them bolster their capacity to support hybrid CT models. Despite the lockdown, the global market for contract research organizations could manage to recover quite fast in the coming years, thanks to the surging adoption of modern clinical trial approaches that make use of virtual trial tools along with the rise in supportive regulatory policies.
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Noteworthy innovations in healthcare, with respect to medications, drug delivery and research have been favorable for the contract research organization industry. Several healthcare providers have realized the various benefits related to CRO services and are resultantly opting for them. This could have a tremendous impact on the contract research organization market in the ensuing years. CRO services are also emerging as huge hits among the pharmaceutical firms, which is bound to push the market demand in the next few years.
Renowned stakeholders in the global market for contract research organization services are teaming up with other contenders for the development of open technology standards. These efforts on their part could prove to be a major game changer for the clinical trial operations to be conducted in the future. Mergers and acquisitions are some of the key strategies increasingly being adopted by the players, who are focused on fostering their market positions. To illustrate, in August 2021, ImaBiotech, a leading contract research organization that provides spatial multi-omics services to pharmaceutical research firms, collaborated with Fluidigm Corporation, an advanced biotechnology tools developer, for service offerings as well as product development of its Imaging Mass Cytometry (IMC). Fluidigm Corporation expects that this partnership with the reputed imaging CRO such as ImaBiotech will help showcase the Imaging Mass Cytometry’ impressive capabilities in drug development, allowing the technology to have a crucial role in significant translational and clinical research that could result in improved decision making.
Contract Research Organization (CRO) Market Segmental Insight
The market for contract research organizations has been considered for segment, clinical trial phase, and end users.
Segments listed in the report include drug discovery, clinical development, post marketing services, and more.
With respect to clinical trial, the main segments are preclinical trials, phase I, phase II, phase III, phase IV, among others.
Major end users are academic institutes, pharmaceutical/biotechnology companies, medical devices companies, and more. The pharmaceutical/biotechnology companies form the biggest share in the global industry, on account of the surge in outsourcing of clinical and laboratory testing services as well as early-phase development services by the pharmaceutical firms worldwide.
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Contract Research Organization (CRO) Market Regional Outlook
The contract research organization industry has been regionally dissected into Europe, Asia Pacific or APAC coupled with North America as well as RoW/Rest of the World are the primary.
America is currently on the top, thriving as the most lucrative market for contract research organization, thanks to the rapidly soaring healthcare sector as well as the enormous patient pool across the region. High prevalence of an unhealthy lifestyle paired with significant healthcare expenditure further bolster the market growth in the region. Multiple pharmaceutical firms in Canada and the United States are progressively opting for more structured and leaner business models, which is resulting in higher demand for CROs.
Europe, standing second in the global market, is majorly supported by the sizeable funds that go into exhaustive research activities and the burgeoning patient population across several countries in the region. Rising spending on healthcare and supportive governments that fund R&D activities would also ensure substantial market gain in the following years. Pharmaceutical sector’s major focus on maintaining high-quality, incredible growth of the biologics and biosimilar sector, and the rise in clinical trials will also benefit the European industry in the upcoming period.
The Asia Pacific market is on track to make the fastest progress over the next couple of years, backed by the colossal patient pool as well as the emerging nations like India and China with increasing healthcare spending. Lately, Japan has become a major spot for clinical trials, along with product registration as well as approvals. Also, with international CROs trying to expand their businesses in the country by investing in facilities and key resources such as clinical supplies, central laboratories, and imaging, the overall regional market is expected to witness strong growth in the future.
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Affluent Industry Participants
Affluent firms in the global market are PAREXEL International Corporation (US), Laboratory Corporation of America Holdings (US) PRA Health Sciences Inc. (US), ICON plc. (Europe), Pharmaceutical Product Development, LLC. (U.S.), INC Research LLC (U.S.), QuintilesIMS (US), and more.
Table of Content
1 REPORT PROLOGUE
2 MARKET INTRODUCTION
2.2 SCOPE OF STUDY
2.3 RESEARCH OBJECTIVE
2.4 ASSUMPTIONS & LIMITATIONS
2.5 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS
3.2 PRIMARY RESEARCH
3.3 SECONDARY RESEARCH
4 MARKET DYNAMICS
4.2.1 ECONOMICS OF PRODUCTION AND SCALE
4.2.2 FOCUS ON CORE COMPETENCIES
4.2.3 MUTUAL BENEFIT TO BOTH CONTRACTOR AND CLIENT
4.3.1 HIGH COST OF LABOUR
4.3.2 STRUCTURAL CHANGES IN INDUSTRY AND EMPLOYMENT
4.3.3 EXCHANGE RATE VOLATILITY
4.3.4 FLIGHT OF CONTRACT RESEARCH TO DEVELOPING REGIONS
4.4.1 LEAN MANUFACTURING AND AGILITY
4.5.1 SUPPLY CHAIN COMPLEXITY AND CONTROL OF 3RD PARTIES
4.5.2 CUMBERSOME SIZE AND FOOTPRINT
4.5.3 GROWTH IN EXPOSURE TO NATURAL AND MAN-MADE THREATS
5 MARKET FACTOR ANALYSIS
5.1 PORTER’S FIVE FORCE ANALYSIS
5.1.2 THREAT FROM A NEW ENTRANT
5.1.3 BARGAINING POWER OF BUYER
5.1.4 BARGAINING POWER OF SUPPLIER
5.1.5 THREAT FROM SUBSTITUTE
5.1.6 INTENSITY OF COMPETITIVE RIVALRY
5.2 SUPPLY CHAIN ANALYSIS
5.1.1 DRUG RESEARCH/DISCOVERY
5.1.3 CLINICAL TRAILS
5.1.4 FDA APPROVAL
5.1.5 PHASE IV STUDIES
6 GLOBAL CONTRACT RESEARCH ORGANIZATION MARKET, BY SEGMENT
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