Contract Research Organization Market Analysis
Global Contract Research Organization (CRO) market is currently bustling out with the outbreak of the COVID-19 Pandemic. Over the past few years, a rapid increase in the global economy has been driving the healthcare sector, improving per capita healthcare expenses, and access to quality healthcare. This, as a result, had given a push to the outsourcing of R&D activities required for discoveries of breakthrough medicines, therapeutics, medical devices, and other pharmaceutical products. With the outbreak of COVID-19 Pandemic, the already booming CRO market has now been witnessing increasing insight programs supporting best practices to fight the Pandemic and time-sensitive, critical information, R&D, and clinical trials.
Global Contract Research Organization Market size is estimated to grow at 11.48% CAGR during the assessment period (2017 – 2023), witnessing a spectacular growth, says Market Research Future (MRFR). This stir is not a newly found thing for CRO markets. The industry known as Clinical Research Organizations/ Contract Research Organizations (CROs) has always been a matter for prominence. Subsequently, the contract research organization market has become an ever-increasing space. However, the recent COVID-19 cases have stirred the CRO market to a great deal.
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Factors such as the augmented demand for breakthrough therapeutics, medicines, and medical devices & instruments foster the CRO market predominantly. Also, the growing number of patent expiries and the growing drug manufacturing sector drive the market growth excellently.
Additional factors such as the prevalent chronic diseases & disorders, large unmet medical needs, and drug shortages are leading to increased demand for pharmaceutical development. Besides, CRO benefits such as commercially successful biologics for clinical use & lower costs are acting as major tailwinds behind the growth of the market. Conversely, rising complexities in clinical trials and lack of in-house laboratory capacity are some of the major factors inhibiting the growth of the contract research organization market.
Also, factors such as the structural changes in the industry associated with the employment, volunteers (participants), and volatility in the exchange rate & freight charges are impeding the market growth severely. Nevertheless, new CRO industry trends, such as the growing focus of pharma companies on improving the production of drugs, instead of getting involved in the R&D part, would support the market growth throughout the review period.
CRO Market Major Players:
Players leading the global CRO market include 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), among others.
Contract Research Organization Market Dynamics
MRFR presents a carefully curetted report on the Contract Research Organization Market, offering comprehensive and unbiased analysis of key market dynamics in the global market. The report comprises an in-depth discussion on current and historical market trends, growth opportunities, and challenges that are backed by factual feedbacks. The primary segments of the CRO market that are covered in the report are segments of CRO, clinical phases, and end-users of CROs.
For opportunity analysis, these CRO segments expanded to post-marketing services, drug discovery, clinical development, and others. Clinical trial phases are bifurcated as preclinical trials and phase I, II, III, and IV. By the end-users, the report covers segments such as pharmaceutical, biotechnology, and medical devices companies, academic institutes, and others.
All sub-markets covered in the report are profiled under five major regions such as Americas, Europe, Asia Pacific, the Middle East & Africa, and the rest-of-the-world (RoW) with respective country-level analysis.
Contract Research Organization Market Segmentation
The analysis has been segmented into four main dynamics to widen the scope of understanding,
Global CRO Market is segmented by Post Marketing Services, Clinical Development, Drug Discovery, and others.
By Clinical Trial Phase, the global CRO Market is segmented into Preclinical Trials and Phase I, II, III, and Phase IV.
By End- Users , the global CRO Market is segmented into Biotechnology, Pharmaceutical, and Medical Devices Companies, Academic Institutes, and others.
By Region, the global CRO Market is segmented into Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Contract Research Organization Market Regional Analysis
North America dominates the global contract research organization market. The largest market share attributes to the growing activities of outsourcing the research processes by the Pharmaceutical and biotechnology companies. Besides, the presence of well-established healthcare sectors, notable players, and a huge patient pool in the region fosters market growth. The U.S. stands as the largest CRO market in the region. The North America contract research organization market is projected to retain its leading position throughout the assessment period.
Europe stands second in the global contract research organization market, attributing to the presence of promising players and proliferating healthcare sectors in the region. The UK, Germany, and Switzerland are key CRO markets in Europe, which contribute to the regional market growth majorly. Additionally, factors such as the huge patient population, increasing healthcare expenditures, and public & private funding for research activities propel the growth of the regional market. The European CRO market is expected to grow at a considerable CAGR during the review period.
The contract research organization market in the Asia Pacific region is a briskly growing market. Factors such as substantial investments by Asian CMOs are resultantly paying off well, facilitating the exponential progress in the regional market. Moreover, the availability of cost-competitive, skilled workforce, alongside the rising pharmaceutical & biotechnology companies propel the regional market growth rapidly. Besides, vast patient population and continually improving economic conditions in the region foster market growth.
Contract Research Organization Market Competitive Analysis
Highly competitive, the global CRO market appears widely expanded with the presence of several large players operating at the international level. Competitive strength of these players is hugely dependent on service precision, pricing, versatility, and service reliability. Hence, pricing and an array of services become a parameter to compete against each other to drive the contract research organization services market. Players operating in the market strive to offer services build up with adept technology and unrivaled features. The growth prospect demonstrated by the market attracts many new entrants, which further makes the competition fierce, increasing the number of services offered.
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CRO Industry/Innovation/Related News:
Altasciences Company, Inc.(the U.S.), a mid-size CRO, announced the acquisition of a Canada-based small-molecule contract manufacturing and analytical firm – Alliance Contract Pharma, LLC. The transaction would allow Altasciences to add commercial production, GMP warehouse storage, and clinical supply distribution to its range of preclinical, clinical, and bioanalytical offerings.
Altasciences focuses on providing comprehensive early-stage drug development, right from lead candidate selection to proof of concept. Alliance Contract Pharma offers contract manufacturing of small-molecule products and a range of analytical services.
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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