According to The Insight Partners market research study titled “CROs Market to 2025 – Global Analysis and Forecasts by Type, and End User”, the global CROs market was valued at US$ 35,818.9 Mn in 2017 and is estimated to reach US$ 68,198.3 Mn by 2025. The report highlights the trends prevalent in the global CROs market and the factors driving the market along with those that act as deterrents to its growth.
The global CROs market is a matured market in the developing countries as well as developing economies worldwide. The market on the basis of type is segmented into early phase services, clinical research services, laboratory services, and post-approval services. Clinical trial services segment led the market in 2017, and is expected to retain its dominance during the forecast period owing to the easy availability as well as affordability. On the other hand, laboratory services are expected to grow with a rapid CAGR owing to collect, combine and report the trials data from different clinical sites.
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The key players operating in the field of CROs worldwide include IQVIA, PAREXEL International Corporation, Syneos Health, Laboratory Corporation of America Holdings, PRA Health Sciences, Inc., Charles River, ICON plc, Pharmaceutical Product Development, LLC., WuXi AppTec, Medpace among others.
Contract research organization (CRO) provides support services to the pharmaceutical, biotechnology, and medical device companies throughout the development of the product. Pharmaceutical& biotechnology companies and the medical device industry require various testing services such as preclinical services, clinical research services, analytical testing services, bioanalytical testing services, and regulatory services. CROs are specifically designed to perform these testing services to reduce the in-house cost and time of the companies, required to conduct the extensive range of testing services to comply with the national and international regulatory standards. The growth of the contract research organization in healthcare market is attributed to the increasing R&D expenditures and outsourcing activities, government initiatives to increase number of clinical trial participant as well as increasing number of clinical trials, the market is expected to witness a significant growth over the forecast years. However, intense competition among CROs and dearth of skilled professionals and researchers can pose major challenges for the growth of global CROs market.
The contract research organization in healthcare market is expected to witness substantial growth post-pandemic. The contract research organization in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Growing Applications of Contract research organization in Healthcare to Drive Contract research organization in Healthcare Market Growth
Research and development (R&D) is an essential and crucial part of the company’s business. Pharmaceutical and biotech companies focus on the research and development (R&D) to come up with new molecules for various therapeutic applications with the greatest medical and commercial potential. Research and development expenditures relate to the processes of discovering, testing and developing new products, upfront payments and milestones, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch. According to the International Federation of Pharmaceutical Manufacturers & Associations, the R&D expenditures in 2014 by the pharmaceuticals and biotechnology industry grew by approximately 8.7% than that of the expenditures in 2013. Moreover, in United States, investments for R&D by pharmaceutical companies had grown consistently over the last 15 years. The intensity for R&D by the companies in Japan accounted for about 13.3%, in US it accounted approximately 17% and in the European Union it was registered to be approximately 13% in the year 2014.
The drug development and discovery is time-consuming and expensive process. The process from early discovery or design to development to regulatory approval can take more than 10 to 15 years. Throughout the development phase of a drug substance, various testing services are required to check the quality and efficacy of the product. Therefore, the pharmaceutical and biotech companies prefer to outsource the services to the contract research organizations (CROs) in order to save the cost and time which is expected to drive the growth of the market.
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In terms of type, the contract research organization in healthcare market is segmented into early phase development services, clinical research services, laboratory services, post approval services. In 2017, the clinical research services segment held a largest market share of 54.4% of the contract research organization (CRO) market, by product. This segment is also expected to dominate the market in 2025.
In terms of end user, the contract research organization in healthcare market is segmented into pharmaceutical & biotechnology companies and medical device companies. In 2017, the pharmaceutical and biotechnology companies segment is expected to dominate the market based on the type of end user with a share of 78.5%. This is primarily attributed to the increasing number of pipeline drugs, increasing investment in R&D, and growing demand of testing services required throughout the development phase of the product.
Contract Research Organization in Healthcare Market – by Type
- Clinical Research Services
- Early Phase Development Services
- Laboratory Services
- Post-Approval Services
Contract Research Organization in Healthcare Market – by End User
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
Contract Research Organization in Healthcare Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
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