Global Contract Research Organization Services Industry

Market Overview:

In recent years, thanks to the extreme pressure to cut costs, outsourcing has emerged as a viable alternative for pharmaceutical and biopharmaceutical companies. The development of new products is expensive and time consuming. Nowadays, many companies are minimizing risks by steering clear of large investments in infrastructure and manpower, mostly in the initial stages in the development process of new products. The global contract research organization services market is expected to grow at a steady rate in the next five years.

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The primary reason for this growth is the popular trend of outsourcing research and development activities. Outsourcing such processes takes the pressure off these companies, which allows them to further develop their strengths and expand instead of having to suffer a continuous drain of revenue. The rapidly increasing demand for specialised testing services is also a key driving force behind the growth of the contract research organization services market.

Contract research organizations or CROs provide testing and consulting services at each step in the drug research and development process for business enterprises such as pharmaceutical or biopharmaceutical companies and medical device manufacturers. In addition to the outsourcing trend, increasing research and development costs and an exponential increase in the number of clinical trials around the world are the major drivers for the growth of this market.

The report covers a detailed competitive outlook that includes the market share and company profiles of key players operating in the global market. Key players profiled in the report include Charles RiveI, Envigo, IQVIA, ICON PLC, LabCrop, MeDPAce Holdings, MPI Research, PRA Health Sciences, and WUXI Pharmatech.

Market Segmentation:

On the basis of the type of service offered, the global contract research organization services market is classified into clinical research services, preclinical research services, analytical testing services, bioanalytical testing services, stability testing, consulting services and others.

 From the application perspective, it can be divided into diabetes, oncology, cardiovascular diseases, central nervous system disorders and others. Among these segments, the oncology segment is expected to experience the highest growth rate in the next five years.

Regional Analysis:

From a geographical standpoint, the global contract research organization services market comprises North America, Europe, Asia-Pacific, MEA (the Middle East and Africa) and Latin America. In North America, the dominant countries in this market are the United States of America, Canada and Mexico. In the Europe region, the market is primarily driven by the United Kingdoms, France, Germany and Italy, although the other countries in this region also play a significant role. The Asia-Pacific region is mainly dominated by three countries: India, China and Japan, while the other countries in this region have relatively smaller shares of the market. The key player in the MEA (the Middle East and Africa) region is South Africa, whereas in Latin America, Brazil is the primary market driver.

Industry News:

In today’s world, the contract research organization services industry is evolving and qualified professionals in the respective fields need to keep pace with the continually changing technology and processes used in this industry. They are expected to provide excellent service, but at the same time remain compliant to the latest laboratory practices. The biggest challenge for this industry is the paucity of skilful scientists, because such scientists are in great demand in many other industries as well. This lack of adequately skilled professionals has the potential to hamper the market growth in the years to come.

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