Contract Research Organization (CRO) Market SWOT Analysis to 2025 Top Companies are IQVIA, PAREXEL International Corporation, Syneos Health, Laboratory Corporation of America Holdings, PRA Health Sciences
The contract research organization market was valued at USD 35,818.9 Mn in 2017 and is estimated to reach US$ 68,198.3 MN by 2025.
According to a new market research study titled ‘CROs Market to 2025 – Global Analysis and Forecasts by Type and End User the global CROs market is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 Mn in 2017. The market is estimated to grow with a CAGR of 8.6% from 2018-2025. The market is expected to grow owing to increasing R&D expenditures and outsourcing activities and growing number of clinical trials due to rise in prevalence of chronic diseases across the globe. However, dearth of skilled professionals and extensive competition among CROs are expected to act as major challenges hindering the market growth.
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Contract Research Organization (CRO) Market to 2025 - Global Analysis and Forecasts by Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Post-Approval Services); End User (Pharmaceutical & Biotechnology Companies and Medical Device companies) and Geography
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Contract Research Organization (CRO) Market
• To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
Contract Research Organization (CRO) Market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period. Further, the report also covers key players profiling with detailed SWOT analysis, financial facts and key developments of products/service from the past three years.
The major players operating in the market of CROs 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.
The current scenario of the CRO industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large, full-service, global CROs. Over the past few years, the consolidation across the CRO industry is an emerging trend followed by the majority of the prime players to strengthen their service offerings and garner the major market share in the global CRO market. This has led to the generation of handful of larger CROs with the wide geographic diversification, extensive therapeutic and development expertise, enormous capital and technical resources to manage the demanding drug development programs of pharmaceutical and biopharmaceutical companies.
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The laboratory services segment expected to be the fastest growing segment, by type. The laboratory services include collects, combines and reports trials data from different clinical sites. These laboratories are associated in conducting both analytical and bio-analytical tests for the samples in clinical trial phases and bulk manufacturing procedures. The main goal of central laboratory is the consolidation of test results and data originating from different clinical trials.
Contract Research Organization (CRO) Market regional outlook - Asia Pacific is expected to be a rapidly growing market over the forecast period
North America is expected to be the dominant region in the global contract research organization market. This dominance is primarily driven by the increasing number of clinical trials, and rapid growth of biosmilars and biologics market, are going to propel the growth of contract research organization market. The large adoption in the trend of CROs has been witnessed not only by the pharmaceutical companies, but also by government organizations. For instance, in January 2015, the U.S. government allotted a fund of US$ 215 million as an initiative in precision medicine. On the other hand, Asia Pacific is expected to witness significant growth in the market owing to factors such as lower cost of clinical trials, and increasing number of pharmaceutical and biotech companies in the region.
The report segments the global CROs market as follows:
Global CROs Market – By Type
Early Phase Services
Clinical Research Services
Global CROs Market – By End User
Pharmaceutical & Biotechnology Companies
Medical Devices Companies
Global CROs Market – By Geography
• North America
• Asia Pacific (APAC)
• Middle East & Africa (MEA)
• South America (SAM)
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Partnership factors in sponsor – CRO relationships
Drugs discovered today can realistically cost upwards of 900 million dollars and around 12 years of development to reach a market. CRO’s have been increasingly used by larger pharma to outsource their clinical research, allowing big pharma to shut down in-house R&D, in practice saving money. There have been some issues however with the outsourcing of trials to CROs, including serious relationship break down with negative attitudes, failure to communicate