Contract Research Organization Market Growing in Revenue Making CAGR of 7.2% by 2024 with IQVIA, ICON PLC, PPD and More

The contract research organization market is expected to register a CAGR of about 7.2% during the forecast period. The market growth can be attributed to the growing R&D expenditure, increased outsourcing of R&D activities, and a rising number of clinical trials.

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Efficiency is being considered as the most important factor, in light of the financial burden pharmaceutical companies face from all directions. Patent expiries leading to generic rivalry and ever more stringent demands from regulators continue to have an impact on the bottom lines of pharmaceutical companies.

However, after several years where spending on R&D was reduced, it is now growing yet again. According to the American pharmaceutical review, the involvement of CRO engagement at each clinical phase has also increased and pharmaceutical and biotechnology companies are banking more heavily on contracting out for the early stages of clinical research, from drug discovery through Phases I and II. Now, nearly two thirds (63%) of companies are appointing contract development and manufacturing organizations (CDMOs) and CROs for Phase II studies. This strong trend of outsourcing will lead to the growth of the contract research organization market.

Competitive Landscape
Globally, a few major players control a major share of the market. However, the remaining market share is heavily fragmented and there are several local and niche players operating. Companies like IQVIA, ICON PLC, and PPD lead the contract research organization market. The major players in the market accumulated a huge amount of data, which they are employing to give them a competitive edge in the market. The market is in a state of transition and is experiencing rapid consolidation in Asia-Pacific, especially in China where the market is fragmented with several local players controlling a significant share of the market.

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Scope of the Report
The contract research organization market report covers companies involved in contract-based research, development, and consulting services in the healthcare industry. Contract research organizations offer several services, including regulatory submission, clinical operations, data management, biostatistics, as well as quality assurance.

Early-Phase Development Services Segment is Poised to Register Robust Growth.
With a growing number of patents expiring, the competition from generic counterparts of drugs is increasing and drug makers are under pressure to replace the revenue loss due to generics. Furthermore, R&D costs are increasing due to the complexity of drug molecules and more stringent regulatory requirements. Drug discovery and development process are becoming increasingly complex. To counter this complexity and streamline the operations, pharmaceutical firms are outsourcing early drug development processes. Additionally, leading CROs have developed significant expertise in the field of early-phase development and CROs are leveraging this expertise to offer highly efficient and accurate early-phase development services. CROs are also allowing small and middle size to enter the complex drug development process without significant investment in capital equipment. Pertaining to these reasons, the early-phase development services segment is poised to register robust growth rates.

Asia-Pacific to Record the Fastest Growth Rate
Pricing pressure due to the changing reimbursement scenario and generic competition is causing major pharmaceutical firms to outsource the R&D and clinical trials, which is supplementing the growth of CRO services in the Asia-Pacific region. In the emerging countries of the Asia-Pacific region, the cost of conducting clinical trials is relatively cheaper, due to fewer labor costs and low costs for handling clinical trial supplies. The cost is around 40-60% lesser in the emerging countries, as compared to the cost in developed countries, such as the United States, Germany, and the United Kingdom. The low cost and the presence of major contract research organizations are fueling the market growth in the Asia-Pacific region.

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This release was published on openPR.