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Contract Research Organization (CRO) Market Analysis to 2025 Leading by Top Competitors IQVIA, PAREXEL International Corporation, Syneos Health, Laboratory Corporation of America Holdings, PRA Health Sciences, Inc., Charles River, ICON plc, Pharmaceutical

04-25-2019 01:04 PM CET | Associations & Organizations

Press release from: The Insight Partners

Contract Research Organization (CRO) Market to 2025

Contract Research Organization (CRO) Market to 2025

The global contract research organization (CRO) market is expected to reach US$ 68,198.3 Mn in 2025 from US$ 35,818.9 in 2017. The market is estimated to grow with a CAGR of 8.6% from 2018-2025.

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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Clinical trials comprise a long duration and can require six to seven years for successful completion. These trials includes the use of placebos with randomization, and follow up of double blinded protocols to minimize biases of the drug. According to the PAREXEL Biopharmaceutical Sourcebook (2016-17), over 60% sponsors across the globe have increased outsourcing the in-house activities, majorly in terms of drug discovery and pre-clinical trial procedures. The aforementioned factors are expected to increase the market for global CROs market over the forecast period.

The government initiatives to increase number of clinical trial participant as well as increasing number of clinical trials in the forecast period. However, dearth of skilled professionals and extensive competition among CROs are expected to act as major challenges hindering the market growth.

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.

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Strategic Insights

Product approvals and acquisitions were observed as the most adopted strategy in global contract research organization industry. Few of the product approvals and acquisitions made by the players in the market are listed below;

2018: In June, 2018, Laboratory Corporation of America Holdings acquired Sciformix Corporation, a scientific process outsourcing company focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical devices clients. Sciformix has become part of Covance, Laboratory Corporation of America Holdings’s drug development business.

2018: In June, IQVIA launched Virtual Research Solutions, a new suite of technology-led study options offering advances in patient-centric trial design and execution. Powered by the IQVIA CORE, Virtual Research Solutions combines unparalleled information assets, advanced analytics, technologies and critical domain expertise to design and execute trials and late-phase studies.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

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