New innovation in Contract Research Organization market as per specialist with technological innovation and worldwide trends is estimated to grow with a CAGR of 8.6% from 2018-2025
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.
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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 List of Companies
2. PAREXEL International Corporation
3. Syneos Health
4. Laboratory Corporation of America Holdings
5. PRA Health Sciences, Inc.
6. Charles River
7. ICON plc
8. Pharmaceutical Product Development, LLC.
9. WuXi AppTec
North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period, whereas Asia Pacific is expected to witness highest growth owing to factors such as, increasing focus of industry players to expand in India & Japan and improving regulatory policies that are favorable for conducting clinical trials along with a large pool of patient participants.
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. This is primarily attributed the increasing number of new drug molecules and medical devices for the treatment of various therapeutic areas and the requirement for the fulfillment of stringent regulatory requirements before product approvals. However, the laboratory services segment is anticipated to witness the fastest growth rate of 10.3% during the forecast period, 2018 to 2025.
End User Insights
Drug discovery services segment is anticipated to grow at a CAGR of 7.7% during the forecast period. Increasing R&D expenditure by the pharmaceutical companies and increasing demand of outsourcing of services to the CROs to save time and cost is expected to boost the demand for these services in the coming years.
CONTRACT RESEARCH ORGANIZATION – MARKET SEGMENTATION
Clinical Research Services
Early Phase Development Services
By End User
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Pharmaceutical & Biotechnology Companies
Medical Device Companies
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SAM)
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