Contract Research Organization Market Key Player, Share Analysis, Size Projection and Global Industry Insights By 2023

Contract Research Organization Market

The global contract research organization market is expected to exhibit a strong 11.48% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global contract research organization market is mainly driven by the growth of the pharmaceutical industry and the increasing acceptance among pharma giants of the need to outsource critical operations. The report examines these and other major drivers affecting the contract research organization market in order to present a detailed analysis of the major drivers affecting the global market.

The major restraints acting as a hindrance to the global contract research organization market are also profiled in detail in the report. The key economic factors affecting the market's growth over the forecast period are assessed in detail in the report, providing readers with a clear view of the economic background of the market. The leading players in the global contract research organization market are also assessed in detail in the report, giving readers a clear picture of the competitive landscape of the market.

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Contract research organizations are used by large pharmaceutical companies to outsource critical operations such as drug discovery and research. While drug development and research remain a crucial core competence for pharmaceutical companies, contract research organizations offer these operations at a lower rate than it would cost the drug manufacturers themselves. Contract research organizations achieve this by bundling orders from multiple clients, which results in a viable economy of scale. The reduced costs of drug manufacturing and development can then be further passed on to the end customers, making the role of contract research organizations vital to the overall functioning of the pharmaceutical sector. The low costs offered by contract research organizations have made them indispensable for major drug giants, which is likely to propel the global contract research organization market over the forecast period.

On the other hand, exchange rate volatility and the high cost of labor in developed regions are the major restraints against the global contract research organization market. Many contract research organizations have tried to bypass this problem by moving to developing regions such as Asia Pacific and Latin America, where labor costs are considerably lower. This is likely to remain a key, influential trend in the global contract research organization market over the forecast period.

Contract Research Organization Market Competitive Analysis:

Leading players in the global contract research organization market include ICON plc, PRA Health Sciences Inc., INC Research LLC, Pharmaceutical Product Development LLC, PAREXEL International Corporation, QuintilesIMS, and Laboratory Corporation of America Holdings.

In December 2019, Duke Clinical Research Institute (DCRI) in Durham, NC, announced a seven-year federal grant worth USD 102 million, intended for the Antibacterial Resistance Leadership Group (ARLG). DCRI is a coordinating center for the ARLG, which works on improving awareness and measures taken to counter antibacterial resistance.

Contract Research Organization Market Segmentation:

The global contract research organization market is segmented on the basis of segment, clinical trial phase, end users, and region.

Based on segment, the global contract research organization market is segmented into drug discovery, clinical development, post marketing services, and others.

Based on clinical trial phase, the contract research organization market is categorised as preclinical trials, phase I, phase II, phase III, phase IV, and others.

Based on end users, the contract research organization market is segmented into pharmaceutical/ biotechnology companies, medical devices companies, academic institutes, and others.

Contract Research Organization Market Regional Analysis:

The Americas holds the largest share in the global contract research organization market and is likely to remain in the top position over the forecast period due to the saturation of numerous contract research organizations in the region. The U.S. and Canada are home to a large number of contract research organizations and are likely to remain major players in the global market over the forecast period. Europe is also a leading region in the global contract research organization market.

Asia Pacific is likely to become increasingly prominent in the global contract research organization market over the forecast period, as numerous international contract research organizations emigrate to the region seeking to benefit from the region's low labor costs.

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