Contract Research Organization Market Eminent Players - Charles River Laboratories International, Inc., Clinipace, CMIC Holdings Co., Ltd., EPS International Co., Ltd., ICON plc, IQVIA, Medpace, Inc., Syneos Health, Synteract, Worldwide Clinical Trials,
Some major findings of the contract research organization market report include:
o Increased emphasis amongst emerging countries government on public healthcare modification will propel the market growth
o Enhanced market entry and bigger purchasing power are factors raising the prospect for advanced medicines
o North America contract research organization market dominated the overall market and is estimated to witness similar trends in the foreseeable future. High growth can be attributed to strong footprint of major pharma and biopharma companies coupled with high R&D investments in the region
o Early phase development services segment has the highest ability to capture during forthcoming years
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Growing focus of pharmaceutical companies on innovative drug development for various chronic disease treatment is anticipated to boost market growth over the forecast period. The pharmaceutical business is witnessing strong growth due to drug delivery advancements leading to new product launch. Rising investment in life sciences and clinical research will ensure contract research organization market growth. Moreover, growing demand for global clinical trials and requirement for quality auditing will further augment contract research organization business growth.
Moreover, increasing investment in R&D activities will boost industry growth in the coming years. For instance, the federal government and federally funded R&D centers (FFRDCs) in the U.S. are a major source of R&D funding. Furthermore, advancements in information technology have led to tremendous development in clinical trials that will accelerate contract research organization industry growth globally.
Discovery services segment was valued for more than USD 2.1 billion in 2018 and is anticipated to witness significant growth over the forecast period. Discovery and search are critical and essential fragments of research procedures. Many studies depict, that researchers dedicate a significant amount of effort and time. This is to use an extensive range of services to discover even the broader range of data resources that they require to track their research. Furthermore, increasing need for effective medications to chronic diseases should boost the demand for discovery services segment. Discovery services gradually allow researchers to locate and discover, however, also to obtain admittance to the resources they require by authentication and linking. The trend of content collection may continue amongst discovery services and resources thereby should drive business growth.
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The infectious disease segment is expected to witness more than 6.5% growth throughout the analysis timeframe. Increasing prevalence of infectious diseases such as T.B, influenza, and meningitis will drive segmental growth in the coming years. Moreover, growing investment in R&D in the field of infectious diseases is a contributing factor for segment growth. The industry is leveraging bioinformatics and novel analytical technologies to better understand the response to viral and bacteriological infections. For instance, Hepatitis C virus (HCV) infections, are frequently described as a breakthrough area in drug development. Several unique advances in HCV's clinical research have benefited the course of HIV drug development, thereby stimulating the industry growth.
Medical device companies' segment was valued over USD 10.5 billion in 2018 and is anticipated to witness lucrative growth over the analysis timeframe. The segmental growth is majorly due to the growing demand for special contract research organization services that provide unique needs of medical device companies. Clinical trials play an essential role during the development of medical devices, thereby driving the industry growth.
U.S. contract research organization market accounted for more than 7.0% revenue share in 2018. Significant revenue share can be attributed to the increasing focus of pharma companies on innovative drug development for treatment of various chronic diseases. Also, increasing geriatric population is a contributing factor in industry growth. As per the U. S Census Bureau report, the geriatric population of the U.S. aged 65 and above was around 47.8 million in 2015 and is anticipated to reach 98.2 million by 2060. Such rapidly growing geriatric population suffering from various chronic disorders will surge the demand for medicines/drug therapies. This will ultimately boost new drug development and clinical trial activities, thereby fostering CRO market growth in the country.
Some of the notable industry players operating in the contract research organization market are Charles River Laboratories International (CRL), Parexel International, Laboratory Corporation of America Holdings (Covance), Syneos Health, CMIC, EPS International, Clinipace, Clinitec, ICON, IQVIA (Quintiles IMS), Pharmaceutical Product Development (PDD), Medpace, Synteract, Worldwide Clinical Trials, PRA Health Sciences, and Wuxi AppTec. The companies have undertaken inorganic strategies such as collaborations, partnerships to expand its geographical reach as well as strengthen market position. In August 2018, Syneos Health announced its acquisition of Kinapse, an operational and advisory solutions provider. The strategic acquisition will help in increasing Syneos Health's ability to provide customers with end-to-end solutions, thereby broadening its services portfolio as well as business revenue.
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