Contract Research Organizations Market 2020 – CAGR Status, Future Demand By Key Players IQVIA, PPD, Syneos Health, PRA Health Sciences

Contract Research Organizations Market - By Service Type (Drug Discovery, Preclinical Studies, Phase 1 And Others), By Therapeutic (Oncology, Infectious Diseases, Cardiovascular Diseases, Metabolic Disease And Others), And By Region, Opportunities And Strategies – Global Forecast To 2022 By The Business Research Company

The global CRO Market reached a value of nearly $49.7 billion in 2018, having grown at 10.5% since 2014. Growth in the historic period resulted from rising costs of drug development, increased patent expirations of drugs, and growth in the biologics market. Factors that negatively affected growth in the historic period were failures in clinic trials and stringent and differing regulations.

The Key drivers of the contract research organizations market include:-
Rapidly Growing Biologics Market: The CRO market is being driven by the biopharmaceutical industry’s improving fundamentals. Most biopharma companies, the CRO industry’s most important customers, are now at the tail end of multi-year patent cliffs and are stepping up investments in their late-stage pipelines. This is expected to drive modest growth in biopharma R&D expenditure in the foreseeable future. The global biologics (biopharmaceutical drugs) market is expected to grow to $428 billion by 2022 at an annual rate of about 13.5%.

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Contract Research Organizations Market Segmentation:-
By Service Type
1. Drug Discovery
2. Preclinical Studies
3. Phase I
4. Phase II
5. Phase III
6. Phase IV
7. Other Services

The drug discovery market was the largest segment of the CRO market in 2018 at 32.9%. The Phase I market is expected to be the fastest-growing segment going forward at a CAGR of 15.27%.

By Therapeutic Area
1. Oncology
2. Cardiovascular Disease
3. CNS disorder
4. Infectious Disease
5. Metabolic Disease
6. Other Therapeutic Area

The oncology was the largest segment of the CRO market in 2018 at 26.0%. The metabolic disease is expected to be the fastest-growing segment going forward at a CAGR of 16.9%.

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By Geography - The contract research organizations market is segmented into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

Some of the major key players involved in the contract research organizations market are
1. IQVIA
2. Laboratory Corporation Of America Holdings
3. Syneos Health
4. PRA Health Sciences
5. PPD

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