Press release
Contract Research Organization (CRO) Market Report by Manufacturers, Opportunities, Challenges, Drivers, Growth, Countries, Revenue, and Forecast to 2025
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.
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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 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.
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.
The Contract research organizations (CROs) include the services such as medicine and disease coding, project management, data entry & validation, clinical trial data management among others. The CROs by type, the dominance of clinical trials services segment attributes to the alleviation from large costs that are incurred by the companies for in-house activities, long duration of clinical trial phase, globalization of clinical trials, increasing number of drug discovery procedures, use of e-clinical facilities for data optimization, record & validation, and others.
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.
TABLE OF CONTENTS
1. INTRODUCTION 23
1.1 SCOPE OF THE STUDY 23
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE 23
2. GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) MARKET - KEY TAKEAWAYS 25
3. GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) MARKET - MARKET LANDSCAPE 28
3.1 OVERVIEW 28
3.2 MARKET SEGMENTATION 28
3.2.1 Global Contract Research organization (CRO) Market - By Type 29
3.2.2 Global Contract Research organization (CRO) Market - By End User 29
3.2.3 Global Contract Research organization (CRO) Market - By Geography 30
3.3 PEST ANALYSIS 31
3.3.1 North America - PEST Analysis 31
3.3.2 Europe - PEST Analysis 33
3.3.3 Asia Pacific - PEST Analysis 35
3.3.4 Middle East and Africa (MEA) - PEST Analysis 37
3.3.5 South and Central America - PEST Analysis 39
4. GLOBAL CRO'S MARKET - KEY MARKET DYNAMICS 41
4.1 KEY MARKET DRIVERS 41
4.1.1 Increasing R&D Expenditures and Outsourcing Activities 41
4.1.2 Rise in The Number of Clinical Trials 42
4.2 KEY MARKET CHALLENGES 43
4.2.1 Dearth Of Skilled Professionals 43
4.2.2 Extensive Competition in The CRO Services Market 43
4.3 KEY MARKET OPPORTUNITIES 44
4.3.1 Growing Biosimilars and Biologics Market 44
4.3.2 Increasing Demand for Specialized Testing Services 45
4.4 FUTURE TRENDS 45
4.4.1 Increasing Market Consolidation 45
4.5 IMPACT ANALYSIS 46
5. CONTRACT RESEARCH ORGANIZATION (CRO) MARKET - GLOBAL ANALYSIS 47
5.1 GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) MARKET REVENUE FORECASTS AND ANALYSIS (US$ MN) 47
5.2 GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) MARKET, BY GEOGRAPHY - FORECASTS AND ANALYSIS 48
5.3 MARKET POSITIONING 49
5.4 PERFORMANCE OF KEY PLAYERS 49
5.4.1 IQVIA 49
5.4.2 Laboratory Corporation of America Holdings 50
5.5 EXPERT OPINIONS 50
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