Contract Research Oganization Market Projections 2027 | IQVIA, Pharmaceutical Product Development and PRA Health Science, PAREXEL
To highlight, numerous pharma and biopharmaceutical companies have started outsourcing clinical trial services, boosting industry growth. In addition, several CRO companies are focusing on expansion strategies such as mergers, acquisitions, as well as product launch initiatives.
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For instance, in December 2020, a leading provider of alternative investment products, Investcorp, announced the acquisition of Sanos Group, which is a leading provider of specialized clinical trial services to the worldwide biotechnology and pharmaceutical industry.
Similar initiatives are expected to drive the demand for contract research organization services through the forthcoming years. On this note, the contract research organization (CRO) market share is anticipated to surpass USD 74.2 billion by 2027, states the latest research by Global Market Insights, Inc.
This growth is due to an escalation in the outsourcing of research activities to academic institutions. Academic institutes are expected to depict a remarkable CAGR of 6.2% through the projected span. Several academic medical institutes have core IRB (Institutional Review Boards) that are responsible for supervising the moral manner of medical research. These boards also provide sites as well as large urban areas having a greater pool of medical participants.
The contract research organization (CRO) market is further driven by an increase in investments in research and development activities in the areas of gastroenterology & hepatology. The segment is set to record a value of USD 3 billion of the overall market share by 2027.
This revenue is attributed to the rising focus of various types of contract research organizations on clinical trial development in the sector of gastroenterology & hepatology. Increasing incidences of chronic hepatology disorders comprising cirrhosis and hepatitis-A at the global level are expected to augment the new drug development process for the treatment of these disorders, bolstering contract research organization (CRO) industry outlook through the forecasted period.
Speaking of which, there is a considerable rise in number of clinical trials as well as R&D initiatives, emergence of severe diseases, and a huge patient pool in Asia Pacific. In fact, the regional contract research organization market size is estimated to grow at a substantial CAGR of 9.1% between 2021 and 2027.
In addition, governments of numerous countries in the Asia Pacific are showing a keen interest in the provision of funding for drug discovery and associated research studies. Further, the region has also recorded a remarkable shift in biotechnology firms, which has been instrumental in impelling the growth of contract research organization (CRO) industry.
Market, By Therapeutic Area
• Clinical pharmacology
• Infectious disease
• Gastroenterology & Hepatology
Market, By End-use
• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Academic Institutes
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To add on, amid the COVID-19 pandemic, a spike in the number of SARS-CoV-2 cases has been responsible for attracting CROs for conducting trials to fast-track procedures and take advantage of the huge patient population, thereby propelling Asia Pacific CRO market growth through 2027.
In a nutshell, an increase in the expenditure on research and development activities and a rise in the number of drugs in numerous phases will spur contract research organization market size through the assessment period.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Partnership factors in sponsor – CRO relationships
Drugs discovered today can realistically cost upwards of 900 million dollars and around 12 years of development to reach a market. CRO’s have been increasingly used by larger pharma to outsource their clinical research, allowing big pharma to shut down in-house R&D, in practice saving money. There have been some issues however with the outsourcing of trials to CROs, including serious relationship break down with negative attitudes, failure to communicate