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CRO Services Market Growing at a CAGR of 11.0% - Research Provides Detailed Analysis of Trends, Growth and Forecast

07-07-2022 09:44 AM CET | Health & Medicine

Press release from: MarketsandMarkets™

CRO services market

CRO services market

The CRO Services Market is estimated to grow from USD 115.1 billion by 2027 from USD 68.3 billion in 2022, at a CAGR of 11.0 % during the forecast period.

Increasing investment in pharmaceutical R&D;

Most pharmaceutical, biopharmaceutical, and medical device companies continue to invest heavily in the development of novel drugs and devices. The pharmaceutical industry, in particular, is R&D-intensive. Pharmaceutical companies invest in R&D to deliver high-quality and innovative products to the market. Trends suggest that the top pharmaceutical companies are increasing their R&D efficiencies through heavy investments in R&D and through collaborative R&D efforts. According to the EvaluatePharma report, the global pharmaceutical R&D spending was valued at USD 137 billion in 2012; this increased to USD 212 billion in 2021 and is projected to reach USD 254 billion by 2026. As per the report, R&D spending is observed to be growing steadily at a CAGR of 4.2% from 2020 to 2026. This is expected to boost the outsourcing of research services by pharmaceutical companies, biotechnology companies, as well as research and academic organizations.

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Growth in the drugs and biologics market despite the COVID-19 pandemic;

Despite the ongoing COVID-19 pandemic, 2020 has been the second-best year for the pharmaceutical industry in terms of the number of drugs approved by the US FDA. This year witnessed the authorization of 53 drugs-a number surpassed only in 2018 with 59 pharmaceutical agents. The 53 approvals in 2020 comprised 40 new chemical entities and 13 biologics. The approved biologics included 10 monoclonal antibodies, 2 antibody-drug conjugates, 3 peptides, and 2 oligonucleotides. The FDA has authorized 160 drugs in the last three years (2018-2020), compared to the approval of only 21 drugs in 2010. This growth in the number of approved products worldwide is attributed to the rising investments by biopharmaceutical companies to develop biologics and biosimilars. Currently, more than half of the drug candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies. Biologics are expected to contribute around half of the revenue generated by the top 100 pharmaceutical product sales in 2022.

The clinical research services subsegment accounted for the largest share of the type segment in the CRO services market in 2021.

Based on type, the Contract Research Organization Services Market is segmented into clinical research services, early-phase development services, laboratory services, consulting services, and data management services. The clinical research services segment accounted for the largest share of this market in 2021. The large share of this segment can primarily be attributed to factors such as the increasing R&D of new drugs and the high cost of clinical trials.

The oncology subsegment accounted for the largest share of the therapeutic area segment in the CRO services market in 2021.

Based on therapeutic area, the Contract Research Organization (CROs) Services Market is segmented into oncology, infectious diseases, neurology, vaccines, cardiovascular system (CVS) disorders, metabolic disorders/endocrinology, immunological disorders, respiratory disorders, psychiatry, dermatology, hematology, ophthalmology, gastrointestinal diseases, genitourinary & women's health, and other therapeutic areas. The oncology segment accounted for the largest share of the global Contract Research Organization Services Market in 2021. The large share of this segment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer worldwide.

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The Asia Pacific region is the fastest-growing region of the CRO services market in 2021.

Based on the region The global Contract Research Organization (CROs) Services Market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is estimated to record the highest CAGR during the forecast period. This can be attributed to the fast-growing pharmaceutical industry in the region, favorable government policies, increasing number of pharmaceutical companies establishing their manufacturing facilities in the region, and the lower cost of clinical trials in the region.

Key players in the Contract Research Organization Services Market include IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), PPD, Inc. (Now a part of Thermo Fisher Scientific Inc.) (US), ICON plc (Ireland), Syneos Health, Inc. (US), Parexel International Corporation (US), and Charles River Laboratories International Inc. (US)

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Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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