Global CRO Services Market is projected to witness a decent CAGR of 8% to reach $110 billion by 2026 - Growing Complexity of Medical Drugs and Clinical Trials

The penetration level of outsourcing to CROs varies across the functions and is highest in the laboratory testing, clinical trials, and post-approval stages compared to discovery and pre-clinical stages. The outsourcing percentage is proportional to the complexity and regulatory expertise required at each stage.

Some of the major reasons why the pharmaceutical, biotechnology, and medical devices industries outsource to CROs are as follows:
• Better Return on R&D Investments.
• Lack of Internal Capabilities.
• Increasing complexity in developing targeted therapeutic areas like Immuno-oncology Therapies.
• Stringent Regulatory Requirements.
• Time and Cost-Efficiency.

Covid-19 Pandemic Impact: Increasing Focus on Virtual Clinical Trials

CROs are proactively converting site activity to decentralized trials/virtual trials, where possible, to maintain the integrity and regulatory compliance of ongoing studies.

"COVID-19 pandemic has necessitated the rapid uptake of a decentralized clinical trial approach to monitoring clinical trials. There was a brief period where, with the pandemic happening, most companies were faced with a huge stop in their clinical trial activities, which required rethinking, retooling, and re-strategizing how best to re-engage these sites with the clinical trials that they have currently ongoing." - Former Division Leader, Industry-Leading CRO, United States

Shifting Market Trend Towards Full-service CROs/One-stop-shop Model

Due to the complexities intrinsic to drug development, biopharmaceutical companies are looking for a full-service CRO offering across the drug development lifecycle. Apart from the breadth of services (pre-clinical, clinical, and commercialization), the trend is moving towards CROs offering scalable services, specialized technologies, and having a global presence.

Increasing Complexity of Therapeutics and Clinical Trials

The CRO services market is witnessing the growing complexity of clinical trials and targeted therapeutic areas (oncology, CNS, cardiovascular, diabetes), making them more expensive and difficult to develop in-house. Moreover, evolving regulatory environment and burdensome penalties for non-compliance add to the duration, cost, and complexity of drug development, thus making it more lucrative to outsource.

Competitive Landscape Analysis: CRO Services Market

The CRO services market has undergone several upgrades over the last decade, shifting from a highly fragmented market to a fairly consolidated landscape currently. This trend is mainly driven by the demand of top pharmaceutical companies to partner with fewer full-service CROs. Some of the established market players operating in the CRO services market are IQVIA, Labcorp, Syneos Health, Thermo Fisher Scientific, Parexel, ICON, Charles River, WUXI Apptec, Pharmacon Beijing, SGS, among others.

The global CRO services market growth is driven by an increasing R&D spending, growing innovations in therapeutic areas like oncology, rare diseases, the need for cost-efficiency & faster time-to-market, stringent regulations, and increasing complexity of drugs and clinical trials.

Get Detailed Insights on CRO Services Market with TOC & Sample Report @ https://meditechinsights.com/contract-research-organization-cro-services-market/

Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Healthcare IT, MedTech, Medical Devices & Pharma Services.

This release was published on openPR.