Press release
The Rise of Outsourced Clinical Trials: Contract Research Organization Services Market Growth by Therapeutic Area 2024-2031 | Syneos Health, Charles River, Wuxi PharmaTech
Contract Research Organization Services Market
Contract Research Organization (CRO) Services help pharmaceutical and biotechnology companies in outsourcing their research activities related to drug development, clinical trials management, product commercialization, and other services. They provide research support, technical skills, and capacity required for developing and testing new drugs.
Market Dynamics:
The growth of the Contract Research Organization Services Market is driven by increasing expenditure on pharmaceutical and biotechnology research and development activities. Pharmaceutical companies are shifting focus towards core competencies and outsourcing non-core activities like clinical trials and product testing to CROs, which is positively impacting the market growth. Furthermore, rising prevalence of chronic and infectious diseases is augmenting clinical trials, thereby fueling the demand for CRO services during the forecast period.
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List of TOP Players in Market Report are: -
◘ IQVIA
◘ LabCorp
◘ PAREXEL
◘ ICON plc
◘ PPD
◘ PRA Health Sciences
◘ Syneos Health
◘ Charles River
◘ Wuxi PharmaTech
◘ Medpace Holdings
◘ SGS
◘ Envigo
◘ MPI Research
Major Market Drivers Supporting Growth in Contract Research Organization Services
Pharmaceutical and Biotech Industry's Increased Dependence on Outsourcing R&D Activities
The relentless pressure on pharmaceutical and biotech companies to reduce operational costs and bring new drugs to market faster has led to increased dependence on CROs for various stages of drug development from pre-clinical to post-marketing. CROs offer cost savings of 30-50% compared to in-house R&D by providing specialized expertise and infrastructure without high fixed operational costs. Their scale and global footprint also allows multi-location clinical trials to be conducted faster.
Growth in Demand for Specialized Clinical Trial Services and Early Phase Development
Greater understanding of disease pathology at molecular level has increased focus on specialized niche indications and personalized medicines. This has boosted demand for specialized clinical research services particularly for proof-of-concept trials, first-in-human studies and biomarker analysis which need expertise across varied therapeutic areas. CROs are well placed to offer such specialized services due to presence of dedicated business units and centers of excellence for early phase development.
Major Market Restrain Hindering Growth
Intense Pricing Pressure on CROs From Pharma Sponsors
Pharma companies continue to adopt aggressive outsourcing and offshoring strategies to drive down R&D costs. This has intensified pricing pressure on CROs to provide services at continuously lower costs. While offshore locations provide lower cost advantages, price erosion has been high for developed markets too. CROs need to focus on leveraging technology infrastructure and process efficiencies to deliver studies profitably at competitive prices without compromising on quality.
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Major Market Opportunity
Rise of Digital Services and Integration of Advanced Technologies
Adoption of advanced technologies like artificial intelligence, machine learning, digital communications and wearable devices is transforming clinical trials. This offers a major opportunity for CROs to roll out complementary services around virtual/decentralized trials, digital patient recruitment and retention, real-world evidence generation and use of AI for biomarker detection and protocol design. Startups focusing on specific digital solutions are also potential strategic collaboration partners for CROs.
Major Upcoming Market Trend
Increasing Importance of Real-World and Post Marketing Evidence
Regulators are putting greater emphasis on real-world effectiveness and safety of drugs based on large post-approval patient datasets. This trends point towards a growing need for CROs to offer robust pharmacovigilance and risk management services as well as launch specialized real-world evidence business units. Partnerships with EMR/EHR providers and site networks will be key for RWE generation. Overall, need for real-world insights will be a defining element of future clinical research landscape.
Market Detailed Segmentation:
By Type:
Clinical Research Services
Early Phase Development Services
Laboratory Services
Consulting Services
By Therapeutic Application:
Oncology
Infectious Diseases
Central Nervous System (CNS) Disorders
Immunological Disorders
Cardiovascular Diseases
Respiratory Disorders
Diabetes
Other Therapeutic Areas
By End User:
Pharmaceuticals & Biopharmaceutical Companies
Medical Device Companies
Academic Institutes
Furthermore, the years considered for the study are as follows:
Historical data - 2016-2022
The base year for estimation - is 2022
Estimated Year - 2024
Forecast period** - 2024 to 2031
This Contract Research Organization Services Market Research/Analysis Report Contains Answers to your following Questions:
◈What are the current global trends in the Contract Research Organization Services market, and will the market experience an increase or decrease in demand in the upcoming years?
◈ What is the expected demand for various product types within the Contract Research Organization Services market, and what are the emerging Market applications and trends?
◈ What are the projections for the global Contract Research Organization Services Market in terms of capacity, production, production value, cost, profit, market share, supply, consumption, import, and export?
◈ How will strategic developments shape the Market trajectory in the medium to long term?
◈ What factors contribute to the final price of Contract Research Organization Services , and what are the raw materials used in its manufacturing?
◈ What is the market's growth potential, particularly with the increasing adoption of Contract Research Organization Services in mining?
◈ What is the current and 2022 value of the global market, and who are the leading companies in this market?
◈ What recent Market trends can be leveraged to create additional revenue streams?
◈ What entry strategies, economic impact mitigation measures, and marketing channels should be considered for the Contract Research Organization Services Market?
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Summarized Extracts from TOC of Market Study
Chapter 1 Contract Research Organization Services Introduction and Market Overview
1.1 Objectives of the Study
1.2 Overview of Contract Research Organization Services
1.3 Scope of The Study
1.3.1 Key Market Segments
1.3.2 Players Covered
1.3.3 COVID-19's impact on the Contract Research Organization Services industry
1.4 Methodology of The Study
1.5 Research Data Source
Chapter 2 Executive Summary
Chapter 3 Industry Chain Analysis
Chapter 4 Market, by Type
Chapter 5 Market, by Application
Chapter 6 Market Analysis by Regions
Chapter 7 North America Market Analysis by Countries
Chapter 8 Europe Contract Research Organization Services Market Analysis by Countries
Chapter 9 Asia Pacific Contract Research Organization Services Market Analysis by Countries
Chapter 10 Middle East and Africa Contract Research Organization Services Market Analysis by Countries
Chapter 11 South America Contract Research Organization Services Market Analysis by Countries
Chapter 12 Competitive Landscape
Chapter 13 Industry Outlook
Chapter 14 Market Forecast
Chapter 15 New Project Feasibility Analysis
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