Dermatology CRO Market to Grow at 9.1% CAGR, Valued at $12.8 Billion by 2032

The dermatology CRO market is expected to generate revenues of US$ 4 billion in 2021 and rise at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2032. The market is anticipated to reach US$ 12.8 billion by the end of 2032.

Dermatology CRO revenue is predicted to rise at the quickest rate in North America between 2022 and 2032, with a projected growth rate of around 10.4%. The ageing of the population, growing public awareness of skin diseases, and the advancement of novel therapies are some of the causes of this. The dermatological market is anticipated to have significant growth in the upcoming years due to the rapid rise of the CRO business.

One of the main factors driving the market is the increasing demand for topical dermatological medications to treat acne, such as cleansers, emollients, anti-inflammatory, anti-infective, and local anaesthetics. The sector is progressing due to heightened awareness of skin illnesses, the pressing need for prompt identification, and an increase in the incidence of skin cancer and other skin maladies.

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Key Takeaways from the Market Study

The global dermatology CRO market is projected to achieve a market size of US$ 4.3 billion by 2022, reflecting a strong year-over-year growth of 8.6%. Clinical dermatology CROs are expected to dominate the market, generating the highest revenue, with an absolute dollar opportunity of nearly US$ 3.5 billion during the period from 2022 to 2032. Among the various services offered, clinical monitoring is anticipated to experience significant growth, with a compound annual growth rate (CAGR) of over 7% throughout this period. This surge is driven by increasing R&D investments, the need for specialized services, and the push for more efficient and cost-effective clinical trials.

North America, particularly the U.S., is expected to witness the fastest growth in dermatology CRO revenue, with a projected growth rate of nearly 10% from 2022 to 2032. The robust expansion in this region underscores the demand for advanced dermatological research and the outsourcing of clinical trials to specialized CROs. The market's impressive growth trajectory is supported by the expiration of patents in the dermatology sector, encouraging pharmaceutical companies to seek out dermatology CROs for their innovative services. Overall, the dermatology CRO market is set for substantial growth, driven by technological advancements and a dynamic research environment.

List of Key Companies Profiled in The Report

IQVIA HOLDINGS INC.
Covance Inc.
Pharmaceutical Product Development, LLC (PPD)
Parexel International Corporation
Charles River Laboratories International, Inc.
Icon, Plc
Medidata Solutions, Inc.
Syneos Health
Pharmaron
GVK Biosciences Private Limited
Wuxi AppTec
Others

In 2020, the COVID-19 pandemic significantly impacted the global economy, affecting numerous industries. However, the market for dermatological contract research organizations (CROs) remained relatively resilient, thanks to the adoption of virtual clinical trials and government initiatives to stabilize disrupted healthcare supply chains. The bottlenecking of clinical trials is also improving with ongoing immunization programs and the easing of shelter-in-place regulations. Consequently, the market experienced substantial growth.

Several factors are expected to drive the market further during the forecast period. Increased investment in R&D programs, a growing preference for outsourcing due to time and cost constraints, and the expiration of patents in the dermatology sector are key contributors. Pharmaceutical companies and government agencies prefer to assign projects to dermatological CROs because they offer advanced services, facilitating industry growth.

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Competitive Analysis

Market research indicates that partnerships and expansions have been key developments in the Dermatology CRO market in recent years.

Recent Developments by Key Dermatology CRO Providers:

Thermo Fisher: In 2021, Thermo Fisher signed a binding agreement to acquire PPD for US$ 17.4 billion. This acquisition significantly enhances Thermo Fisher's position in the clinical research services market, particularly in early-phase clinical trials. Additionally, healthcare contract research companies are aiming to provide their services on a global scale.

Icon plc: In February 2021, Icon plc signed a binding agreement to acquire PRA Health Sciences for approximately US$ 12 billion. This merger will benefit customers through enhanced geographic, functional, and therapeutic scale.

Parexel: In October 2019, Parexel strengthened its partnership with the Society for Clinical Research Sites (SCRS) to safeguard the interests of clinical research sites. As a Site Engagement Partner, Parexel implemented several significant initiatives aimed at improving the patient experience in clinical trials.

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This release was published on openPR.