Contract Research Organization (CRO) Market to Exceed USD 76,457.4 Million by 2023

Market Research Future adds new report of “Global Contract Research Organization (CRO) Market Research Report - Forecast To 2023” it contains Company information, geographical data and Table of Content

Competitive Analysis:

Key players profiled in the report are

• Laboratory Corporation of America Holdings
• QuintilesIMS
• PAREXEL International Corporation
• Pharmaceutical Product Development LLC INC
• PRA Health Sciences, Inc.
• ICON plc.

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Market Segments:

The global contract research organization (CRO) market is segmented on the basis of segment.

• Based on the Segment, the market has been segmented as drug discovery, clinical development, and post marketing services.

• Based on the Clinical Trial Phase, the market has been segmented as preclinical trials, Phase I, Phases II, Phases III and Phase IV.

• Based on the End User, the market has been segmented as Pharmaceutical/ biotechnology Companies, Medical devices Companies, and Academic Institutes.

Market Highlight:

Contract research organizations undertake research on a contract basis from their client. The rights to the work are owned ultimately by the clients who may not have the technical capabilities and capacities to perform the task on their own.

The critical market driving factor for the global contract research organization (CRO) are the economics of production and scale. Contract research requires high initial investment and needs a small but highly skilled labour force. The research and development density of the industry is extremely high and the work involves high expertise in a niche field. Thus cost of production or operation of such products and services is not only time and research intensive but involves a diversion of main business of the client. Gaining such expertise in a small time is not possible and uneconomical. The contract research organization is in a position to bundle orders from many clients and thus achieve economies of scale which brings down the price. The reduced costs of manufacturing or service then can be transferred to the final client, thereby giving the benefit of cost efficiency. The client is then free to use his own resources in business where it has an absolute cost advantage. Other market driving factors are focus on core competencies, ease of management and lean size thus increasing efficiency.

The market restraints are high cost of labour and the structural changes in industry and employment such as changing structure of the pharmaceutical and the biotechnological industry which has reduced the lifetime of technology and skills. Exchange rate volatility, complexity in the supply chain and flight of contract research to developing regions with poor infrastructure are other market restraints which has to be taken note of.

Considering all these factors the market for contract research organization (CRO) is expected to reach $ 76,457.4 million by the end of 2023, this market is projected to growing at a CAGR of 11.48% during 2017-2023.

Study objectives:

• To provide detail analysis of the market structure along with estimated future growth forecast for the next 6 years about various segments and sub-segments of the global contract research organization (CRO) market.

• To provide insights about factors affecting the market growth.

• To analyze the global contract research organization (CRO) market based on various factors - price analysis, supply chain analysis, Porters Five Force Analysis etc.

• To provide past and estimated future revenue of the market’s segments and sub-segments with respect to four main geographies and their countries - Americas, Europe, Asia-Pacific along with Middle East & Africa.

• To provide country level analysis of the market with respect to the current market size and future growth prospect.
• To provide country level analysis of the market’s segments which includes by segment, clinical trial phase, and by end user.

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Intended Audience

• Global Contract research organization (CRO) solutions providers, manufacturers & suppliers

• Research and development (R&D) companies

• Market research and consulting service providers

• Academic institutes and universities

Regional analysis

US accounts for the maximum market share due to favorable reimbursement scenario and greater expenditure on healthcare. Europe is the second largest market due to large disposable income and rising awareness. Asia pacific region will be the fastest region because of large unmet needs which will be led by China and India. The Middle East and Africa market will be led by the gulf nations particularly Saudi Arabia and UAE. The poor regions of Africa is expected to be a laggard due to poor economic and political conditions.

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