Contract Research Organizations Market By Covid-19 Impact Outlook to 2028

Posted by khape dipali on May 18th, 2021

A Contract Research Organisation, also called Clinical Research Organization (CRO) is a service organization that provides support to the pharmaceutical and biotechnology industries in the form of outsourced pharmaceutical research services (for both drugs and medical devices). CROs range from large, international full-service organizations to small, niche speciality groups and can offer their clients the experience of moving a new drug or device from its conception to FDA marketing approval without the drug sponsor having to maintain a staff for these services. Organizations and businesses that contract with CROs do so to acquire specific expertise without hiring permanent staff. Some CROs manage almost all aspects of a clinical trial, from site selection and patient enrolment through final regulatory approval from the Food and Drug Administration and European Medicines Agency.

The Global Contract Research Organizations Market is expected to grow from xx USD in 2020 to yy USD by 2027 at a CAGR of xx%. An increasing number of clinical trials, an increase in the number of outsourcing of R&D activities, expanding the scope of CRO solutions through technology, increasing, and favourable regulatory environments in the developed regions, investments in research and development and increasing strategic collaborations among market players are the major factors driving the growth of the CRO services market. Moreover, growth in the past resulted from increased patent expirations of drugs, rising costs of drug development, and growth in the biologics market. In addition, the CRO market is being driven by the biopharmaceutical industry’s improving fundamentals. The contract research organization market can be restrained by structural changes in industry and employment, the high cost of labour, exchange rate volatility, a flight of contract research to developing regions, and others.

Multi-location trials of a single drug in different procedures in different countries pose a challenge to pharmaceutical companies as they have to follow a completely different procedure in each country. This is observed as one of the major challenges for research outsourcing in different countries and so, a company prefers to restrict outsourcing to one destination country. This restricts the research outsourcing market on a global level. Some of the key players operating in contract research organization market are IQVIA, Clinipace, Charles River Laboratories International, CMIC Holdings, Medpace, Parexel International, EPS International, ICON, PRA Health Sciences and Synteract. These market players are strategically implementing different approaches to garner a higher market share.

Analysts Commentary:
The growing demand of effective drugs and healthcare devices, high cost of product development, and growing patient population are some of the factors that are likely to boost the global CRO services market growth during the forecast period. Additionally, stringent drug approval process and growing strategic collaboration among many key players are also likely to propel the CRO services market revenue during the forecast period.
In May 2019, Altasciences formed a collaboration with WuXi AppTec to support the full scope of drug development programs, from IND-enabling studies to regulatory support for both pre-IND and post-IND stages, as well as document preparation and submission provided by WuXi AppTec’s Investigational New Drug (WIND) platform. In 2019, Laboratory Corporation of America Holdings, invested 5 Mn to purchase the Envigo nonclinical contract research organization services business to expand the global research capabilities of Covance’s nonclinical drug development business segment.

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Segmentation:
The global contract research organization market is segmented into type, therapeutic area, end-user, and region. Based on type, the market is further categorised into Discovery, CMC, Preclinical, Clinical Research, and Laboratory Services. clinical research services segment accounted for the largest share of the global CRO services market. This could be owing to factors such as the growing biosimilar and biologics markets, increased R&D investments in pharmaceutical and biopharmaceutical companies, and an increase in clinical trial activities. Based on Therapeutics area, the market can be divided into CNS, Oncology, and Cardiovascular. the oncology segment accounted for the highest growth in this market. The highest growth rate of this segment is due to the increase in number of clinical trials and a rising prevalence of cancer worldwide.
Based on end-user, the market is segregated into Pharmaceuticals & Medical Device. The medical device segment is expected to show the highest CAGR during the forecast period. Technological advancements in medical devices, increasing incidence of chronic diseases, and the adoption of point-of-care (POC) testing are the major factors supporting the growth of this segment.

Regional Analysis:

The CRO market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominates the CRO market owing to a well-developed healthcare sector and huge investment. Apart from this, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in North America. Moreover, the presence of developed economies like the U.S. and Canada within the region will boost market growth. Europe is the second-largest global contract research organization market, which is followed by the Asia Pacific. Regionally, Europe is divided into Western Europe and Eastern Europe. Western Europe holds the major share of the regional market, which is majorly contributed by Germany, the U.K., and France. However, Eastern Europe is the fastest-growing region due to the huge opportunities in the untapped market.

Asia Pacific CRO market will show over 8.5% CAGR owing to increasing outsourcing by pharmaceutical and biotechnology companies. Regional growth can be attributed to strong the foothold of foremost pharma and biopharma companies along with rising R&D investments. Moreover, improving trend of outsourcing research activities to countries such as India and China due to lower costs and the presence of capable healthcare professionals should enhance the regional growth. The Middle East & Africa owing to the growing burden of various chronic disease and rising awareness about the treatment benefits associated with the low-cost clinical tutorial, the design has enhanced the participation of many patients in clinical trial research activities which will fuel the global contract research organization services market growth during the forecast period.

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