Global contract research organization (CRO) market is slated to proliferate at a rapid pace over 2019-2025, as a result of the increasing advantages of clinical studies in emerging countries.
Global contract research organization (CRO) market is slated to proliferate at a rapid pace over 2019-2025, as a result of the increasing advantages of clinical studies in emerging countries.
Likewise, strong emphasis of the governments in emerging economies towards the public healthcare modification, coupled with high purchasing power, will further proliferate the demand for contract research organization services over the coming years.
Pharmaceutical companies are currently focusing on outsourcing research activities to various academic institutes and private CROs to gain a competitive edge and remain flexible. In addition, they are lending a key focus on innovative drug development to treat myriad chronic diseases. These aforementioned factors will expand the scope of the contract research organization (CRO) market trends in the forthcoming years.
As per authentic reports, the global CRO market size is expected to exceed $61 billion by 2025.
Mounting demand for effective medications to treat chronic conditions
The global market has been observing high investments in clinical research and life sciences. This factor, alongside the growing demand for clinical trials and quality auditing worldwide, will increase the need for different types of contract research organizations in years to come.
Furthermore, accelerating investments in the research & development activities, along with the high advancements of the IT (information technology) sector, will lead to a major development in clinical trials and in turn, positively influence the global contract research organization (CRO) market outlook over the foreseeable future.
In terms of segmentation by service type, the discovery services segment recorded revenue of above $2.1 billion in 2018 and is anticipated to amass hefty gains over the forecast spell. The segmental growth is attributable to its mounting adoption in research procedures and robust demand for effective medications to treat chronic diseases.
For example, in March 2018, Evotec AG launched INDiGO, an accelerated drug discovery & development service, to rapidly and efficiently deliver enhanced drug candidates to patients over the standard industry approaches.
Rising prevalence of infectious diseases such as influenza
Based on therapeutic area, the global contract research organization (CRO) market from the infectious disease segment is set to exhibit a growth rate of above 6.5% through 2025, owing to the growing prevalence of meningitis, influenza, T.B, and other infectious diseases.
Additionally, industry players are increasingly investing in the R&D of infectious diseases and leveraging the bioinformatics & novel analytical technologies to extensively respond to bacteriological and viral infections. Rising contract research organization list that aims at the rapid advancements in clinical research of the Hepatitis C virus will drive drug development and in turn, boost overall industry dynamics in years ahead.
With regards to the end-use spectrum, the medical device companies segment registered remuneration of nearly $10.5 billion in 2018 and is likely to account for a significant share over the estimated timeline, due to the high demand for special CRO services that meet the unique needs of these companies. The segmental growth will further be stimulated by the increasing clinical studies as they play a crucial role during the medical device development.
Escalating geriatric population with chronic diseases in the U.S.
From a regional perspective, the North America contract research organization (CRO) market accounted for a considerable market share and is anticipated to witness a major upsurge over the coming years, due to the accelerating number of pharma and biopharma companies, alongside the robust investments in R&D activities in the region.
To access sample pages of this report titled, “Contract Research Organization (CRO) Market Size By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/3012
In addition, the contract research organization (CRO) market in the U.S. held above 7% revenue share in 2018, which can be credited to the high focus of the pharma companies on developing innovative drugs to treat chronic conditions. The regional market growth will further be aided by the rising number of the elderly population with chronic diseases in the region.
Key contract research organization (CRO) market players include Wuxi AppTec, PRA Health Sciences, Worldwide Clinical Trials, ICON, Clinitec, Clinipace, EPS International, Syneos Health, and Parexel International, among others. These firms are undertaking inorganic strategies like M&A and business expansions to expand their stance and strengthen their market position across the globe.
For instance, in September 2020, a contract research organization, CTI, extended its footprint in the MENA (Middle East/Northern Africa) region with associates in Saudi Arabia, Morocco, Egypt, and other countries in the region. This business expansion was geared towards creating robust full-service CRO globally.
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