With the rapid advancement in technology and rising awareness about the biopharmaceutical products and the associated benefits drives the market growth of the biopharmaceutical industry and CRO market. Furthermore, increasing investment in pharmaceutical R&D and the rising number of clinical trials are the important factors that contributes in the market growth of the contract research organizations. Moreover, with the advancement in the bioinformatics and the new softwares launches by the companies are playing important role in the market growth of the CROs. For instance, the IDBS, a software informatics solution provider for biotech and pharma, launched of Polar™, new product category, BioPharma Lifecycle Management (BPLM), aimed at streamlining drug development and manufacturing in biopharma research.
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According to UnivDatos Market Insights (UMI)’ research report “Global Contract Research Organization Market Analysis, 2021”, the Contract Research Organization market is projected to grow at a CAGR of ~9% during 2021-27F. Deteriorating health coupled with the rising cost of medical drugs is one of the major reasons of concern across the globe owing to the advancement in medical technology. These factors are driving the worldwide demand for cost-effective healthcare solutions augmenting the growth of the CRO market globally.
Based on the service type, the market is segmented into early phase development services, clinical research services, laboratory services, and regulatory consulting services. The clinical research services is expected to witness significant growthduring the forecast period owing to Increasing prevalence of chronic diseases coupled with growing demand for clinical trials in developing countries is escalating the market growth this is due to the strict government regulation on the release of the drugs for the human safety. For instance, the Government of India have set of rules before the release of the drug under the New Drugs and Clinical Trial Rules, 2019 (NDs & CTs Rules, 2019).
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Oncology Segment to Witness Robust growth
Based on therapeutic area, the market is segmented into oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others. The oncology segment is predicted to have considerable market share during the forecast period. The increasing number of cancer cases has compelled the medical professionals to develop better methods for the treatment and therapies for the better management of the cancer in future. As per CDC, in 2019, for every 100,000 people, 439 new cancer cases were reported in the U.S. and out of which 146 people died of cancer.
Based on the End-users, the market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. The pharmaceutical & biopharmaceutical companies is expected to witness significant growth during the forecast period. This is due to the presence of the small and mid-sized companies that are not much competent to conduct clinical trials is responsible for the growth of the segment during the forecast period.
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North America to Grab Lion’s Share, and witnessed Explicit Growth
Based on the region, North America dominated the global Contract Research Organization market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the well-established market players and frequent product launches. North America is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Contact Research Organization Market Analysis, 2021”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Contract research Organization Market include IQVIA Inc., Laboratory Corporation of America Holdings, Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., Syneos Health Inc., Parexel International Corporation, PPD, Inc. , Pharmaron Beijing Co., Ltd, Clinipace Inc. , ICON plc, Medpace Holdings Inc., among others. The players are focused on launching products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.
“Global Contract Research Organization Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Contract Research Organization providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Service Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Regulatory Consulting Services)
2. By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology, and Others)
3. By End-users (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (IQVIA Inc., Laboratory Corporation of America Holdings, Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., Syneos Health Inc., Parexel International Corporation, PPD, Inc. , Pharmaron Beijing Co., Ltd, Clinipace Inc. , ICON plc, Medpace Holdings Inc., etc.)
Key questions answered in the study:
1. What are the current and future trends of the contract research organization industry?
2. How the industry has been evolving in terms of service type, therapeutic area and end-users?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the contract research organization industry?
5. What is the customer orientation, purchase behavior, and expectations from the contract research organization firms across various regions?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET COVID-19 IMPACT
6 GLOBAL CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET REVENUE, 2019-2027F
7 MARKET INSIGHTS BY SERVICE TYPE
8 MARKET INSIGHTS BY THERAPEUTIC AREA
9 MARKET INSIGHTS BY END-USERS
10 MARKET INSIGHTS BY REGION
11 CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET DYNAMICS
12 CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET OPPORTUNITIES
13 CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET TRENDS
14 LEGAL & REGULATORY FRAMEWORK
15 DEMAND AND SUPPLY-SIDE ANALYSIS
16 VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
19 DISCLAIMER
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