(PharmaNewsWire.Com, February 26, 2021 ) Meticulous Research®– leading global market research company, published a research report titled “CROs Market by Services (Clinical Research [Phase II and Phase III], Pre-Clinical [Pharmacokinetics and Toxicology], Laboratory Services, and Others), Therapeutic Area (Oncology and Immunology), End User (Pharma & Biotech and Medical Device), and Geography- Forecast to 2027”.
According to this latest publication from Meticulous Research®, the global contract research organizations market is expected to grow at a CAGR of 6.5% from 2020 to 2027 to reach $64.4 billion by 2027. The growth of the contract research organizations market is mainly attributed to the rising demand for biopharmaceuticals, increasing clinical trials, and growing government support for biopharmaceutical manufacturing. Besides, significant opportunities from emerging markets, increasing demand for biosimilars, and continuous advancements in bioprocessing techniques support the growth of this market. However, product quality, IPR issues, and the outbreak of COVID-19 are the key factors expected to hinder the growth of the CROs market.
The global contract research organizations market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027 – by Service (Clinical Research [Phase II and Phase III], Pre-Clinical [Pharmacokinetics and Toxicology], Laboratory Services, and Others), Therapeutic Area (Oncology and Immunology), End User (Pharma & Biotech and Medical Devices), and Geography. The study also evaluates industry competitors and analyzes their market shares at global and regional levels.
Contract Research Organizations Market, by Service
Clinical Research Services
Phase I
Phase II
Phase III
Phase IV
Early Phase Development Services
Pre-Clinical Services
Toxicology Testing
Pharmacokinetics
Other Services
(Note: Other pre-clinical services include biocompatibility testing, study design, development plans, documentation of protocols, authoring of pre-clinical reports, regulatory submissions, and others)
Chemistry, Manufacturing, and Control Services
Drug Discovery Services
Laboratory Services
Bioanalytical Testing
Analytical Testing
Batch-Release Testing
Physical Characterization
Raw Material Testing
Stability Testing
Others
(Note: Other analytical testing services include method development, validation, residual testing, environmental monitoring, and microbial detection services)
Consulting Services
Contract Research Organizations Market, by
Therapeutic Area
Oncology
Infectious Diseases
CNS Disorders
Cardiology
Metabolic Disorders
Immunology
Others
(Note: Other Therapeutic areas include hepatology, gastroenterology, ophthalmology, gastroenterology, respiratory diseases, dermatology, and muscular disorders)
Contract Research Organizations Market, by End User
Pharmaceutical & Biotechnology Companies
Research Institutes
Medical Device Companies
Contract Research Organizations Market, by Geography
By service, the clinical research services segment is estimated to account for the largest share of the contract research organizations market in 2020. The large share of this segment is mainly attributed to increased clinical trials globally, growth in outsourcing activities to conduct clinical trials at low costs, and growing collaborations between key players and clinical service providers to reduce failures. The consulting services segment is slated to grow at the highest rate during the analysis period due to the increasing probability of success in drug development through consulting, design, and implemental research as per indications of interest.
By therapeutic area, the oncology segment is estimated to account for the largest share of the contract research organizations market in 2020. The large share of this segment is mainly attributed to an increase in the number of oncology clinical trials globally, growth in government investments for the development of personalized medicines for oncology, and high demand for biosimilars for cancer. On the other hand, the metabolic disorder application segment is slated to grow at the highest rate during the analysis period due to increasing incidence of diabetes, obesity, hypercholesterolemia, and lysosomal storage diseases, increasing approvals of metabolic disorder drugs, and growing collaborations among the key players and academic institutes to develop metabolic drugs.
By end user, the pharmaceutical & biotechnology companies segment is estimated to account for the largest share of the global contract research organizations market in 2020. The major share of this segment is primarily attributed to an increase in R&D investments for drug development, growing collaborations of pharmaceutical companies with CROs to conduct clinical trials, and government initiatives to support the growth of pharmaceutical companies. On the other hand, the medical device companies segment is slated to grow at the highest CAGR due to technological advancements in medical devices and the increasing adoption of point-of-care devices.
This research report analyzes major geographies and provides a comprehensive analysis for North America (the U.S. and Canada), Europe (Germany, France, the U.K., Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is estimated to command the largest share of the global contract research organizations market in 2020, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is expected to grow at the highest CAGR during the forecast period. Growth in this market is expected to be driven by developing economies and the growing aging population, coupled with the rising prevalence of chronic diseases. Also, growing investments in drug development research activities and an increase in outsourcing activities in India and China are further expected to drive the market growth.
Key Players:
The key players operating in the global contract research organizations market are IQVIA Holdings Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Charles River Laboratories International, Inc. (U.S.), Wuxi Apptec Co., Ltd. (China), Medpace Holdings, Inc. (U.S.), PRA Health Sciences, Inc. (U.S.), Syneos Health, Inc. (U.S.), PARAXEL International Corporation (U.S.), Envigo RMS LLC (U.S.), ICON plc (Ireland), PPD, Inc. (U.S.), and SGS S.A. (Switzerland).
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