A recent report published by Infinium Global Research on
contract research organizations market provides an in-depth analysis of segments
and sub-segments in the global as well as regional contract research
organizations market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional contract research
organizations market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of global contract
research organizations market. According to the report, the global contract
research organizations market is projected to grow at a CAGR of 6.35% over the
forecast period of 2019-2025.
Contract research organizations (CROs) provide research and
development (R&D) services to pharmaceutical, biotechnology companies as
well as various government institutions, foundations and universities on a
contract basis. CROs have started offering services to their vendors for all
phases of R&D like pre-clinical services, clinical trials, and
post-clinical trial services. Outsourcing R&D operations to CROs allows
these companies to focus on their core activities such as sales, marketing,
product management, and so on. It also helps them to increase their capability
for in-house regulatory services, clinical data management, pharmacovigilance,
biostatistics, and so on.
The major driving factors for the growth of the CRO market
include pricing pressures in the healthcare markets, the need for R&D
productivity, a large number of patent expirations and strict regulatory
policies for the drug approvals. In addition, increased outsourcing R&D
activities by pharmaceutical companies are one of another driving factors for
this market. Apart from these the other driving factors for this market
include, company’s vision to focus on their core business activities and to
achieve cost efficiency in their business operations. Despite the existence of
these drivers, the market for CROs is facing some serious challenges that might
hamper the growth of this market. Besides, a shortage of experienced
professionals to conduct R&D activities is likely to hamper the growth of
the market. Moreover, an increase in R&D investment by various companies is
generating a growth opportunity for the market in the upcoming years.
As per the geographies, North America dominated the CRO
services market. Factors such as augmented expenditure on R&D in health
care by governments, developing the biopharmaceutical industry, and increasing
demand for outsourcing are driving the growth for the North America region.
Europe is considered as the second largest region for this market owing to
growing investment in R&D activities by key players in supporting the
growth for the contract research organizations market in this region. Asia
Pacific region is estimated to be the fastest growing region in this market
owing to the huge availability of preclinical and clinical trials due to the
rising prevalence of diseases and growth in population.
The report on global contract research organizations market
covers segments such as service type, therapeutic area, and end user. On the
basis of service type, the sub-markets include consulting services, early-phase
development services, clinical research services, and laboratory services. On
the basis of therapeutic area, the sub-markets include cardiac, central nervous
system, oncology, infectious diseases, and other therapeutic areas. On the basis
of end user, the sub-markets include academic institutes, pharmaceutical &
biopharmaceutical companies, and medical device companies.
The report provides profiles of the companies in the market
such as Covance Inc., PAREXEL International, PRA Health Sciences,
Pharmaceutical Product Development, LLC, Syneos Health, Laboratory Corporation,
IQVIA, ICON Public Limited Company, Charles River Laboratories, Inc., Medpace,
Inc., and Other companies.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of contract
research organizations market. Moreover, the study highlights current market
trends and provides forecast from 2019-2025. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.