A recent report published by Infinium Global Research on contract research organizations (CROs) market provides in depth analysis of segments and sub-segments in global as well as regional CROs market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional CROs market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global CROs market. According to report the global contract research organizations market is projected to grow at a CAGR of 7.5% over the forecast period of 2017-2023.
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. During the recent years, many pharmaceutical and biotechnology companies have become increasingly reliant on CROs and other contract research service providers to conduct their R&D operations. 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, etc. It also helps them to increase their capability for in-house regulatory services, clinical data management, pharma-covigilance, biostatistics, etc. Pharmaceutical companies outsource their R&D services to CROs for various benefits, in which some of the key benefits for them include access to capabilities which is not found in-house, increase their global research and operations, improve quality with cost-efficient resource utilization, access to innovation and achieve timely availability of product into the market.
Figure 1: Global Contract Research Organizations Market by Value 2015-2023
The major driving factors for the growth of global CRO market include pricing pressures in the healthcare markets, the need for R&D productivity, large number of patent expirations and stringent regulatory policies for the drug approvals. In addition, increased outsourcing R&D activities by pharmaceutical companies are one of the major 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. Some of the challenges of this market include stringent regulatory compliance for product approvals, shortage of experienced professionals to conduct R&D activities and large number of product recalls from the market due to serious complications of the newly approved drug molecules. Though the global CRO market is facing various challenges, it is expected to grow a healthy growth rate during the forecast period owing to increase in M&A activities among the companies, increase in R&D investment by various companies, establishment of large number of clinical trial outsourcing organizations in emerging markets and increase in private equity investment particularly for R&D activities.
The report on global CROs market covers segments such as, therapeutic area and end-user. On the basis of therapeutic area the global contract research organizations market is categorized into cardiac, central nervous system, oncology, infectious diseases and others. On the basis of end-user the global contract research organizations market is categorized into early-stage development services and last-stage development services.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015-2023.
Figure 2: Global Contract Research Organizations Market by Region, CAGR % 2017-2023
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2017-2023.
The report provides profiles of the companies in the global CROs market such as, Covance Inc., PAREXEL International Corp., PRA Health Sciences, PPD, PetSmart Inc., PETCO Animal Supplies Inc., INC Research, Lab Corporations and QuintilesIMS (IQVIA).
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global CROs market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on 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 CROs market. Moreover, the study highlights current market trends and provides forecast from 2017-2023. We also have highlighted future trends in the CROs market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the CROs market to understand the present and future trends in this market and formulate their strategies accordingly.
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