Contract
research organizations are constantly evolving. They are becoming crucial for
the growth of the pharmaceutical, biotech, and medical device industries. 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.
According to a report by the Tufts University Center for the Study of Drug
Development (CSDD), the top 10 largest CROs benefited from around 57% of
outsourcing spend in 2018. Further, due to the rise of generic medicines and
healthcare analytics influencing product development, the healthcare contract manufacturing market is expected to experience a boom over the forecast period.
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.
However, the
COVID-19 outbreak is causing substantial disruption in the CRO industry due to
travel restrictions. Additionally, researches are going to become increasingly
difficult to complete for numerous reasons. Nevertheless, the demand for
contract research organizations will steadily grow over the prediction period as
the necessity for developing COVID 19 vaccination is expected to cause a spike
in the volume of research activities. In such a similar instance IQVIA, one of
the largest CROs of the globe joined the ACCORD-2 collaboration with UK the government which will fast-track the development of new treatments for COVID-19.
This will provide a single research platform to speed the development of the new COVID-19
treatments. Infinium Global
Research’s recent report on the “Contract Research Organizations Market
(Service Type - Consulting Services, Early-phase Development Services, and
Laboratory Services; Therapeutic Area - Cardiac, Central Nervous System,
Infectious Diseases, and other Therapeutic Areas; End User - Academic
Institutes and Pharmaceutical & Biopharmaceutical Companies): Global
Industry Analysis, Trends, Size, Share and Forecasts to 2026”
provides a comprehensive outline of the factors responsible for the growth of
the market.
https://www.infiniumglobalresearch.com/reports/sample-request/101
Academic
institutes, pharmaceutical & biopharmaceutical companies, and medical
device companies are the major clients of the contract research organizations.
Among them, pharmaceutical & biopharmaceutical manufacturing holds the
largest share in the global market. Drugmakers are progressively outsourcing
research activities to CROs as a technique to remain serious and adaptable in a
universe of dramatically developing information, progressively refined
technology, and an insecure monetary climate. Further, the rising demand for
personalized medicines is also increasing partnerships of biopharmaceutical
companies with CROs.
Among the
regions, North America held the largest market share in the Contract
Research Organizations Market. The U.S. dominates the market mainly
owing to the presence of several contract research organizations. In addition, the
presence of a large number of medical device manufacturers also contributes to
its revenue growth. However, Asia Pacific is expected to grow with a considerable compound annual growth rate of 7.45% over the forecast period as
countries such as China and India have a cost advantage and genetic diversity of
the population base.
https://www.infiniumglobalresearch.com/reports/enquiry/101
The CRO industry
is intensely fragmented and highly competitive with the presence of more than
1000 organizations, However, only a small number of them are global
full-service companies 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. and Medpace, Inc. These organizations occupy the majority of the market
share. The key players are trying to consolidate the market through strategic
mergers, acquisitions, and collaborations. In July 2020, IQVIA collaborated
with LMC Manna Research to launch IQVIA’s first Prime Site in Canada. Through
this collaboration the company offers research programs to optimize processes,
reduce the time to start clinical research, align procedures and support a
significant increase in complex clinical and real-world evidence studies in
Canada.
