In addition, the report highlights the competitive standing of major players in the projection timeline, which also includes their portfolios and expansion endeavors.
Scope of the Report
The Coronavirus pandemic has significantly changed conditions in the Contract Research Organization CRO Market. MRFR assesses the rapidly changing market scenario, covering the impact of pre and post coronavirus crises. The report defines all major market aspects, adding expert opinion on current and historical data. Further, the report also covers investment opportunities, market statistics, growing competition analysis, gross margins, and top business strategies.
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The contract research organization market is growing exponentially. The market growth attributes to the rising trend of outsourcing R&D to contracts. With the improving global economy, the trend of outsourcing research & development activities to the third party is rising. Most pharmaceutical and biotechnology companies outsource R&D activities required to discover medicines, therapeutic drugs, medical devices, and other pharmaceutical products on a contract basis.
Besides, the unprecedented, global scientific focus on COVID-19 is benefitting the growth of the CRO market. Ongoing coronavirus crises have reformed best practices followed by time-sensitive and critical information in the CRO industry, increasing R&D and clinical trials. Resultantly, the already booming CRO market is growing vibrantly. Moreover, augmenting demand for breakthrough medicines and generic drugs escalate the growth of the market.
Rising patient pool with the ever-increasing population is prompting the need for quality care more than ever. Also, increasing patent expiries, alongside the burgeoning pharmaceutical sector, impact the market growth positively. According to Market Research Future (MRFR), the global contract research organization market is expected to witness huge traction by 2023, registering approximately 11.48% CAGR throughout the estimated period (2017 – 2023).
Besides, factors such as the adoption of a heady & sedentary lifestyle among the population drive the market growth, leading to increasing the prevalence of chronic diseases & disorders. Simultaneously, rapidly growing healthcare infrastructures are striving to meet this demand by expanding access to excellent care. This, as a result, is promoting the demand for therapeutic medicines and devices, dramatically.
All these factors commutatively accelerate market growth, increasing R&D activities for new drug discoveries, drastically. On the other hand, growing complexities in clinical trials and lack of in-house laboratory capacity are factors acting as significant roadblocks to the growth of the market. Also, recent structural changes associated with employment in the CRO industry are impeding the market growth, especially in the developing regions.
Simultaneously, fluctuating exchange rate and freight charges, etc. pose challenges to the growth of the market. Nevertheless, the growing emphasis of pharma companies on improving the production of drugs rather than getting involved in the R&D is estimated to support market growth throughout the review period.
Global CRO Market – Segmentations
The analysis is bifurcated into four main dynamics;
By Segment : Clinical Development, Drug Discovery, Post Marketing Services, and others.
By Clinical Trial Phase: Phase I-IV, Preclinical Trials, and others.
By End- users : Biotechnology, Pharmaceutical, and Medical Devices Companies, Academic Institutes, and others.
By Regions : Europe, Americas, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Contract Research Organization Market – Regional Analysis
North America dominates the contract research organization market. The largest share of the regional market attributes to the growing numbers of pharmaceutical and biotechnology companies and clinical trial outsourcing trends. Besides, the presence of many large players, well-established healthcare sectors, and a huge patient pool in the region substantiate the growth of the market.
The contract research organization market in the European region stands second, globally, in terms of both the size & revenues. Factors fostering market growth include the presence of promising players, mainly in the UK, Germany, and Switzerland. Germany, with its advanced technologies and medical device CRO market, contributes significantly to the regional market growth.
The Asia Pacific contract research organization market is emerging as a promising market globally. Substantial investments made by Asian CMOs alongside, the improving economy in the region, provide a considerable impetus to the regional market growth. Moreover, the availability of highly skilled yet cost-competitive lab professionals propels the market growth in this region, attracting foreign investors.
Contract Research Organization (CRO) Market – Competitive Landscape
The contract research organization market appears to be highly competitive due to the presence of several well-established players. Pricing and the range of services are the factors these companies compete against each other based on. The competitive strength of the players is dependent on service pricing, service precision, and versatility & reliability. The competition is forecasted to further intensify due to the rising innovations.
Players driving the global CRO market include QuintilesIMS (US), Pharmaceutical Product Development, LLC. (US), Laboratory Corporation of America Holdings (US), PAREXEL International Corporation. (US), INC Research LLC (US), PRA Health Sciences, Inc. (US), and ICON plc. (Europe), among others.
June 23, 2020 ---- Biorasi LLC (the US), a leading global full-service CRO, announced the start of its second COVID-19 clinical trial. The study would focus on the efficacy of a prophylactic medication for maintaining the health and safety of healthcare personnel treating patients with the coronavirus. The trial will be executed in Russia and Ukraine, where case counts have been rising rapidly.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and Wherever Required We Will be Considering Covid-19 Footprints for a Better Analysis of Markets and Industries. Cordially Get in Touch for More Details.