Global Contract Research Organization (CRO) Market, By Service Type (Early Phase Development [Discovery Services, Chemistry, Preclinical Services], Clinical Research Services [Phase I, Phase II, Phase III, Phase IV], Laboratory Services [Bioanalytical Services, Analytical Services, Others], Consulting Services), By Therapeutic Indication (Oncology, Infectious Diseases, Immunological Diseases, Respiratory Diseases, Cardiovascular Diseases, Neurological Disorders, Others), By End User(Medical Device Companies, Biopharmaceutical Companies, Others), and opportunities and forecast 2020-2027
Contract Research Organization (CRO) Market Overview
A Contract Research Organisation, also called Clinical Research Organization (CRO) is a service organization that provides support to the pharmaceutical and biotechnology industries in the form of outsourced pharmaceutical research services. There are significant developments in the healthcare sector in terms of research, medications, drug delivery, etc. As healthcare providers continue to recognize the benefits and advantages of consulting and choosing for CRO services. Increasing demand for such services is projected to rise at a significant pace in the next few years. This fact majorly contributes to the development of the global Contract Research Organization (CRO) market.
Additionally, CRO services are supporting companies in the early phase development of new drugs and medications. Clinical research, consulting, and laboratory CRO services are mostly used by pharmaceutical companies. This factor further boosts the growth of the Contract Research Organization (CRO) market in the forecast period.
Furthermore, shareholders involved in the current contract research organization (CRO) services market are anticipated to collaborate to formulate open technology standards. This fact is expected to reform the future of clinical trial operations. Therefore, owing to these factors and the positive outlook of the healthcare sector, the global contract research organization (CRO) services market is projected to grow at a high rate in the coming years. Covid-19 Impact on Contract Research Organization (CRO) Market:
In addition, the current Contract Research Organization (CRO) Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Contract Research Organization (CRO) Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.Contract Research Organization (CRO) Market Segment Overview
Based on the service type, the Clinical Research Services segment accounted for the largest share of the market. This can be attributed to the subsequent increase in the prevalence of chronic diseases, increasing the development of new drugs, and growing acceptance of evidence-based medicine for various therapeutic areas. Moreover, according to therapeutic indication, the Oncology segment has significant growth in the market. The growth of this segment can be attributed to the increasing number of clinical trials and the rising prevalence of cancer worldwide.
Contract Research Organization (CRO) Market, By Service Type
- Early Phase Development
- Discovery Services
- Preclinical Services
- Clinical Research Services
- Phase I
- Phase II
- Phase III
- Phase IV
- Laboratory Services
- Bioanalytical Services
- Analytical Services
- Consulting Services
Contract Research Organization (CRO) Market, By Therapeutic Indication
· Infectious Diseases
· Immunological Diseases
· Respiratory Diseases
· Cardiovascular Diseases
· Neurological Disorders
Contract Research Organization (CRO) Market, By End User
· Medical Device Companies
· Biopharmaceutical Companies
· OthersContract Research Organization (CRO) Regional Overview
In terms of region, North America commanded a major share of the market and is predictable to maintain its supremacy over the forecast period. This is on account of the high-quality standards in the pharmaceutical industry, rapid growth in its biosimilar and biologics market, and an increase in clinical trial activity in this region. Similarly, the contract research organization (CRO) services market in the Asia Pacific is expected to expand at a rapid growth rate during the forecast period. Japan is one of the largest industries for clinical trials in the Asia Pacific and it witnesses significant product registrations. In addition to this, large-sized CROs are mainly focusing to boost their presence in Japan through investments in facilities and resources in functional services such as central laboratories, imaging, and clinical supplies.
Contract Research Organization (CRO) Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)Contract Research Organization (CRO) Market Competitor overview
Some key developments and strategies adopted by manufacturers in Contract Research Organization (CRO) are highlighted below.
· In July 2021, CTI Clinical Trial and Consulting Services (CTI), a global, privately held, full-service contract research organization announced the acquisition of Dynakin, a contract research organization with a GLP biolab and model-based drug development services that has nearly two decades of experience and strong local expertise across Europe.
· In July 2021, North Carolina- based clinical research organization (CRO) Parexel has announced the execution of a definitive merger agreement, under which the company will be purchased by EQT Private Equity and Goldman Sachs for $ 8.5b USD.Contract Research Organization (CRO) Market, Key Players
· Laboratory Corporation of America Holdings
· IQVIA Inc.
· Syneos Health, Inc.
· Parexel International Corporation
· PRA Health Sciences, Inc.
· PPD, Inc.
· Charles River Laboratories, Inc.
· Icon plc
· WuXi AppTec Group