How much is the CRO Service Market market worth?
According to the report, global demand for contract research organization services market was valued at approximately USD 44.4 Billion in 2019 and is expected to generate revenue of around USD 91.7 Billion by end of 2027, growing at a CAGR of around 9.5% between 2020 and 2027.
What is CRO Service Market?
The shifting world has forced major pharmaceutical firms to outsource many of their vital activities, including testing and production of prescription drugs and medical devices. This has provided a favorable backdrop for the creation of the Contract Research Organizations (CROs). Healthcare contract research companies typically offer assistance to biotechnology, medical devices and pharmaceutical firms in the form of testing services outsourced on a contract basis. Various firms, including Parexel, Covance, and IQVIA, are active in CRO services. Today, IQVIA is the world’s largest CRO based on digital health and AI.
Over the last few years, CRO facilities have slowly entered the healthcare market. With major advances in the healthcare sector in terms of medicine, research, drug delivery, etc., CROs are steadily gaining prominence. As healthcare providers are realizing the benefits and advantages of outsourcing and opting for CRO services, the market for these services is expected to increase. In recent years, CRO projects have supported businesses in the early stages of designing novel medications and medicines. Consultancy, clinical testing, and laboratory CRO services are greatly being used by pharma companies which are expected to fuel the growth of the CRO services market during the assessment period. Moreover, members involved in the current contract research company (CRO) services sector are urged to collaborate with each other to develop open infrastructure frameworks that are expected to revolutionize the future of clinical trial operations.
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What are CRO Service Market market’s key drivers?
- Increased Outsourcing of R&D Activities
- Increasing Demand of Outsourcing Analytical Testing and Clinical Trial Services
- Rise in Clinical Trials
- Growing R&D Expenditures
How much market share of CRO Service Market was held by Clinical Research segment in 2019?
The global market for the contract research organization services is segmented into therapeutic area, type, application, and region. Based on type, the market for CRO services is segmented into consulting services, early phase development services, physical characterization, analytical testing, preclinical services, raw material testing, clinical research services, laboratory services, batch release testing, data management services, and other analytical testing. The early phase development services market is further divided into discovery studies, and chemistry, manufacturing & control. The preclinical services market is further divided into PK/PD, toxicology testing, and others. The clinical research services market is further divided into phase II, phase I, phase III, and phase IV. The laboratory services are further divided into bioanalytical testing, and stability testing. The clinical research segment accounted for almost 31% share of the market in 2019 mainly due to a significant growth in the geriatric population and a resulting rise in the prevalence of chronic diseases, a growth in the production of new medications and a increasing recognition of evidence-based medicines for specific therapeutic areas.
How much market share of CRO Service Market was held by CVS disorders segment in 2019?
Based on therapeutic area, the market is categorized into oncology, CNS disorders, metabolic disorders, infectious diseases, respiratory disorders, CVS disorders, immunological disorders, ophthalmology, and other therapeutic areas. The CVS disorders segment held almost 21% share of the market in 2019 due to growing prevalence of cardiovascular disease. According to the Heart Disease and Stroke Statistics 2017, the increasing number of Americans suffering from cardiovascular disease has major segmental incentives. In addition, many policy mechanisms and programs are also helping in the improvement CRO services.
How much market share of CRO Service Market was held by pharma and biotech segment in 2019?
On the basis of end user, the global market for contract research organization services is segmented into medical device companies, academic institutes, and pharma and biotech companies. The pharma and biotech companies segment accounted for almost 52% share of the market in 2019. This is primarily due to increased government funding for pharmaceutical firms and increased demand for CRO services. It includes important clinical trials during the drug discovery process that is improving the segmental revenue share. These companies are planning to develop revolutionary medicines to prevent diseases that are fueling the development of the industry.
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Which region is predicted to have the largest share in the CRO Service Market market?
Geographically, the market is classified into Asia Pacific, Europe, North America, Latin America and Middle East & Africa. Asia Pacific held almost 36% of the market in 2019. This regional growth can be attributed to the strong presence of the leading pharmaceutical and biopharma firms, along with growing investment in R&D. Furthermore, increasing trend of outsourcing research activities to countries like India and China, due to lower costs and the availability of skilled healthcare professionals has enhanced regional development. According to the WHO, cancer is the leading cause of death that will increase demand for oncology drugs in the world. In addition, growing number of investigation compounds and ongoing intervention trials will boost the overall growth of CRO sector in India. In addition, the changing regulatory climate, along with the focus of Indian companies like Vitas Pharma and Bugworks on drug development, will accelerate the demand for contract research organization services in India.
Which are the prominent CRO Service Market Key Players across the globe?
Major players in contract research organization services market are IQVIA (U.S.), WuXi AppTech (China), SGS (Switzerland), Charles River (U.S.), PAREXEL (U.S.), Syneos Health (U.S.), Medpace (U.S.), ICON Plc (Ireland), PPD (U.S.), and PRA Health Sciences (U.S.) among others. These industry leaders are aggressively adopting diverse strategies to grow their market share
Table of Contents (TOC)
1. Global CRO Service Market Market Introduction
1.1. Definition and Taxonomy
1.2. Research Scope
2. Research Methodology
3. Executive Summary
3.1. Global Market Overview and Key Findings by Major Segments
4. Market Dynamics and Industry Trend Analysis
4.1. Market Dynamics
4.2. SWOT Analysis
4.3. PESTLE Analysis
4.4. Porter’s Five Forces Analysis
4.5. Market Growth Attractiveness Analysis by Key Segments and Region
5. Competitive Landscape and Market Share Analysis by Manufacturers
5.1. Market Competition Scenario
5.2. Manufacturer Market Share
5.3. Manufacturer Intensity Map
5.4. Opportunity Orbits
5.5. Strategic Market Developments
6. Global CRO Service Market Market Value (USD Million), Share (%), Comparison by Key Segments
7. Global CRO Service Market Market Value (USD Million), Share (%), Comparison by Region
7.1. North America
7.1.1. North America Regional Market Size and Trend Analysis
184.108.40.206. Rest of North America
7.2.1. Europe Regional Market Size and Trend Analysis
220.127.116.11. Rest of Europe
7.3. Asia Pacific
7.3.1. Asia Pacific Regional Market Size and Trend Analysis
18.104.22.168. Southeast Asia
22.214.171.124. Rest of Asia Pacific
7.4. Latin America
7.4.1. Latin America Regional Market Size and Trend Analysis
126.96.36.199. Rest of Latin America
7.5. Middle East and Africa
7.5.1. Middle East and Africa Regional Market Size and Trend Analysis
188.8.131.52. Saudi Arabia
184.108.40.206. South Africa
220.127.116.11. Rest of Middle East and Africa
8. Company Profiles of Key Manufacturers
8.1. Company Basic Information
8.2. Company Overview
8.3. Financial Highlights
8.4. Product Portfolio
8.5. Business Strategy
8.6. Recent Market Developments
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