Contract Research Organization Market – Overview
Contract Research Organization (CROs) refers to the contract basis outsourcing of research & development of medicines, therapeutic drugs & medical devices and other pharmaceutical products. Over the past few years, improving economic conditions globally, have increased healthcare expenditures, improving access to the quality healthcare. This has further augmented the demand for the therapeutic medicines, & devices. Resultantly, this is fostering the market growth, increasing R&D activities.
Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) has recently published a study report giving out the complete market prognosis up till 2023. In its analysis, MRFR asserts that the global Contract Research Organization market gaining further prominence will register a spectacular growth by 2023, posting 11.48% CAGR during 2018 – 2023.
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Factors contributing to the proliferation of the market growth include augmented demand and supply for the medicines, demand for the generic drugs, coupled with the growing number of patent expiries and growing drugs manufacturing sector. Pervasively Growing CMO market backed by the growing population that is increasingly adopting the heady & sedentary lifestyle, leading to the prevailing chronic diseases & disorders, is reasoning for the driving force behind this outstanding growth.
On the other hand, factors such as the augmenting complexities of clinical trials and lack of in-house laboratory capacity coupled with the structural changes in the industry associated with the employment, volatility in the exchange rate and freight charges are inhibiting the market growth of contract research in the developing regions. Nevertheless, a new interesting trend observed in the market is expected to fuel the market growth. And that tend is about the growing emphasis of pharma companies, on improving the production of drugs rather than getting involved in the R&D.
Additionally, unmet needs in the healthcare sectors such as drug shortages, leading to the increasing demand for pharmaceutical development, CRO benefits like commercially successful biologics for clinical use & lower costs are some of the factors contributing to the market growth.
Key Players:
- PAREXEL International Corporation
- QuintilesIMS
- Pharmaceutical Product Development
- PRA Health Sciences
- And others.
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Contract Research Organization Market – Segments
The Contract Research Organization market can be segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Segments: Comprises Drug Discovery, Post Marketing Services, Clinical Development, and others.
By Clinical Trial Phase: Preclinical Trials, Phase I, II, III & IV, and others.
By End- Users: Pharmaceutical, Biotechnology and Medical Devices Companies, Academic Institutes, among others.
By Region: North America, Europe, APAC and Rest of the World.
Contract Research Organization Market – Regional Analysis:
The key markets of the global contract research organization market include the Americas, Europe, Asia-Pacific and the Middle East & Africa.
The America market is consolidated due to the concentration of market activity owing to favorable conditions and the presence of a robust drug market in the region.
The Americas is closely followed by Europe due to the availability of funds for research, and a well-developed healthcare sector in the region. Asia-Pacific market is expected to emerge as a growing market due to increase in clinical research activities in the region, especially in China and India. The Middle East & Africa holds a comparatively smaller share of the market but holds potential growth opportunities as the region facilitates conduction of clinical trials at a fraction of costs as compared to the US and Europe.
Major TOC of Global Contract Research Organization Market Research Report – Forecast till 2023:
1 REPORT PROLOGUE
2 MARKET INTRODUCTION
3 RESEARCH METHODOLOGY
4 MARKET DYNAMICS
5 MARKET FACTOR ANALYSIS
6 GLOBAL CONTRACT RESEARCH ORGANIZATION MARKET, BY SEGMENT
7 GLOBAL CONTRACT RESEARCH ORGANIZATION MARKET, BY CLINICAL TRIAL PHASE
8 GLOBAL CONTRACT RESEARCH ORGANIZATION MARKET, BY END USER
9 GLOBAL CONTRACT RESEARCH ORGANIZATION MARKET, BY REGION
10 COMPETITIVE LANDSCAPE
11 COMPANY PROFILE
12 List of Tables
13 List of Figures
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