Visiongain has published a new report entitled Contract Research Organisations (CROs) Market Report 2023-2033: Forecasts by Service (Preclinical, Clinical, Laboratory Services, Consulting Services, Data Management Services), by Therapeutic Area (Oncology, CNS, Cardiology, Infectious, Metabolic, Other), by Company Size (Large Pharma & Biotech Companies, Mid-sized Pharma & Biotech Companies, Small Pharma & Biotech Companies), by Drug Type (Small Molecules, Large Molecules) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The contract research organisations (CROs) market is valued at US$68.9 billion in 2023 and is projected to grow at a CAGR of 10.6% during the forecast period 2023-2033.
Rising Demand for Clinical Trials Globally Projected to Spur Industry Growth
The market for biopharmaceuticals is rising, there is an increase in the need for healthcare due to an ageing population, and the biotech, pharmaceutical, and medical device industries are expanding to fulfil this demand. As a result, the demand for effective clinical studies has increased in order to ensure the efficacy and safety of products. Worldwide, there are around 266 thousand open clinical trials ongoing. More than 105,000 open clinical investigations are now being conducted just in the United States.
Biologics and other pharmacological medications are the focus of these trials. Positive market growth for clinical trial services has led to an uptick in finance and investment, M&A (merger and acquisition) activity, the use of CROs (contract research organisations), and the availability of functional service providers. Further variables that influence the expansion of the clinical trial services market include the FDA's (Food and Drug Administration) recently implemented simplification of the adoption authorization process, genomics' advancement, and the launch of medicinal products with genetic profiles that are customised to patients or diseases.
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How has COVID-19 had a Significant Positive Impact on the Contract Research Organisations (CROs) Market?
The COVID-19 profoundly and quickly changed the world and called for an international reaction. While certain industries—such as retail, hospitality, and transportation—came to a complete halt, others—such as healthcare—had to make an immediate adjustment to deal with the severe humanitarian situation brought on by Covid-19. Clinical trial professionals in the life sciences sector had to fast adjust to offer substitute techniques for patient tracking and treatment in a circumstance when physical access was not an option. Numerous data gathering methods that had been around for a while but had not been widely used were quickly adopted in clinical investigations carried out during the epidemic.
As a result of a circumstance they had never before faced, sectors were forced by the COVID-19 epidemic last year to fast adapt and modify. In order to survive, industries banded together, became inventive, and ventured outside of their comfort zones. It required swift reorientation to make room for alternative methods of monitoring and caring for clinical trial participants in a world where traditional, on-site procedures were no longer an option.
How will this Report Benefit you?
Visiongain’s 353-page report provides 141 tables, 201 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the contract research organisations (CROs) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for contract research organisations (CROs). Get financial analysis of the overall market and different segments including product, application, technology, end user, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing contract research organisations (CROs) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Patent Expiry and Increasing Demand for Generic Drugs Projected to Drive CROs Growth
Generic drugs are less expensive than name-brand ones while still providing therapeutic benefits and safety considerations. The urge to reduce the rising healthcare costs is one of the key elements driving the market for generic drugs. The patent's expiration opened the market to several generic products that were less expensive. Patent expiration is a sign of a flourishing market because generic manufacturing companies outsource more than 80% of their manufacturing to CDMOs. Revlimid by Bristol Myers Squibb, Lucentis by Roche, Alimta by Eli Lilly, and Restasis by AbbVie are a few of the well-known drugs whose US patents expired in 2022. Furthermore, some of the following drugs are few of the well-known drugs US patents will expire in 2023- Humira (adalimumab) by AbbVie, Stelara (ustekinumab) by Johnson & Johnson, Vyvanse (lisdexamfetamine) by Takeda Pharmaceutical Company, and Aubagio (teriflunomide) by Sanofi.
Rising R&D Investments by Pharmaceutical and Biotech Companies Projected to Boost Market Growth
Due to advancements in biotechnology, it is increasingly required to outsource different phases of drug development in order to manage capacity and have access to scientific and process innovation in order to produce pharmacological substances that are both effective and efficient. The investment savings through compounding temporal savings can surpass $0.5 billion following the success of the biotech sector in Europe. In the United States, which has the largest R&D market in the world, the advantages of this concept of compounded timeline savings are already being seen. As a result, outsourcing drug development activities enables pharmaceutical companies to release new drugs more swiftly while also improving the productivity and efficiency of clinical trials.
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Where are the Market Opportunities?
Increasing Demand for Biological Therapies Anticipated to Offer Lucrative Growth Prospects
In the next years, it is anticipated that the release of novel biologic-based treatments and increasing sales of existing biologics will raise the shares of biologics, biosimilars, and large-molecule drugs. The FDA has authorised more than 200 biologics in the last ten years. Thirty-seven medications were given FDA approval in the United States; fifteen of those, or 40.5%, were biologics. In the biologics category, novel mechanisms included antibodies, fusion proteins, peptides, and enzymes that go beyond those found in nature.
Applications of Artificial Intelligence Could Lead to Faster, Safer and Significantly Less Expensive Clinical Trials
It is thought that great treatments are frequently developed using efficient patient data. The pharmaceutical business is becoming more conscious of the potential that may be produced by successfully utilizing data throughout the lifecycle of a medicine as data is being created at an unprecedented rate nowadays. As new technologies are created, adopted, and employed, businesses, researchers, and healthcare providers are being compelled to rethink some of their more established practices. One area with great potential is clinical trials. Clinical trials could be developed differently thanks to AI, even though it hasn't been widely adopted and used in this field. Thanks to AI technologies, clinical studies might be carried out more swiftly, safely, and cheaply. Taking into account AI and cutting-edge data analytics, AI can provide the pharmaceutical business with more knowledge to help advice their judgements. For instance, on 30th August 2023, QuantHealth, an AI-powered clinical trial design startup, received series A funding of $15 million from Bertelsmann Investments and Pitango HealthTech to enhance success of clinical trials. On 29th June 2023, Insilico Medicine announced that their first drug fully generated by artificial intelligence, INS018_055, entered clinical trials with human patients for treatment of idiopathic pulmonary fibrosis.
Competitive Landscape
The major players operating in the Contract Research Organisations (CROs) market are Charles River Laboratories, CMIC HOLDINGS Co., Ltd., Caidya, ICON plc, IQVIA Inc., Labcorp Drug Development, Medpace, Parexel International (MA) Corporation, PPD (Thermo Fisher Scientific Inc.), Syneos Health, Worldwide Clinical Trials, Wuxi AppTec, Eurofins Scientific, Evotec SE, Allucent, Syngene International Limited, Anthem Biosciences Private Limited, The Emmes Company LLC, Bio-Techne, Inotiv, Frontage Labs. The key competitors in this market have employed a variety of strategies, including mergers and acquisitions, investments in R&D, partnerships, collaborations, regional company expansion, and new product launches.
Recent Developments
- On 15th February 2023, Charles River Laboratories International, Inc. and Purespring Therapeutics, a pioneering gene therapy company focused on transforming the treatment of kidney diseases, announced a plasmid DNA contract development and manufacturing organization (CDMO) collaboration.
- On 10th March 2023, LEO Pharma and ICON plc announced a strategic partnership that will enable LEO Pharma to scale clinical trial execution that is patient-centric and cost effective, and which will support the company’s overall ambition of building one of the most effective and efficient clinical portfolio execution organisations in the industry.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- AI-Enabled Drug Discovery and Clinical Trials Market Report 2023-2033
- Drug Discovery Outsourcing Market Report 2023-2033
- Drug Discovery Services Market Report 2022-2032
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