Selbyville, Delaware, Oct. 28, 2019 (GLOBE NEWSWIRE) --
Global CRO Market revenue is expected to surpass USD 61 billion by 2025; according to a new research report by Global Market Insights, Inc. Rising R&D investment coupled with several government programs to support drug development for various chronic diseases will boost the demand for CRO services in the forecast period.
Advantages associated with clinical trials being conducted in emerging economies will drive the CRO market. Advantages include admittance to patients with diseases and companies sponsor study accordingly, patient willingness and interest in clinical trials. The above-mentioned willingness is mainly a result of access to care that varies to those obtained in the U.S. or Western Europe. Moreover, patients are voluntarily available, agents are keen to cooperate, and prices are usually inexpensive when conducting trials in emerging economies.
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Early phase development services segment was valued around USD 6.3 billion in 2018 and will witness significant growth during the forthcoming years. Early development solution allows customers to capitalize on the value in early-stage portfolios by generating an integrated program. Early phase trials in patients are gradually becoming common and an essential fragment of effective drug development plans. Development in the forecast of failure throughout early clinical trials protects time to market and development expenses.
Conducting early phase trials, First-In-Human (FIH), and Proof-of-Concept (POC) as multicenter studies can offer significant advantages for discovering the exact target population. Thus, early phase development services are vital fragments for effective drug development that will further boost the contract research organization market growth in the coming years.
Oncology segment dominated the CRO market in terms of revenue and is anticipated to witness around 7.5% CAGR during the forecast timeline. This is majorly due to the increasing prevalence of cancer across the globe. According to the WHO, the cancer burden is expected to have risen to 18.1 million new cases and 9.6 million deaths in 2018 globally. The growing incidences of cancer ultimately increase the new drug development and clinical trial activities for disease treatment, thereby fostering CRO market growth.
Browse key industry insights spread across 253 pages with 391 market data tables & 9 figures & charts from the report, “Contract Research Organization Market Size By Service Type (Early Phase Development Services {Discovery Services, Chemistry, Manufacturing & Control (CMC), Pre-clinical Services [Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing Services]}, Clinical Research Services {Phase I, Phase II, Phase III, Phase IV}, Laboratory Services {Bioanalytical Testing Services, Analytical Testing Services [Physical Characterization, Raw Material Testing, Batch Release Testing, Stability Testing]}, Consulting Services), By Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), By End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, Japan, India, Brazil, Mexico, South Africa, Saudi Arabia), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/contract-research-organization-cro-market
Pharmaceutical and biopharmaceutical companies segment of CRO market is anticipated to hold around 54% revenue share in 2018 and is expected to witness robust growth in the coming years. High growth can be accounted due to the increasing prevalence of various chronic diseases such as cardiac disease, cancer, neurological and infectious disease. Furthermore, increasing investment of pharma and biopharma companies in the development of novel drugs will upsurge the demand for CRO services.
Growing government support coupled with the increasing demand for CRO services that offer various pharmaceutical research, essential for conducting clinical trials during the complicated drug discovery process will spur segment growth over the forecast period. Moreover, the pharma industry focusing on developing new vaccines and medicines to treat and prevent diseases should further boost industry growth.
China CRO market is estimated to witness over 9.5% CAGR owing to the growing burden of chronic diseases and the presence of a large patient pool. Moreover, China is considered as the preferred destination for outsourcing parts of drug research. Previously, countries in Eastern Europe and Latin America were considered as the traditional markets for CRO outsourcing. However, in recent years, outsourcing has been significantly shifting towards the Asia Pacific region, particularly in countries such as China and India. The main reason for this has consistently been cost advantage, with the cost of conducting clinical trials in Indonesia, China, and India being considerably low. The government in Asia Pacific countries are increasingly spending on healthcare. Thus, clinical outsourcing is increasingly seen as an effective way for innovative drugs to gain early market access.
Increasing focus of emerging pharmaceutical companies on novel drug development for the treatment of various chronic diseases is the major factor driving the CRO market growth. Major industry players in CRO market include Laboratory Corporation of America Holdings, IQVIA, Parexel International Corporation, PRA Health Sciences, Syneos Health and ICON. These industry players have undertaken various strategic initiatives that have enhanced their financial stability and helped them evolve as major industry players. Notable players functioning in this contract research organization market include Parexel International, Charles River Laboratories International (CRL), Laboratory Corporation of America Holdings (Covance), CMIC, Syneos Health, EPS International, Clinipace, Clinitec, IQVIA (Quintiles IMS), ICON, Pharmaceutical Product Development (PDD), Medpace, PRA Health Sciences, Synteract, Worldwide Clinical Trials, and Wuxi AppTec.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.