Dubai, UAE, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to the recent report published by Extrapolate, the Global Contract Research Organization (CRO) Services Market revenue is projected to reach USD 163.48 billion by 2028 from USD 73.38 billion in 2021, registering a 12.1% CAGR over the forecast period, 2022-2028. The increasing adoption of CRO services in the healthcare industry is fostering market growth. Furthermore, steadily expanding research and development (R&D) pipelines for pharmaceuticals, biopharmaceuticals, and medical devices as well as improvements in clinical trial technology is fueling market progress.
Contract research organizations (CROs) are companies that offer clinical research services to medical device industries, pharmaceuticals, biotechnology firms, and various government research organizations on a contractual basis. These services aid in effectively carrying out clinical trials, which is playing a key role in boosting industry expansion.
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Competitive Landscape
Prominent companies in the global contract research organization market are employing inorganic strategies such as partnerships, collaboration, and mergers & acquisitions to maintain their market position in the forthcoming years.
Major companies involved in the market are:
- IQVIA Inc. (US)
- Laboratory Corporation of America Holdings (US)
- Charles River Laboratories International, Inc. (US)
- WuXi AppTec Co., Ltd. (China)
- Syneos Health Inc. (US)
- Pharmaron Beijing Co., Ltd. (China)
- Clinipace Inc. (US)
- ICON plc (Ireland)
- Medpace Holdings Inc. (US)
- SGS SA (Switzerland)
- Frontage Holdings Corporation (US)
- PSI CRO AG (Switzerland)
- BioAgile Therapeutics Pvt. Ltd. (India)
- Firma Clinical Research, LLC (US)
- AccuLab Life Sciences (US)
- Novotech Health Holdings (Australia)
- Geneticist Inc. (US)
- Linical Americas (US)
- Celerion (US)
- Azelix LLC (US)
- Clinical Trial Service BV (Netherlands)
- Pepgra Healthcare Pvt. Ltd. (UK)
- Axcent Advanced Analytics, Inc. (US)
- Dove Quality Solutions Limited (UK)
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Market Segmentation
By Application
- Oncology
- Cardiology
- Infectious Disease
- Metabolic Disorders
- Diabetes
- Others
Surging R&D Activities in Oncology to Bolster Market Development
Oncology segment held the largest market share due to advancements in research and technology as well as increased awareness of global disease risks. The duration, expense, and complexity of clinical trials have also increased as a result of the strict regulations and severe penalties for non-compliance. Oncology is the most active and rapidly expanding therapeutic field for the CRO, with the highest concentration on clinical development at present.
By Service Type
- Pre-Clinical
- Discovery
- Clinical
- Laboratory Services
Increasing Incidences of Chronic Diseases to Drive Demand for Clinical Service
In 2022, the clinical service segment accounted for a sizable percentage of the global market for services provided by contract research organizations. The mounting prevalence of chronic disease cases, and expansion of outsourcing R&D projects in the pharmaceutical and biotechnology industries are responsible for segmental growth.
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Growing number of services offered by CROs Fosters Market Proliferation
CRO services, which encompass clinical operations, regulatory filing, data administration, quality assurance, and biostatistics, along with the growing trend of partnerships, are actively driving market expansion. For instance, in October 2020, PPD Inc. established a new multipurpose clinical research facility in Suzhou, China, to offer vaccine, bioanalytical, and biomarker services for clinical trials of pharmaceutical development. As a result of the soaring demand for research activities, the market is anticipated to develop significantly throughout the forecast period.
Key Market Developments
- December 2021: Toxikon Corporation (US) was acquired by Laboratory Corporation of America Holdings (US) to expand its non-clinical development portfolio and work with Boston, Massachusetts-area pharmaceutical and biotechnology clients.
- January 2021: IQVIA Inc. (US) introduced Clinical Data Analytics Suite (CDAS), a novel SaaS-based platform for clinical data analytics. The platform combines structured and unstructured data from clinical trials into a single standard setting for easier access and use, creates scalable repositories, and powers predictive analytics.
High Healthcare Expenditure in North America to Bolster Market Development
North America holds the largest share in the global contract research organization services market. The regional growth is attributed to the rising prevalence of chronic diseases such as diabetes, cancer, and others. Due to strong healthcare awareness, the increasing demand for technologically advanced and therapeutically effective products, and significant spending on healthcare services, the area is anticipated to maintain its position of prominence. Additionally, as a result of the COVID-19 outbreak, there are more clinical studies being conducted to create coronavirus vaccines, which is boosting the demand for CRO services in this region.
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Rapidly Expanding R&D Activities in APAC to Fuel Market Penetration
The Asia Pacific region is anticipated to continue to grow at the fastest CAGR over the study timeline. The rapid expansion of R&D activities and the growing trend toward outsourcing are primarily responsible for the significant rise. Moreover, one of the key elements promoting market penetration in the Asia Pacific region is the availability of low-cost resources.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data mining
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Increasing investment in R&D activity
3.3. Market drivers
3.3.1. Increasing number of services offered by CROs
3.3.2. Growing R&D Activities by Biopharmaceutical Companies
3.4. Market restraints
3.4.1. Shortage of skilled professionals for clinical trials
3.5. Market opportunities
3.5.1. Growth in the drugs and biologics market despite the COVID-19 pandemic
3.6. Market Challenges
3.6.1. Stringent regulatory policies
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Application of Suppliers
3.7.2. Bargaining Application of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Contract Research Organization (CRO) Services Market
Chapter 5. Global Contract Research Organization (CRO) Services Market Overview, By Application, 2015 - 2028(USD Million)
Chapter 6. Global Contract Research Organization (CRO) Services Market Overview, By Service Type, 2015 - 2028(USD Million)
Chapter 7. Global Contract Research Organization (CRO) Services Market Overview, By End-User, 2015 - 2028(USD Million)
Chapter 8. Global Contract Research Organization (CRO) Services Market Overview, By Geography, 2015 - 2028(USD Million)
Chapter 9. North America Contract Research Organization (CRO) Services Market Overview, By Countries, 2015 - 2028(USD Million)
....
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2021
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. New Size development
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
16.1. Contract Research Organization (CRO) Services Market Industrial Chain Analysis
16.2. Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
17.1. Marketing Channel
17.1.1. Direct Marketing
17.1.2. Indirect Marketing
17.1.3. Marketing Channel Development Trend
17.2. Market Positioning
17.2.1. Pricing Strategy
17.2.2. Brand Strategy
17.2.3. Target Client
17.3. Distributors/Traders List
Chapter 18. Market Effect Factors Analysis
18.1. Product Progress/Risk
18.1.1. Substitutes Threat
18.1.2. Product Progress in Related Size
18.2. Consumer Needs/Customer Preference Change
18.3. Economic/Political Environmental Change
Chapter 19. Future Outlook of the Market
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