Global Contract Research Organization (CRO) Market Research Report forecast 2019-2026
Summary - A new market study, titled “Global Contract Research
Organization (CRO) Market - 2019-2026” has been featured on Wise Guy Reports.
Global Contract Research
Organization (CRO) Market Overview
The global Contract Research
Organization (CRO) market is expected to grow at a CAGR of XX% to reach a
market value of USD XX million by 2026.
The contract research
organization (CRO) are organizations that provide support and assistance to
biotechnological and biopharmaceutical companies and academic institutes in the
shape of outsourced research services for pharmaceuticals. The CROs range from
large, international full-service organizations to small niche specialty groups
to fulfill the clients’ requirement. Outsourcing to CROs offers a strategic
advantage to the manufacturers, such as saving in the cost and time during the
development and approval process of new drug and devices.
Global Contract Research Organization (CRO) Market – Market
Dynamics
The growing R&D expenditure primarily drives the global
market for the Contract Research Organization (CRO) market. The increased
outsourcing of R&D activities and the rising number of clinical trials
propel the CRO market along with the many advantages of CROs such as reducing
the cost of research and its help in successful clinical development program
make it favored by biopharmaceutical or biotechnological industries and
academic institutes. With the stringent and complex regulatory policies for
drug development, more resources to develop new drugs and devices are required,
in turn, increase the demand for CROs. The growth in the biosimilars and
biologics markets, adoption of new technologies, rising demand for specialized
testing services, and the emerging Asian markets further drives the CRO market.
However, the high competition in the CRO services market
along with the shortage of skilled professionals may hinder the market
progress.
Global Contract Research Organization (CRO) Market – Segment
Analysis
By type, the global CRO market is segmented into drug
discovery, pre-clinical, and clinical research services, laboratory services,
and consulting services. The clinical research services segment is further
divided into Phase I, Phase II, Phase III, and Phase IV. The clinical research
services share accounted for the largest of the global CRO services market
owing it to the growing biologics and biosimilars markets, increased R&D
investments in pharmaceutical and biopharmaceutical companies, an increase in
clinical trial activities. With growing privatization of clinical trials, there
has been a rise in outsourcing of manufacturing processes to developing
economies such as Latin American countries, India, and China. Drug discovery
share is the fastest growing segment as CROs are crucial in this area with the
complex regulatory framework for drug development in various countries.
By therapeutic area, the global CRO market is segmented into
oncology, infectious diseases, central nervous system disorders, immunological
disorders, cardiovascular diseases, respiratory disorders, diabetes, and other
therapeutic areas. The oncology share holds the largest share in this market.
It is attributed to the growing number of clinical trials and the escalating
prevalence of cancer globally. According to the World Health Organization
(WHO), Cancer is the second leading cause of death globally and is responsible
for an estimated 9.6 million deaths in 2018. Globally, about 1 in 6 deaths is
due to cancer. According to the American Institute for Cancer Research, there
were an estimated 18 million cancer cases around the world.
Global Contract Research Organization (CRO) Market–
Geographical Analysis
North America market accounted for the largest share in the
CRO market. It is attributed to the increasing number of CRO-based companies
along with the rising demand for CROs outsourcing services. Furthermore, the
growing number of clinical trials in the region are responsible for the growth
of the market. For instance, North America ranks first in the name of clinical
trials performed worldwide, and a majority of outsourcing of clinical trials
are from North America. Other factors such as the high spending of GDP in
healthcare stimulant growth of the market. However, long approval timelines due
to increasing regulatory requirements in the region influence the market.
The Asia Pacific is expected to be the fastest growing share
owing it to its vast and diverse patient pool, development in healthcare
infrastructure and improving economic conditions. The countries such as China
and India, in particular, have had a rise in the number of clinical trials. The
entrance of CROs in APAC helps to provide clinical, regulatory infrastructure
and practices in this region with the increasing adoption of international
standards and patent protection laws.
Global Contract Research Organization (CRO) Market–
Competitive Analysis
Key players are adopting strategies such as mergers and
acquisitions, partnerships, and regional expansion to stand out as strong
competitors in the market. New product launches along with increased focus on
R&D are other ways the leading players improve their market presence.
February 2019, PPD signed an exclusive agreement with
China-based AI Company, Happy Lie Tech, which focuses on site selection,
patient recruitment, and real-world evidence generation or customers globally.
February 2019, Croatia-based Optimapharm acquired Swiss CRO,
Denothex, in efforts to strengthen its presence in the European market, more
specifically in France, Germany, Switzerland, Spain, and Italy.
April 2018, Frontage Laboratories, Inc. an early-stage CRO
located in the U.S. and China acquired Concord Biosciences, a preclinical
organization based in Cleveland; the acquisition is aiming to build a global
CRO with integrated services.
May 2018, Ritter Pharmaceuticals, a developer of novel
therapeutic products signed an agreement with the CRO Medpace to conduct the
first of two pivotal Phase 3 clinical trials for RP-G28 in patients with
lactose intolerance.
May 2018, RxCelerate acquired Total Scientific, a CRO
focused in bioanalysis, protein assays, and gene-phenotype association.
In June 2016, LSK Global Pharma Services Co., Ltd. expanded
the use of Medidata Clinical Cloud by Medidata Clinical Solutions, Inc.
In October 2015, Quintiles and IMS Health formed a strategic
alliance leading to advance the way biopharmaceutical companies generate
real-world evidence (RWE) and apply critical insights to drive late-stage
clinical research.
In November 2015, LabCorp acquired Covance, thus leveraging
on its huge clinical trial database. This acquisition provided complementary
services to pursue strategic opportunities in drug development.
Why Purchase the Report?
• Visualize the composition of the global Contract Research
Organization (CRO) Market across each indication, in terms of type and
treatment options, highlighting the key commercial assets and players.
• Identify commercial opportunities in global Contract
Research Organization (CRO) Market by analyzing trends and co-development
deals.
• Excel data sheet with thousands of data points of the
global Contract Research Organization (CRO) Market - level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put
together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key products of all major
market players
Target Audience:
• Equipment Suppliers/ Buyers
• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers
FOR MORE DETAILS : https://www.wiseguyreports.com/reports/3792024-global-contract-research-organization-cro-market-2019-2026
About
Us :
Wise Guy Reports is part of the Wise Guy Research
Consultants Pvt. Ltd. And offers premium progressive statistical surveying,
market research reports, analysis & forecast data for industries and
governments around the globe.
Contact
Us:
NORAH
TRENT
Ph:
+162-825-80070
(US)
Ph: +44 203
500 2763 (UK)
Comments
Post a Comment