Ophthalmology Contract Research Organization (CRO) Market Size & Share 2023 to 2032
Market Size by Service Type (Clinical Research Services {Phase I, Phase II}), Therapy (Traditional, Advanced), End Use, Global Forecast.
Report ID: GMI6617
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Published Date: September 2023
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Report Format: PDF
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Authors:
Monali Tayade, Jignesh Rawal
Ophthalmology Contract Research Organization (CRO) Market Size
Ophthalmology Contract Research Organization (CRO) Market accounted for USD 2.2 billion in 2022 and is anticipated to grow with a CAGR of 7.3% over the forecast period, to reach an estimated value of USD 4.4 billion by 2032.
Ophthalmology Contract Research Organization (CRO) Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Increasing prevalence of eye diseases coupled with rising demand for ophthalmic treatment are the major factors driving the industry by 2032. Outsourcing enables companies to access specialized expertise, advanced technologies, and state-of-the-art facilities, reducing the time and costs associated with in-house development of ophthalmic drug, devices, and diagnostic solutions in vision care. Furthermore, increasing number of clinical trials being conducted worldwide and growing emphasis of pharma companies on R&D activities for development of novel products.
Ophthalmology contract research organizations are specialized service providers that offer comprehensive research and development support specifically focused on ophthalmology drugs, ophthalmic medical devices, and therapies. These services are outsourced by pharmaceutical, biopharmaceutical, and medical device company among others.
COVID-19 Impact
surging number of COVID-19 cases negatively impacted the outsourcing of ophthalmology drugs and therapies development services. Several companies were noted to revise their R&D spending for ophthalmology clinical trials in comparison to earlier spending. Lockdowns, travel restrictions, and safety concerns led to the suspension or delay of many clinical trials, disrupting the usual research and development activities. Additionally, the prioritization of resources and attention towards COVID-19 research diverted focus from other therapeutic areas, including ophthalmology. However, the pandemic also accelerated the adoption of virtual and decentralized trial approaches, forcing the industry to innovate and find alternative ways to conduct trials and gather data remotely.
Ophthalmology Contract Research Organization (CRO) Market Trends
Escalating burden of eye disorders coupled with growing demand for effective ophthalmology therapeutics and diagnostic solutions is expected to boost the ophthalmology CROs marker development. Increasing old age population and lifestyles change has led to growing eye conditions such as age-related macular degeneration, diabetic retinopathy, glaucoma, and cataracts. As the elderly population grows, visual impairment has pushed to the forefront as a major public health concern. For instance, in 2020, according to the Center for Disease Control and Prevention (CDC), 1.8 million U.S. population aged 40 years and older are affected by age-related macular degeneration (AMD). Similarly, in 2022, according to the World Health Organization (WHO), globally 2.2 billion people have a near or distance vision impairment among which at least half of these cases of vision impairment could have been prevented and some are yet to be addressed.
Ophthalmology Contract Research Organization (CRO) Restraint
Varying regulatory requirements across regions pose a significant challenge to ophthalmology contract research organization (CRO) market. As regulations continue to change and become more complex, ophthalmology CROs are challenged to adapt quickly to meet new compliance standards. Each country or region has its own set of guidelines, standards, and approval processes for ophthalmic drugs, which creates challenges for outsourcing companies operating in multiple jurisdictions. Complying with varying regulatory requirements across regions adds complexity and cost to the ophthalmology drugs outsourcing process. For instance, U.S. is known to have one of the stringent regulations for clinical trials making it resource-intensive and expensive as compared to some Asia-Pacific countries.
Ophthalmology Contract Research Organization (CRO) Market Analysis
By service type, the ophthalmology contract research organization (CRO) market is segmented into early phase development services, clinical research, laboratory services, and regulatory consulting services. The clinical research segment is further segmented into phase I, phase II, phase III, AND phase IV. Clinical research services segment account for the largest revenue proportion in 2022 and will grow at 7.5% CAGR over the coming years to USD 2.8 billion by 2032. Increasing segmental progress is attributed to advancements in ocular imaging technologies and diagnostic tools that have enabled more precise assessments of eye conditions, leading to increased interest in ophthalmology research. Furthermore, outsourcing of clinical research services enables companies to access specialized expertise that ensures smooth and efficient conduct of clinical trials, leading to accurate, faster results and ensures high-quality therapeutics.
By therapy, the ophthalmology contract research organization (CRO) market is segmented into traditional and advanced. The traditional segment is further segmented into anti-inflammatory, anti-oxidative and other traditional therapies. Anti-inflammatory segment accounted for over USD 802.7 million in 2022 and is expected to show significant industry evolution of 7.2% CAGR by 2023 attributed to several factors, including the increasing prevalence of ocular inflammatory disorders along with the growing awareness among healthcare professionals & patients pertaining to the importance of managing inflammation in eye-related conditions. The development of innovative anti-inflammatory drug formulations specifically designed for ocular application has further bolstered this trend.
Based on end-use, the ophthalmology contract research organization (CRO) market is segmented into pharma/biopharma companies, medical device companies and academic institutes. Pharmaceutical and biopharmaceutical companies segment accounting for over USD 1.2 billion revenue in 2022 owing to increasing investment of pharma and biopharma companies in development of novel ophthalmology therapies and drugs. Increasing reliance on outsourcing partners to meet their manufacturing, research, and development needs enables companies to gain a competitive edge over other industry players and meet the increasing demand in a cost-efficient manner. Furthermore, ophthalmology CRO encompasses state-of-the-art facilities and equipment, as well as advance ocular imaging and diagnostic technologies, and supportive regulatory environment for the development of ophthalmic therapies
The North America ophthalmology contract research organization (CRO) market dominated the overall industry with 39.6% in 2022 attributed to the increasing R&D investments and high number of ophthalmology clinical trials conducted in the region. Furthermore, strong foothold of major pharma and medical device companies in the region coupled with extensive ophthalmic drug development activities. Additionally favorable regulatory scenario, and availability of highly skilled workforce has stimulated the business gains in the North America region.
Ophthalmology Contract Research Organization (CRO) Market Share
Major industry players operating in the ophthalmology contract research organization (CRO) market include
Ophthalmology Contract Research Organization (CRO) Industry News:
The ophthalmology contract research organization (CRO) market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
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By Service Type
By Therapy
By End-user
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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Our 6-step research process
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4. Market sizing
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5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
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✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Verified data sources
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Regulatory filings
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Company reports
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GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
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Parameters studied & evaluated
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