Contract Research Organization Market worth over $74.2bn by 2027

Contract Research Organization (CRO) Market size is set to surpass USD 74.2 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Advancements in technologies coupled with increasing R&D expenditure worldwide will drive the market growth. Technology plays a valuable part in allowing inventions to clinical trial projects and in post-approval phase in the terms of evidence for payers. Thus, adoption of technologies by various CROs will boost the market expansion during over the forecast period. Furthermore, increasing number of services offered by CROs and the rising trend of collaborations are driving the market value.

 

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Growing outsourcing R&D activities by pharmaceutical firms will impel the industry growth

Pharmaceutical firms are gradually outsourcing R&D activities to private contract research organizations (CROs) and academic institutes. The firms are adopting this strategy to remain flexible and competitive in advancing technologies and growing knowledge. Further, the R&D activities that companies opt to outsource include extensive spectrum of tasks from basic research to late-stage development. The tasks include target validation, assay development, lead optimization, genetic engineering, efficacy and safety tests in animal models as well as clinical trials concerning humans. Thus, outsourcing R&D activities will continue to grow, thereby fostering the market revenue.
 

Stringent regulatory policies may slow down the market progression

Stringent regulatory policies may impede the overall industry expansion. Various regulatory authorities such as European Medicines Agency (EMA) and U.S. FDA has set international standards including Good Laboratory Practice (GLP) regulations while conducting the preclinical and clinical trials. These GLP are based on premises that quality control must be built in order to eliminate errors. Thus, complex regulation could potentially decrease the demand and may hamper the market demand. Additionally, due to the regulatory policies, high-end tests including genotoxicity are performed in in-house departments of pharmaceutical and biotech firms, thereby hindering the industry value.
 

Various advantages associated with early phase development services will spur the contract research organization market growth

Early phase development services accounted for 17.3% of the market share in 2020. Early phase development solution allows customers to capitalize on 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. Also, conducting early phase trials, Proof-Of-Concept (POC) and First-In-Human (FIH) studies can offer substantial advantages for discovering exact target population and refining recruitment.
 

Clinical pharmacology research has made major contribution in developing novel and highly effective approaches

Clinical pharmacology segment exceeded USD 2.5 billion in 2020. The segment has a broad scope, from the discovery of new target molecules to the effects of drug usage. Also, clinical pharmacology research has been prominent in the fields of geriatric medicine, cardiovascular, respiratory and its exponents have made major contribution in developing novel and highly effective approaches. Moreover, increasing focus of industry players such as PPD and Medpace in the field of clinical pharmacology will fuel the market expansion in the coming years.
 

Browse key industry insights spread across 253 pages with 390 market data tables & 15 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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/contract-research-organization-cro-market
 

Clinical trials play an important role during the development and life cycle of medical devices

The medical device companies are is expected to reach USD 21 billion by 2027 led by growing demand for special CRO services that cater unique needs of diagnostics and medical device companies. Clinical trials play an important role during development and life cycle of medical devices, thereby should drive the industry progression. Furthermore, the clinical surveys that are conducted by various CROs will offer evidence, support safety claims and medical device performance made by the manufacturer. Thus, increasing demand for CROs to conduct such trials for medical devices will boost the industry revenue.
 

Increasing investment in R&D activities in European region is a major factor that will enhance the industry share

Europe contract research organization market is estimated to showcase 7.7% growth rate through 2027. Several regional industry players in the pharmaceutical sector outsource their processes to CROs, thereby stimulating the market value. In addition, growing investment in R&D activities is a major factor that will foster regional growth during the forecast period.
 

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent companies operating in the market include Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development and PRA Health Science, PAREXEL International and Syneos Health among others. These industry leaders focus on strategies such as innovative service development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain the market competition.
 

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