The Global Contract Research Organization (CRO) Market can expand owing to prevalence of various chronic diseases. The clinical trials required for testing and development of drugs and vaccines is likely to spur the global market from 2017 to 2023
Pune, India, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Contract Research Organization Market Overview
Contract research organizations (CRO) are firms which undertake research and development duties from gigantic pharmaceutical and biotechnology companies. This lets them focus on bigger goals and generate higher bottom line profit margins. The deluge of chronic diseases and expiration of patented drugs and vaccines have led to these companies overburdened. CROs can relieve their burden by simplifying their entry into new areas. They current assist in pharmacovigilance, clinical trial management, clinical research, preclinical research, biological assay development, biopharmaceutical development, and commercialization. The global contract research organization market size can double by 2023, as per the latest report by Market Research Future (MRFR).
CRO Market Outlook
The contract research organization market can expand owing to the rise in R&D budget, outsourcing of R&D, and increase in clinical trials. Development of new drugs and the expanding geriatric populace can spur the market. The market can showcase a 11.48% CAGR from 2017 to 2023 (forecast period). Changing labor laws, exchange rate volatility, and lack of qualified personnel can restrain the growth. But the benefits of cost-efficiency and lowered manufacturing costs afforded by CROs can help in transforming the healthcare landscape.
Some of the prominent players operating in the market include PRA Health Sciences, Inc., ICON plc., Pharmaceutical Product Development, LLC, Laboratory Corporation of America Holdings, QuintilesIMS, INC Research LLC, PAREXEL International Corporation, and others. These players are adapting the latest production technologies to gain a competitive advantage. Mergers and acquisitions are commonly witnessed in the market. Recently, ICON acquired the MAPI Group, a health consultancy, to become the second-largest provider of late phase services.
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The contract research organization market is segmented on the basis of segment, clinical trial phase, and end-user.
Segments covered by CROs include clinical development, drug discovery, post marketing services, and others. The drug discovery segment is touted to be the biggest in the forthcoming years owing to the urgent need for effective drugs and vaccines to tackle chronic diseases. CROs can play a major role in expediting the development of drugs. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), nearly USD 2.6 billion will be disbursed to R&D to improve the performance of targeted drug delivery.
By clinical trials, the market is segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others.
Major end-users include academic institutes, medical device companies, pharmaceutical/biotechnology companies, and others. The pharmaceutical/biotechnology companies segment accounted for a large market share. This can be credited to outsourcing of development services and clinical trials by pharma companies to increase their profit margins.
Americas to Dominate the Global CRO Market
Geographically, the Contract Research Organization Market covers the latest trends and opportunities in Europe, the Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas can dominate the global market owing to its access to well-developed healthcare infrastructure and the large patient pool. Changing professional lifestyles have caused undue stress and fatigue leading to ill-health and diseases. Developed economies such as the U.S. and Canada can expedite the regional market growth.
The APAC market can grow robustly during the forecast period owing to its burgeoning populace of China and India coupled with their inflated healthcare expenditures. The Indian healthcare sector is touted to grow the fastest and reach a valuation of USD 280 billion by 2020, according to the Brand Equity Report. Favorable government policies can invite capital investment by other players in the region.
The Europe market growth is facilitated by supportive government policies, business-friendly laws, and a huge patient pool. In Western Europe, France, the U.K., and Germany are expected to drive the market growth. But Eastern Europe possesses the latent potential to grow faster than its counterpart by the end of the forecast period owing to its abundance of growth opportunities.
The Middle East & Africa market is portended to experience sluggish growth owing to the low per capita income and slow-moving healthcare sector. But development of cities such as Saudi Arabia and Kuwait can propel the market growth in the coming years.
Health-driven analytics is expected to play a major role in producing customized or personalized medicines. In keeping with this trend, PPD Laboratories, a U.S. company, has acquired Acurian to assist in this regard and swallowed Evidera to increase their research expertise.
The phase III clinical trials sector want a bevy of CROs to choose from to increase their findings and looking forward to partnerships to increase their cause. CROs are looking for mergers in North Africa, the Middle East, and other places in Asia to extend their service offerings and enhance their development cycle.
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