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Contract Research Organization Services Market Size & Share to See Modest Growth Through 2026

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The contract research organization services are the organizations that provide support to the biopharmaceutical or biotechnological industries and academic institutes in the form of outsourced pharmaceutical research services.
Contract Research Organization Services Market
Size & Share to See Modest Growth Through 2026
Contract Research Organization Services Market, by Type (Clinical Research
Services, Early Phase Development Services, Laboratory Services, and
Consulting Services), by Therapeutic Area (Oncology, Infectious Diseases,
Central Nervous System (CNS) Disorders, Immunological Disorders,
Cardiovascular Diseases, Respiratory Disorders, Diabetes, and Others), by End
User (Pharmaceuticals & Biopharmaceutical Companies, Medical Device
Companies, and Academic Institutes) by Geography - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis, 2018-2026
The contract research organization services are the organizations that provide support to the
biopharmaceutical or biotechnological industries and academic institutes in the form of outsourced
pharmaceutical research services. The CROs work for both drugs and medical devices and also range
from large, international full service organizations to small niche specialty groups to fulfill the clients’
requirement. Initially, the pharmaceutical companies used to carry their own discovery work, along
with every other elements to get the drug or medical device in the market. But nowadays, any research
work required by biotechnology or pharmaceutical companies from designing assay to planning and
running the clinical trials are outsourced from CROs. Outsourcing or partnering with a CROs by the
biotechnological companies provide a strategic benefit to the manufacturers, such as cost and time
saving in the development and approval process of new drug or therapeutic device, which is expected
to increase the demand for CROs. Click To Read More On Contract Research Organization Services
Market.
Furthermore, increasing demand for effective biotherapies and increasing competition between
manufacturers to discover new drugs are expected to foster growth of CROs market. Increasing need
for product development is leading to high demand for experience and high skilled professionals to
implement and conduct the biotechnological research and clinical trials, which can be provided by
CROs.
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Contract Research Organization Services Market Dynamics
Increasing number of Food and Drug administration (FDA) approvals are supporting the growth of
biopharma industry, which in turn is fuelling growth of the CROs market. According to article
published in Nature, the U.S. FDA approved 46 novel drugs for various indication by the agency’s
Center for Drug Evaluation and Research (CDER) in 2017 and 22 drugs in 2016. As the drug
companies and few research institutes face challenges in marketing their product due to limited
resources and huge capital investment, which decreases the affordability of errors in research work.
Therefore CROs play an important role in reducing the cost of research and help in successful clinical
development program, which is the most important step of drug development process. As developing a
safe and efficacious biological product for human is demonstrated through clinical trials.
Contract Research Organization Services Market - Competitive Analysis
Key players operating in the global contract research organization services market include IQVIA,
LabCorp, PAREXEL, ICON plc, PPD, PRA Health Sciences, Syneos Health, Charles River, Wuxi
PharmaTech, Medpace Holdings, SGS, Envigo, and MPI Research.
Contract Research Organization Services Market - Regional Insights
North America market accounted for the largest share in the contract research organization services
market, followed by Europe in 2016. This is attributed to increasing number of biotechnology-based
companies with rising demand for CROs outsourcing services. Furthermore, increasing number of
clinical trials and robust pipeline of Novartis, AstraZeneca, Merck and Pfizer, Inc. in the North America
region are the factors responsible for growth of market in North America region over the forecast
period.
Contract Research Organization Services Market - Taxonomy:
By Type:
•Clinical Research Services
•Early Phase Development Services
•Laboratory Services
•Consulting Services
By Therapeutic Application:
•Oncology
•Infectious Diseases
•Central Nervous System (CNS) Disorders
•Immunological Disorders
•Cardiovascular Diseases
•Respiratory Disorders
•Diabetes
•Other Therapeutic Areas
In Asia Pacific region, the countries such as China and India particularly have increasing number of
clinical trials for many application areas. Furthermore, due to large patient population, these countries
provides a huge opportunity to the manufactures to market their drugs in Asia Pacific region, which is
considered as major driver for rapid growth of CRO services. Besides, in some cases, the multinational
companies are not allowed to conduct first-in-human Phase I studies in India and China where CROs
plays a vital role to conduct such projects under such circumstances.
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