Contract Research Organization Market – Global Growth, Trends, and Forecasts 2019-2024 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Contract
Research Organization Market – Growth, Trends, and Forecast (2019 –
2024)” report has been added to ResearchAndMarkets.com’s
offering.

The contract research organization market is expected to register a CAGR
of about 7.2% during the forecast period.

The market growth can be attributed to the growing R&D expenditure,
increased outsourcing of R&D activities, and a rising number of clinical
trials.

Efficiency is being considered as the most important factor, in light of
the financial burden pharmaceutical companies face from all directions.
Patent expiries leading to generic rivalry and ever more stringent
demands from regulators continue to have an impact on the bottom lines
of pharmaceutical companies.

However, after several years where spending on R&D was reduced, it is
now growing yet again. According to the American pharmaceutical review,
the involvement of CRO engagement at each clinical phase has also
increased and pharmaceutical and biotechnology companies are banking
more heavily on contracting out for the early stages of clinical
research, from drug discovery through Phases I and II.

Now, nearly two thirds (63%) of companies are appointing contract
development and manufacturing organizations (CDMOs) and CROs for Phase
II studies. This strong trend of outsourcing will lead to the growth of
the contract research organization market.

Scope of the Report

The contract research organization market report covers companies
involved in contract-based research, development, and consulting
services in the healthcare industry. Contract research organizations
offer several services, including regulatory submission, clinical
operations, data management, biostatistics, as well as quality assurance.

Key Market Trends

Early-Phase Development Services Segment is Poised to Register Robust
Growth.

With a growing number of patents expiring, the competition from generic
counterparts of drugs is increasing and drug makers are under pressure
to replace the revenue loss due to generics. Furthermore, R&D costs are
increasing due to the complexity of drug molecules and more stringent
regulatory requirements. Drug discovery and development process are
becoming increasingly complex. To counter this complexity and streamline
the operations, pharmaceutical firms are outsourcing early drug
development processes.

Additionally, leading CROs have developed significant expertise in the
field of early-phase development and CROs are leveraging this expertise
to offer highly efficient and accurate early-phase development services.
CROs are also allowing small and middle size to enter the complex drug
development process without significant investment in capital equipment.
Pertaining to these reasons, the early-phase development services
segment is poised to register robust growth rates.

Asia-Pacific to Record the Fastest Growth Rate

Pricing pressure due to the changing reimbursement scenario and generic
competition is causing major pharmaceutical firms to outsource the R&D
and clinical trials, which is supplementing the growth of CRO services
in the Asia-Pacific region. In the emerging countries of the
Asia-Pacific region, the cost of conducting clinical trials is
relatively cheaper, due to fewer labor costs and low costs for handling
clinical trial supplies. The cost is around 40-60% lesser in the
emerging countries, as compared to the cost in developed countries, such
as the United States, Germany, and the United Kingdom. The low cost and
the presence of major contract research organizations are fueling the
market growth in the Asia-Pacific region.

Competitive Landscape

Globally, a few major players control a major share of the market.
However, the remaining market share is heavily fragmented and there are
several local and niche players operating. Companies like IQVIA, ICON
PLC, and PPD lead the contract research organization market.

The major players in the market accumulated a huge amount of data, which
they are employing to give them a competitive edge in the market. The
market is in a state of transition and is experiencing rapid
consolidation in Asia-Pacific, especially in China where the market is
fragmented with several local players controlling a significant share of
the market.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Growing R&D Expenditure

4.2.2 Increasing Number of Clinical Trials

4.2.3 Growing Trend of Outsourcing and Cost Savings Enabled by Using CRO
services

4.3 Market Restraints

4.3.1 Shortage of Skilled Professionals

4.4 Porter’s Five Forces Analysis

4.4.1 Threat of New Entrants

4.4.2 Bargaining Power of Buyers/Consumers

4.4.3 Bargaining Power of Suppliers

4.4.4 Threat of Substitute Products

4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

5.1 By Service Type

5.1.1 Clinical Research Services

5.1.1.1 Phase I Clinical Research Services

5.1.1.2 Phase II Clinical Research Services

5.1.1.3 Phase III Clinical Research Services

5.1.1.4 Phase IV Clinical Research Services

5.1.2 Early-Phase Development Services

5.1.3 Laboratory Services

5.1.4 Consulting Services

5.2 By Therapeutic Area

5.2.1 Oncology

5.2.2 Infectious Diseases

5.2.3 Central Nervous System (CNS) Disorders

5.2.4 Immunological Disorders

5.2.5 Cardiovascular Diseases

5.2.6 Respiratory Disorders

5.2.7 Diabetes

5.2.8 Other Therapeutic Areas

5.3 By End User

5.3.1 Pharmaceutical & Biopharmaceutical Companies

5.3.2 Medical Device Companies

5.3.3 Academic Institutes

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Charles River

6.1.2 Envigo

6.1.3 ICON PLC

6.1.4 IQVIA

6.1.5 LabCorp

6.1.6 MeDPace Holdings

6.1.7 MPI Research

6.1.8 PAREXEL

6.1.9 PPD

6.1.10 PRA Health Sciences

6.1.11 SGS

6.1.12 Syneos Health

6.1.13 WuXi Pharmatech

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/dsya0p

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Related
Topics: Biotechnology,
Drug
Discovery