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Global Contract Research Outsourcing Market Analysis Report 2022: Players Focus on Collaborative Approach as COVID-19 Delivers Mixed Results for Pharmaceutical Research Outsourcing Industry – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Contract Research Outsourcing – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

Global Contract Research Outsourcing Market to Reach $67.1 Billion by 2026

Amid the COVID-19 crisis, the global market for Contract Research Outsourcing, estimated at US$49.8 Billion in the year 2022, is projected to reach a revised size of US$67.1 Billion by 2026, growing at a CAGR of 7% over the analysis period.

Growth in the global market is being driven by multiple factors, one of the most important being the increasing number of drugs being developed, which has almost doubled over the past 10 years. The emergence of new therapeutic modalities, drug discoveries, coupled with the increase in number of biotech companies and the advent of novel biological drugs, are the other growth drivers.

Patent expiries of major drugs worth around $200 billion during the next five years and rising competition from generic drugs is enabling companies to increasingly turn to outsourcing of R&D so as to remain competitive and profitable. Demand for CRO services is forecast to increase with mounting pressure on pharma and biotech companies to lower costs and augment productivity.

Technological advancements in recent times, such as data mining, artificial intelligence, digital health, big data technologies, and data-driven diagnostics are giving a boost to market growth. Further, the rising focus on personalized medicine is enabling pharma companies to strategize their research pipelines.

Clinical, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$48.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Discovery segment is readjusted to a revised 6% CAGR for the next 7-year period.

This segment currently accounts for a 15% share of the global Contract Research Outsourcing market. Drug discovery represents a key service offered by CROs. Under drug discovery services, the CROs focus on offering highly efficient and well considered scientific solutions to facilitate various drug discovery programs against a broad array of drug targets.

The U.S. Market is Estimated at $20.1 Billion in 2022, While China is Forecast to Reach $3.8 Billion by 2026

The Contract Research Outsourcing market in the U.S. is estimated at US$20.1 Billion in the year 2022. The country currently accounts for a 40.41% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$3.8 Billion in the year 2026 trailing a CAGR of 9.3% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.1% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR while Rest of European market (as defined in the study) will reach US$4.2 Billion by the end of the analysis period.

Robust growth in the US market is attributed to high quality standards within the pharmaceutical sector, a spurt in clinical trials, robust growth posted by the biologics and biosimilars markets, and increasing focus of pharmaceutical and biopharmaceutical firms to embrace outsourcing services. The region boasts of the highest number of clinical trials – undertaken as well as outsourced in the world. There is also enormous support to the market from the federal government.

The region`s strong position is also attributed to the presence of various industries that make huge investments in R&D activities. Growth in the Asia-Pacific region is supported by a rapidly expanding pharmaceutical industry, low cost of clinical trials, supportive government policies, and increasing efforts by pharmaceutical companies to set up new manufacturing facilities.

Pre-Clinical Segment to Reach $8.8 Million by 2026

To increase the likelihood of a drug candidate`s success during regulatory process, CROs offer services such as pre-clinical services. Pre-clinical R&D outsourcing allows players to purchase molecules during the latter stages of drug development for mitigating risks. In the global Pre-Clinical segment, USA, Canada, Japan, China and Europe will drive the 6.5% CAGR estimated for this segment.

These regional markets accounting for a combined market size of US$5.3 Billion will reach a projected size of US$8.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$769.2 Million by the year 2026.

What`s New for 2022?

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS (Total 152 Featured)

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

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

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