Contract Research Organization Services Market - Industry Size, Growth, Trends, and Analysis, 2018-2

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.

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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 - 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.

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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Contract Research Organization Services Market - Competitive Analysis

The Contract research organization players are involved in acquisition to expand the geographical presence of the CROs. For instance, in April 2018, Frontage Laboratories, Inc. an early-stage contract research organization located in China and the U.S. acquired Concord Biosciences, a preclinical organization based in Cleveland, OH aiming the company’s goal to build a global CRO with integrated services. Furthermore, in May 2018, RxCelerate acquired Total Scientific, a CRO focused in bioanalysis, protein assays and gene-phenotype association.

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 - 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,. By End User: Pharmaceuticals & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes,.

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