The contract research organization services market valued USD 39.2 billion in 2019. The CROs market is projected to grow at a CAGR of 4.8% during the forecast period of 2020-2026.
COVID19 has impacted all the business across the globe. Everyone’s main concern right now is corona virus. The pharmaceuticals industries are majorly focusing on developing either a treatment or a vaccine for this virus. Covid19 has up lifted the CROs market size and expected to have largest business as the governments in many regions are supporting this highly. Covid19 doesn’t impacted CROs market negatively. This market will continue to grow and register growth.
For more details, visit: Global Contract Research Organization Market By Type ( Preclinical, Discovery, Others), By Therapeutic Area (Oncology, Diabetics, Others), By End User (Institutes, Medical Device Companies), By Region–Forecast & Opportunities to 2026
The demand for outsourcing research and development activities is increasing by pharmaceutical companies in the market is the major factor driving the contract research organization services. The demand for CROs is rising highly in many regions such as Europe, Asia-Pacific and North America.
Based on type the, the CROs market has been segmented into chemical manufacturing & control, preclinical, laboratory services, discovery, data management services, consulting services and clinical research. Clinical research segment is accounted for maximum market share in 2019. The population is growing immensely and along with population the chronic diseases are also growing. The immensely growing acceptance of evidence based medicine and development of new drug driving this segment in CROs. The clinical research segment it expected to maintain its leading position during the forecast period.
On the basis of therapeutic areas, the CROs have been segmented into oncology, Central nervous system, cardiovascular, respiratory, infectious diseases, diabetics, autoimmune disorders and others. The oncology accounted for largest market share in 2019 in CRO services. The rising prevalence of cancer across the globe and rising clinical trials has leaded the oncology segment to witness highest growth in CRO services.
Based on end-user, the CRO services market has been segmented into Academic institutes, pharmaceutical & biopharmaceutical companies and medical device companies. The Pharmaceutical & biopharmaceutical companies are expected to register growth at highest CAGR during the forecast period. The rise in outsourcing of early phase development services along with laboratory and clinical testing has given a boost to this segment. This has reduced expenditure and time duration required for the validation of product.
North America has accounted for maximum market share in 2019 and it is estimated to continue its dominance in the market. North America region is expected to register growth at highest CAGR during the forecast period. The rapid growth of biologics & biosimilars market, high-quality standards, increased clinical trials are some key drivers of CROs market in this region. North America registered highest market share in 2019 followed by Europe and Asia-Pacific.
The key market players are Laboratory Corporation of America holdings, Quintilesims, Parexel International Corporation, Pharmaceutical Product development, Inc Research LLc, PRA Health Science Inc., Icon Plc., IQVIA, PPD, Charles River, WuXi App Tech, SGS, Medplace and Syneos heath.
- What are the expected industry trends over the next three to five years?
- Which of the contract research organization services type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?