Business Strategy : Global Market for Contract Research Organization (CRO) Services 2023

Press Release
ResearchMoz presents professional and in-depth study of “Global Market for Contract Research Organization (CRO) Services”.

The report offers a critical evaluation of the key evolution dynamics, promising clinical avenues, imminent investment pockets, and prevailing regulatory frameworks in the global  Contract Research Organization (CRO) Services  market. Key developments in the market have been impacted by extensive research in assessing the potential new treatment avenues, the efficacy and safety of drugs and therapeutics, and advances in manufacturing technologies. Changing demand dynamic in developed regions is likely to exert marked influence on prospects of the  Contract Research Organization (CRO) Services  market. Changing focus of government initiatives toward delivery of cost-effective and quality public health care will nudge pharmaceutical and biotech companies in  Contract Research Organization (CRO) Services  market adopt new approaches in course of time.

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The CRO market continues to exhibit stellar growth, largely attributable to increased demand for services in clinical trials between Phases II and IV, which account for approximately REDACTED of total CROrevenue. All segments, including preclinical and post-approval, continue to grow solidly as well. Outlook for the industry remains extremely positive; with the proliferation of therapies for orphan drugs and precision-based medicines, clinical trials are becoming increasingly complex and are driving demand for sophisticated outsourcing partners with expertise in combination products, risk-based monitoring, disease registries, real world evidence and medical affairs. Expanding service offerings and capabilities remain a predominant strategy among CROs.

CROs obtain the lions share of their revenue from actual clinical trials, which accounted for nearly REDACTED in CRO revenue last year. Discovery, preclinical and central lab services all represent strong areas of growth despite accounting for a smaller share of revenue.

The geographical distribution of clinical trials is slowly shifting from developed nations to emerging countries; rising costs of trials and difficulty in patient recruitment has led biopharma companies to shift toward regions such as Central and Eastern Europe, Asia-Pacific and Latin America for quicker patient recruitment and cost savings. The greater disease variation among developing countries also helps create more diverse population samples, particularly for rare disease studies.

Based on indication, the oncology segment is the largest and one of the most rapidly growing within the CRO space, with nearly REDACTED spent in 2016 on preclinical and clinical oncology trials. Pain management remains one of the faster growing and more lucrative disease areas, with new treatments for chronic and acute pain and rising investigational studies for Non-Steroidal Anti-Inflammatory Drug (NSAID) and analgesic molecules driving this segment.

The dominant players in the industry are Quintiles IMS, Covance, PAREXEL, Charles River Labs and ICON. Mergers and acquisitions by these and other larger companies in this space continue at an unprecedented pace; high valuations along with the increasing need to become complete service providers are driving this trend.

Key drivers impacting CRO market growth include globalization of clinical trials, development of new treatments such as personalized medicine, augmenting evolution of technology and greater penetration of CROs into the clinical trial process. The demand or biogenetics and particularly biosimilars will be a clear driver going forward.

Current pharma R&D spending is being driven by precision-based medicines and immunotherapies for smaller populations, genetic therapies for oncology and rare disease treatment and generally more demanding and complex protocols for drug development.

The clinical trial environment continues to be tied to exorbitant costs as complex therapies requiring larger and more diverse samples are extending the time required and geographies involved to conduct a typical study. In an effort to contain these costs and shorten development timelines, pharma and biopharma firms are increasingly outsourcing many services associated with the development of todays complex therapies to CROs.

Report Scope

The Global CRO market is identified in this report along with all major global CRO companies. The total CRO market is broken out globally and by geographic region. Additionally, all major therapeutic areas covered by CROs in the clinical trial process are detailed. The service areas provided by CROs are extensively covered as well. The phases of the clinical trial process and the role provided by CROs are detailed in this report as well.

This report provides detailed analysis of top CRO companies and their evolving role in the clinical trial process. Faced with rapid development of new therapies, Pharmaceutical companies are increasingly turning to CROs for their services. CROs expertise within specific therapeutic areas as well as their experience with new and adaptive study design protocols, can reduce costs and study duration. With typical clinical trials costing upwards of $2.5 billion and spanning over a decade from initial testing to Phase IV and post market approval, a thriving market exists to lower these costs and timelines. CROs are expected to continue to play an increasingly role in many facets of the clinical trial process. Oncology, neurology, cardiovascular, metabolism-diabetes, vaccines and other rapidly growing therapeutic areas that have a significant number of drugs in the clinical trial process are detailed in this report.

Strong demand for CRO services is leading to heightened market valuations and correspondingly a plethora of blockbuster Merger and Acquisition deals are taking place. M&A activity has led to a few powerful companies with expertise across many areas of the clinical trial process, although many niche players are still playing a critical role. These emerging trends and changing dynamics within the CRO industry are analyzed in detail in this report.

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Report Includes:

– 19 tables
– An overview of the global market for contract research organization (CRO) services
– Analyses of global market trends, with data from 2016, 2017, and projections of compound annual growth rates (CAGRs) through 2022
– Analyses of the CRO market by services, trial phases, and geographical region
– Coverage of all major therapeutic areas covered by CROs in the clinical trial process and the types of services they provide
– Examination of competitive landscape of the market, including mergers and acquisitions, and current pharma CRO contracts
– Company profiles of key market players, including Charles River Laboratories, Icon Plc, Parexel, Pharmaceutical Product Development and Quintiles

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