Pune, India, March 02, 2022 (GLOBE NEWSWIRE) — the Contract Research Organization (CRO) Services Market The size was USD 38,396.4 million in 2018 and is expected to reach USD 90,926.3 million by the end of 2026, showing a CAGR of 11.4% during the forecast period. The increasing number of clinical trials across the world will be the main force propelling this market in the coming years. Contract research services are provided by organizations that specialize in providing outsourced clinical research services to biotechnology, medical device and pharmaceutical companies. The demand for CRO services is increasing due to the growing number of clinical trials around the world. According to the World Health Organization (WHO), the number of clinical trials registered on its International Clinical Trials Registry Platform (ICTRP) in Europe, the Western Pacific and the Americas was higher than in most other regions in 2018. In the Western Pacific, for example, registered trials numbered 14,655, while in Africa there were only 630. Japan and China saw a meteoric rise in number of trial registrations since 2015, WHO notes. Thus, the steady increase in the number of clinical trials, especially in Asia-Pacific, is touted as one of the key trends for the CRO services market in the near future.
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North America Must Dominate: Increasing Research and Development to Drive Growth
The market can be geographically categorized into Latin America, Europe, North America, Middle East & Africa, and Asia-Pacific. Among them, North America will dominate in the next few years.
This growth is attributed to the growing demand for innovative therapies for chronic disease management and increased investment in research and development activities by many organizations. Moreover, the huge expenditure on healthcare services, the growing need for therapeutically effective products and the growing awareness of healthcare will contribute to the growth of this region.
A growing number of nonprofits are getting involved in CRO launches
The demand for CROs has steadily increased since healthcare institutions have unlocked various benefits from contract research organizations in commercial operations. With the growing demand for CRO, investors have identified huge potential for growth within incumbent CROs. The increase in the number of investors involved in the development of contract research organizations has contributed to the growth of the global CRO services market. Apart from non-profit organizations, the market continues to witness new CRO launches by leading companies across the globe. IN April 2019, FHI 360 announced the launch of a new CRO service, named FHI Clinical.
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Leading Players Focus on Strategic Collaborations to Expand Their Product Portfolio
The market is highly competitive due to the presence of a large number of key players. However, the number of collaborations, acquisitions and mergers has increased in recent years. This in turn will help the gigantic players to gain a high CRO services market share in the coming years. Two of the most recent key developments in the industry are featured below:
February 2019: Pharmaceutical Product Development, LLC (PPD), a provider of clinical trial development, management and post-approval services, headquartered in the United States, announced the signing of an exclusive agreement with Happy Life Tech (HLT), the medical AI company based in China.
- In-depth analysis of various insights i.e. Contract Research Organization Services market trends, growth drivers, opportunities and other related challenges.
- Comprehensive details of key market players, their core competencies and Contract Research Organization Services market share.
- The ability of suppliers and buyers to make better business decisions.
- Lists the market size in terms of volume.
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Major players operating in the contract research organization services market include:
Major players are involved in mergers and acquisitions to strengthen their position in the market. Due to increasing competition, frequent innovations take place in the market. Some of the companies operating the industry are:
• Pharmaceutical Product Development, LLC.
• Medical area
• PRA Health Sciences
• ICON plc
• KCR S.A.
• Parexel International Corporation.
• Other top players
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Mergers and acquisitions among the main players
- The regulatory scenario in key countries/regions
- Competition matrix for services provided by key players.
- Global Contract Research Organization Services Market Analysis, Outlook and Forecast, 2015 – 2026
- Main results/summary
- Market Analysis, Outlook and Forecast – By Type of Service
- Laboratory services
- Market Analysis, Outlook and Forecast – By Application
- Infectious disease
- Metabolic disorders
- Market Analysis, Outlook and Forecast – By End User
- Pharmaceutical and biotechnology companies
- Medical device companies
- Academic and research institutes
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Rest of the world
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