Global Contract Research Organization (CRO) Services Market

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Scope of the report: The global CRO market is identified in this report along with all the major global CRO companies. The total CRO market is broken down globally and by geographic region.

New York, December 20, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Global Market for Contract Research Organization (CRO) Services” – https://www.reportlinker.com/p05647308/?utm_source = GNW

All major therapeutic areas covered by CROs in the clinical trial process are detailed. The service areas provided by CROs are also widely covered.

The phases of the clinical trial process and the role provided by CROs are also detailed in this report. The current report will provide a detailed review of CRO services, analyzing trends in the CRO services market with data from 2020, estimates from 2021, and CAGR projections to 2026 (forecast period 2021-2026) .

This report provides a detailed analysis of major CROs and evolving roles in the clinical trial process. Faced with the rapid development of new therapies, pharmaceutical companies are increasingly turning to CROs.

CRO expertise in specific therapeutic areas and experience with novel and adaptive study design protocols can reduce study costs and duration. With typical clinical trials costing nearly $ 2.5 billion spanning over a decade, from initial testing to phase IV and post-market approval, a thriving market exists to reduce these costs and time limit. CROs are expected to continue to play an increasing role in many aspects of the clinical trial process. Oncology, neurology, cardiovascular disease, metabolism-diabetes, vaccines and other rapidly growing therapeutic areas which have a significant number of drugs under clinical trials are detailed in this report.

Strong demand for CROs is leading to increased stock valuations and a plethora of mergers and acquisitions (M&A).

Niche players still play a vital role. Emerging trends and changing dynamics within the CRO industry are analyzed in detail in this report.

The report includes:
– 35 tables
– An updated review of global in vitro toxicity testing markets and technologies under development
– Analysis of global market trends, with data from 2019 to 2020, estimates for 2021 and projections of compound annual growth rates (CAGRs) to 2026
– Technological assessment of the key drivers, restraints and opportunities that will shape the in vitro toxicity testing market over the next five years (2021 to 2026)
– Assessment and forecast of overall market size and analysis of corresponding market share by test method, component, application, technology, end-user industry and geography
– Highlights of the impact of COVID-19 on the evolution of this market
– Review of key technological developments, latest market trends and other influencing factors such as validation and testing strategies for pharmaceuticals, cosmetics and chemicals
– Overview of recent industry structure, current competitive scenario, R&D activities, and regulatory and legislative issues currently focused on in vitro toxicology
– Descriptive company profiles of major market players including Charles River Laboratories, Evotec, Frontage Labs, ICON PLC, Medpace, PPD Inc. and Syneos Health

Summary:
The CRO market continues to show exceptional growth, largely attributed to the increased demand for services in clinical trials between Phase II and IV, which accounts for approximately 60% of total CRO revenue. All segments, including pre-clinical and post-approval, continue to grow solidly.

The outlook for the industry remains overwhelmingly positive, with the proliferation of therapies for orphan drugs and precision drugs, clinical trials are becoming increasingly complex and driving demand for sophisticated outsourcing partners with expertise in the products. combined, risk-based surveillance, disease registries, real-world evidence, and medical affairs. The extension of service offerings and capacities remains a predominant strategy among CROs.

CROs get the lion’s share of revenue from actual clinical trials, which accounted for nearly $ 35 billion in CRO revenue last year. Discovery, preclinical and central laboratory services all represent high growth areas, although they represent a smaller share of revenue.

The geographic distribution of clinical trials is slowly shifting from developed countries to emerging countries; the increasing cost of clinical trials and difficulties in recruiting patients have led biopharmaceutical companies to look to regions such as Central and Eastern Europe, Asia-Pacific and Latin America for faster patient recruitment and cost savings. The greater variation in diseases among developing countries also provides for more diverse population samples, especially for studies of rare diseases.

Based on indications, the oncology segment is the largest and one of the most dynamic within the CRO space, with nearly $ 40 billion spent in 2016 on preclinical and clinical oncology trials. Pain management remains one of the fastest growing and most lucrative areas of disease, with new treatments for chronic and acute pain and experimental studies on the rise for nonsteroidal anti-inflammatory drugs (NSAIDs) and analgesic molecules that stimulate this segment.

Dominant industry players are IQVIA Inc., Labcorp, PPD Inc., Syneos Health, Charles River Laboratories International Inc. and ICON plc. Mergers and acquisitions between these companies and others larger in this space are continuing at an unprecedented rate, high valuations and a growing need to become full service providers driving this trend.

The major factors impacting the growth of the CRO market include the globalization of clinical trials, the development of new treatments, the evolution of technology, and greater penetration of CROs into the clinical trial process. The demand for biogenetics, especially biosimilars, will be a clear driver in the future.

Current pharmaceutical R&D spending is driven by precision drugs and immunotherapies for smaller populations, genetic therapies for oncology, treatment of rare diseases, and generally more demanding and complex protocols for drug development.

The clinical trial environment continues to be associated with exorbitant costs, as complex therapies requiring larger and more diverse samples extend the time required and geographies involved in conducting a typical study. In an effort to contain these costs and shorten development times, pharmaceutical and biopharmaceutical companies are increasingly outsourcing their services to CROs.
Read the full report: https://www.reportlinker.com/p05647308/?utm_source=GNW

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