Contract Research Organization Market Share,Growth Perceive at Substantial Growth to Witness CAGR of 12.01% by 2030
Contract
Research Organization Market Overview
Contract Research
Organization Market Size was
valued at USD 39.69 Billion in 2021 and is projected to grow from USD 45.53
Billion in 2022 to USD 115.19 Billion by 2030, exhibiting a compound annual
growth rate (CAGR) of 12.01% during the forecast period (2022 - 2030).
The impact
of the novel coronavirus has been brutal, with various pharmaceutical vendors
forced to pause new trials or even suspend the ongoing ones. This shows the magnitude
of the disruptions caused by the COVID-19 outbreak. To address the severe
effects of the SARS-CoV-2 pandemic, organizations including patient recruitment
organizations (PROs) and site management organizations (SMOs) are collaborating
with new virtual trial platform companies, remote monitoring solution vendors
and eRecruitment providers. This will help them gain the ability to support
hybrid CT models. Despite the world still under a strict lockdown, the contract
research organizations market can recover rapidly, in view of the rising
penetration of advanced clinical trial approaches that deploy virtual trial
tools coupled with the surge in favorable regulatory policies.
Notable
advances in the healthcare industry, in terms of medications, research and drug
delivery have given a considerable boost to the healthcare contract research
organization market. A soaring number of healthcare providers now understand
the benefits of using CRO services, which could benefit the contract research
organization services market in the following years. Clinical consulting,
laboratory and research CRO services are witnessing extensive adoption by pharmaceutical
vendors, which could be quite favorable for the biopharmaceutical services
industry in the ensuing years.
Major stakeholders
in the contract research organization services market are collaborating with
other firms to develop open technology standards, which are expected to be game
changers for clinical trial operations in the future. Acquisitions and mergers
are a few other competitive strategies prevalent among players, with the aim to
bolster their market positions.
Contract Research Organization Market Segmentation
Contract
Research Organization Market has been categorized with respect to segment,
clinical trial phase, and end users.
Segments
considered in the market study are post marketing services, clinical
development, drug discovery, and more.
Depending
on clinical trial, the global market caters to preclinical trials, phase I,
phase II, phase III, phase IV, among others.
The key
industry end users recognized in the MRFR study include academic institutes, medical
devices companies, pharmaceutical/ biotechnology companies, and others.
Contract
Research Organization Market Regional Analysis
Europe,
Asia Pacific or APAC along with North America and RoW/Rest of the World are the
primary markets for Contract Research Organization Market.
America is
currently the top market for Contract Research Organization Market, in view of
the thriving healthcare industry and the massive patient pool in the region. Evolving
lifestyle combined with high healthcare spending also foster substantial market
growth in the region. Several renowned pharmaceutical vendors in the US and
Canada prefer leaner and structured business models, which pushes their
dependency on CROs. The dramatic expansion of the biotech sector as well as the
biopharmaceutical services industry in the region has also resulted in a higher
number of vendors focusing on research as well as drug development.
Europe is
the second most bankable CRO market, on account of the considerable funds allocated
for research, enormous patient population and increasing spending on
healthcare. The lucrative healthcare industry in the region along with strong government
support in terms of R&D also ensures significant gains in the following
years. High-quality regulations followed by the pharmaceutical sector, stunning
expansion of the biologics and biosimilar industry, and escalation in clinical
trial activities should also induce growth in the European market over the
review period.
APAC is
making the fastest progress in the global market, encouraged by the colossal patient
population and rapidly developing countries such as India and China witnessing
growth in per capita healthcare spending. Lately, Japan has been a hotspot for
various clinical trials, while also observing a surge in product registration
and approvals. Moreover, global CROs have been striving to bolster their
business in Japan by spending substantially on facilities as well as resources
in services including imaging, clinical supplies and central laboratories, which
can translate into considerable growth in the APAC market.
Keyplayers
Contract Research Organization Market Players are Pharmaceutical
Product Development, LLC. (U.S.), PAREXEL International Corporation (US), PRA
Health Sciences Inc. (US), QuintilesIMS (US), ICON plc. (Europe), Laboratory
Corporation of America Holdings (US) and INC Research LLC (U.S.) to mention a
few.
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