Contract Research Organization Market Emerging Trend, Top Companies, Industry Demand and Regional Analysis 2030
Contract
Research Organization Market Overview
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.
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).
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.
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.
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.
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