Contract Research Organization (CRO) Market Detailed Analysis of Current Scenario with Growth Forecasts to 2030

 

Contract Research Organization (CRO) Market

Contract Research Organization Market Overview

Contract research organizations are used by large pharmaceutical companies to outsource critical operations such as drug discovery and research. While drug development and research remains a crucial core competence for pharmaceutical companies, contract research organizations offer these operations at a lower rate than it would cost the drug manufacturers themselves. Contract research organizations achieve this by bundling orders from multiple clients, which results in a viable economy of scale. The reduced costs of drug manufacturing and development can then be further passed on to the end customers, making the role of contract research organizations vital to the overall functioning of the pharmaceutical sector. The low costs offered by contract research organizations have made them indispensable for major drug giants, which is likely to propel the global contract research organization market over the forecast period.

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 global Contract Research Organization Market is mainly driven by the growth of the pharmaceutical industry and the increasing acceptance among pharma giants of the need to outsource critical operations. The report examines these and other major drivers affecting the contract research organization market in order to present a detailed analysis of the major drivers affecting the global market. The major restraints acting as a hindrance to the global contract research organization market are also profiled in detail in the report. The key economic factors affecting the market’s growth over the forecast period are assessed in detail in the report, providing readers with a clear view of the economic background of the market. The leading players in the global contract research organization market are also assessed in detail in the report, giving readers a clear picture of the competitive landscape of the market.

On the other hand, exchange rate volatility and the high cost of labor in developed regions are the major restraints against the global contract research organization market. Many contract research organizations have tried to bypass this problem by moving to developing regions such as Asia Pacific and Latin America, where labor costs are considerably lower. This is likely to remain a key, influential trend in the global contract research organization market over the forecast period.

Contract Research Organization Market Segmentation

The evaluation of the segments in the contract research organization market is segmented on the basis of the clinical trial phase, region, segment, and end users. Based on the segment, the contract research organization market is segmented into clinical development, drug discovery, post-marketing services, and others. The segmentation of the contract research organization market based on the clinical trial comprises of preclinical trials, phase II, phase III, phase I, phase IV, and others. The segmentation of the contract research organization market based on end users comprises of medical devices companies, pharmaceutical/biotechnology companies, academic institutes, and others. By region, the contract research organization market comprises of Asia Pacific, Europe, the Middle East, Africa, and the Americas.

Contract Research Organization Market Regional Analysis

The regional study of the contract research organization market comprises of regions such as Asia Pacific, Europe, the Middle East, Africa, and the Americas. As per the analysis, the Americas region directs the contract research organization market due to a robust healthcare sector and the presence of a vast patient population. Apart from this, altering lifestyles and growing healthcare costs have significantly contributed to the expansion of the market in the Americas region.  Also, the existence of emerging economies like the U.S. and Canada within the region will enhance market growth. The European region is the subsequent prime region in the contract research organization market, which is followed by the Asia Pacific region. The accessibility to funds for research, vast patient population, escalating healthcare expenses, and government backing for research & development is anticipated to impel the market development throughout the forecast period.

The Asia Pacific region is the fastest growing region in global the market owing to the presence of a huge patient population, constantly developing economies like India and China which have growing per capita healthcare expenditures. On the other hand, the Middle Eastern and African region holds the smallest share in the contract research organization market owing to the presence of a poor economy, particularly, in the African region owing to low per capita income and severe government policies.

Competitive Analysis:

Leading players in the global contract research organization market Players include ICON plc, PRA Health Sciences Inc., INC Research LLC, Pharmaceutical Product Development LLC, PAREXEL International Corporation, QuintilesIMS, and Laboratory Corporation of America Holdings.

In December 2019, Duke Clinical Research Institute (DCRI) in Durham, NC, announced a seven-year federal grant worth USD 102 million, intended for the Antibacterial Resistance Leadership Group (ARLG). DCRI is a coordinating center for the ARLG, which works on improving awareness and measures taken to counter antibacterial resistance.

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