Contract Research Organization (CRO) Services Market By Type, End User, And By Region
Contract Research Organization (CRO) Services Market By Type (Preclinical, Clinical Research, Laboratory), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceutical, Biopharmaceutical & Medical Device Companies), And By Region - Global In
(EMAILWIRE.COM, August 23, 2018 ) The work of a contract research organization is to provide research services to pharmaceutical, biotechnology, and medical device industries. They generally work on contract basis. A CRO may provide services as biopharmaceutical development, biologic assay development, commercialization, preclinical research, clinical research, clinical trials management, and pharmacovigilance. CROs being cost-effective, provide a more affordable channel for companies to pursue new medicines, and helps them in finding a cost-effective solution to develop drugs for even niche markets. Working with CROs have made entry into drug development immensely simplified, as the need for large pharma companies to do everything ‘in-house’ is now redundant. In addition to governmental organizations, CROs also help foundations, research institutions, and universities.
Contract Research Organization (CRO) Services Market is anticipated to grow at a 6.59% CAGR from 2018 to 2023 and it is estimated that the global market was valued at USD 34.60 billion in 2018 and is relied upon to achieve USD 47.61 billion by 2023.
Growing R&D expenditure, increased outsourcing of R&D activities, growing demand for outsourcing analytical testing and clinical trial services, and an increase in the number of clinical trials are expected to propel the growth of this market. Moreover, the high failure rate of clinical trials is also expected to trigger the demand for CROs by pharmaceutical and biopharmaceutical vendors to outsource their R&D. However, increasing regulatory pressure on CROs can hinder their market growth to a certain extent. Furthermore, factors such as difficulty in finding personnel with expertise for specific projects and unavailability of highly skilled experts are going to hinder the growth of the market. But, a rise in the cases of diseases such as cardiovascular, diabetes, and oncological has led to an increased emphasis on innovative treatment therapies for existing as well upcoming diseases, growing demand for outsourcing analytical testing, and optimal service provided by the CROs are some of the driving factors of the market
The global market for Contract Research Organization Services market is segmented into Type, therapeutic area, and end user. On the basis of type, it is segmented into Preclinical, Clinical Research and Laboratory. Clinical research services account for the largest share of this market segment. The laboratory services segment is anticipated to witness the highest growth mainly due to the increase in subcontracting of analytical and bioanalytical testing services by pharmaceutical and biopharmaceutical companies and medical device companies. On the basis of therapeutic area, it is segmented into Oncology, CNS, and Cardiovascular. The oncology segment has the largest share in this market segment. It is mainly due to factors such as rise in the prevalence of cancer worldwide and increases in the number of clinical trials conducted for oncology. On the basis of end user, it is segmented into Pharmaceutical, Biopharmaceutical and Medical Device Company. Pharmaceutical and biopharmaceutical held the largest share in this market segment. To boost profit margins, avoid high capital expenditure, and reduce the time of drug development, pharmaceutical and biopharmaceutical have increased the outsourcing of early-phase development services, clinical research, and laboratory testing services thereby by aiding the growth of the market.
On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia-Pacific and Middle East and Africa. North America has the largest share in the global market. The large share of this regional segment can be credited to it high-quality standards in pharmaceutical industry, swift growth in the biosimilars and biologics market, increase in the demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and rise in the number of clinical trials in this region. The market in the Asia-Pacific region is expected to grow the most in the coming years. It is mainly due to the rapid growth in pharmaceutical industry, favorable government policies, and increase in the number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in the region.
Some of the companies dominating the market are Quintiles Transnational Holdings Inc., Laboratory Corporation of America Holdings, Pharmaceutical Product Development, PAREXEL International Corporation, ICON Plc, PRA Health Sciences Inc., InVentiv Health Inc., Charles River Laboratories International Inc., INC Research Holdings Inc., and Wuxi PharmaTech.
https://www.marketdataforecast.com/market-reports/contract-research-organization-services-market-7201/request-sample
Contract Research Organization (CRO) Services Market is anticipated to grow at a 6.59% CAGR from 2018 to 2023 and it is estimated that the global market was valued at USD 34.60 billion in 2018 and is relied upon to achieve USD 47.61 billion by 2023.
Growing R&D expenditure, increased outsourcing of R&D activities, growing demand for outsourcing analytical testing and clinical trial services, and an increase in the number of clinical trials are expected to propel the growth of this market. Moreover, the high failure rate of clinical trials is also expected to trigger the demand for CROs by pharmaceutical and biopharmaceutical vendors to outsource their R&D. However, increasing regulatory pressure on CROs can hinder their market growth to a certain extent. Furthermore, factors such as difficulty in finding personnel with expertise for specific projects and unavailability of highly skilled experts are going to hinder the growth of the market. But, a rise in the cases of diseases such as cardiovascular, diabetes, and oncological has led to an increased emphasis on innovative treatment therapies for existing as well upcoming diseases, growing demand for outsourcing analytical testing, and optimal service provided by the CROs are some of the driving factors of the market
The global market for Contract Research Organization Services market is segmented into Type, therapeutic area, and end user. On the basis of type, it is segmented into Preclinical, Clinical Research and Laboratory. Clinical research services account for the largest share of this market segment. The laboratory services segment is anticipated to witness the highest growth mainly due to the increase in subcontracting of analytical and bioanalytical testing services by pharmaceutical and biopharmaceutical companies and medical device companies. On the basis of therapeutic area, it is segmented into Oncology, CNS, and Cardiovascular. The oncology segment has the largest share in this market segment. It is mainly due to factors such as rise in the prevalence of cancer worldwide and increases in the number of clinical trials conducted for oncology. On the basis of end user, it is segmented into Pharmaceutical, Biopharmaceutical and Medical Device Company. Pharmaceutical and biopharmaceutical held the largest share in this market segment. To boost profit margins, avoid high capital expenditure, and reduce the time of drug development, pharmaceutical and biopharmaceutical have increased the outsourcing of early-phase development services, clinical research, and laboratory testing services thereby by aiding the growth of the market.
On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia-Pacific and Middle East and Africa. North America has the largest share in the global market. The large share of this regional segment can be credited to it high-quality standards in pharmaceutical industry, swift growth in the biosimilars and biologics market, increase in the demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and rise in the number of clinical trials in this region. The market in the Asia-Pacific region is expected to grow the most in the coming years. It is mainly due to the rapid growth in pharmaceutical industry, favorable government policies, and increase in the number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in the region.
Some of the companies dominating the market are Quintiles Transnational Holdings Inc., Laboratory Corporation of America Holdings, Pharmaceutical Product Development, PAREXEL International Corporation, ICON Plc, PRA Health Sciences Inc., InVentiv Health Inc., Charles River Laboratories International Inc., INC Research Holdings Inc., and Wuxi PharmaTech.
https://www.marketdataforecast.com/market-reports/contract-research-organization-services-market-7201/request-sample
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Market Data Forecast.
Abhishek Shukla
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Market Data Forecast.
Abhishek Shukla
Tel: +1-888-702-9626
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results