As per our research report, the global CRO services market is expected to rise at a CAGR of 6.66% from 2022 to 2027 and be worth USD 54.33 billion by 2027 from USD 39.36 billion in 2022.
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COVID-19 is a recently discovered coronavirus that produces an infectious disease. COVID-19, which was primarily unknown before the outbreak in Wuhan, China, in December 2019, quickly escalated from a regional problem to a global pandemic. The COVID-19 pandemic has put a strain on healthcare systems worldwide. With the WHO calling the COVID-19 outbreak a pandemic, several prominent pharmaceutical and biopharmaceutical businesses have increased their R&D and production efforts to create and market SARS-CoV-2 viral diagnostic kits, vaccines, and treatments. In addition, many pharmaceutical and biotechnology businesses have partnered with CROs through long-term agreements, partnerships, and collaborations worldwide to accelerate the R&D process. As a result of the increased attention on COVID-19 vaccine development, clinical trials have increased, which is likely to enhance the contract research organization services market throughout the forecast period.
Increasing R&D investments is significantly boosting the CRO services market.
The majority of pharmaceutical, biopharmaceutical, and medical device businesses continue to put significant resources into developing new medications and technologies. R&D is substantial in the pharmaceutical industry. Pharmaceutical firms spend on research and development to bring high-quality, innovative products to market.
The rise in chronic disease prevalence is propelling the CRO services market forward.
Chronic diseases are becoming more prevalent over the world. Obesity and diabetes are on the rise due to their broad prevalence and earlier onset, accounting for more than half of chronic disease deaths. Chronic sickness affects people worldwide, not only in rich countries. Contrary to popular opinion, emerging countries are increasingly plagued with chronic disease-related public health issues. According to WHO, chronic diseases are the leading cause of death in five of the WHO's six regions. Infectious diseases such as HIV/AIDS, tuberculosis, malaria, and other comparable illnesses are still common in Sub-Saharan Africa, and the trend is expected to continue.
Y-O-Y rise in the biologics and biosimilars markets is estimated to favor the CRO services market.
The rise in biopharmaceutical companies' investments in developing biologics and biosimilars is credited with the number of approved products worldwide. More than half of all medication candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies.
The scarcity of skilled professionals is one of the key challenges to the CRO services market.
To stay up with the constant changes in pharmaceutical and medical device R&D technologies and methodologies, deliver quality services, and follow good laboratory procedures, highly skilled experts are necessary. The scarcity of trained specialists makes it challenging to embrace new technology and techniques, limiting the market growth. Despite the increased demand for new product development in the pharmaceutical and biotechnology industries, trained personnel has been in limited supply.
High Costs associated is another significant restraint to the CRO services market.
Although drug researchers are increasingly using CRO services, they are still looking for ways to handle several issues with this method, including expensive R&D costs, gaining access to and managing outsourced activities, and capacity limits.
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KEY MARKET INSIGHTS:
- Based on type, the Early-phase Development Services segment is expected to grow strongly during the forecast period. With a rising number of patents expiring, generic drug competition is expanding, and drugmakers are under pressure to make up for the money lost to generics. In addition, the complexity of pharmacological compounds and more stringent regulatory regulations drive R&D expenses. As a result, drug research and development methods are becoming increasingly complicated. Pharmaceutical companies are outsourcing early drug development activities to combat this complexity and improve operations. Leading CROs have also established significant knowledge in early-phase development, which they are using to provide highly efficient and precise early-phase development services.
- Based on the therapeutic area, by 2027, the oncology segment has the highest market share. Because of the rising frequency of cancer, sponsors are focusing their efforts on creating new treatments and medical technologies for better cancer management. As a result, clinical studies and drug discoveries for cancer treatment have increased. As a result of the aforementioned factors, rising cancer rates are likely to drive segmental expansion.
- Based on end-user, the pharmaceutical and biopharmaceutical companies segment is expected to grow over the forecast period. The spike in R&D outsourcing is primarily to blame for the increasing segmental growth. In addition, increasing demand for contract research organizations as a result of an increase in the number of clinical trials and a paradigm shift toward outsourcing is likely to aid market growth. Furthermore, throughout the projection period, increasing government assistance in increased funding and subsidies for performing clinical trials is predicted to boost market statistics.
- Based on region, North America has the largest market share and is expected to maintain that position throughout the forecast period. Major pharmaceutical companies are outsourcing R&D and clinical trials due to shifting reimbursement scenarios and generic competition, which is boosting the expansion of CRO services in North America. In addition, the United States has a well-developed infrastructure. As a result, companies are continually focusing on performing research to produce new pharmaceutical products to cure various diseases, leading to the growth of the healthcare CRO services market.
- Charles River Laboratories, Inc., Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development, PAREXEL International, and Syneos Health are major market players in the contract research organization business. Mergers and acquisitions and partnerships and collaboration are among the most commonly used business tactics to maintain market position.
- Toxikon Corporation, a contract research organization that provides best-in-class nonclinical testing services, was acquired by Labcorp, a prominent global life sciences company, in 2021. Toxikon's accession to Labcorp Drug Development strengthens the company's nonclinical development portfolio. In addition, it establishes a strategic foothold for the company to work with pharmaceutical and biotechnology clients in the Boston area.
- Clinical Data Analytics Suite (CDAS), a new SaaS-based clinical data analytics platform from IQVIA, was launched today in 2021. It combines structured and unstructured data from clinical trials into a single, standardized context for better access and application. This creates a scalable repository for stakeholders to investigate operational and clinical data, which helps them meet regulatory requirements.
- Syneos Health, the first fully-integrated biopharmaceutical solutions business, announced today the purchase of StudyKIK, a premier technology-enabled clinical trial recruiting and retention company, which will begin operations in 2021.
- Thermo Fisher Scientific Inc., the world leader in serving science, said today that it had completed the purchase of PPD, Inc., a primary global provider of clinical research services to the biopharma and biotech industries, which is expected to be completed in 2021.
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SEGMENTS ANALYZED UNDER THIS REPORT:
- Clinical Research Services
- Phase I Clinical Research Services
- Phase II Clinical Research Services
- Phase III Clinical Research Services
- Phase IV Clinical Research Services
- Early-Phase Development Services
- Discovery Studies
- Chemistry, Manufacturing, & Control (CMC)
- Preclinical Services
- Pharmacokinetics/Pharmacodynamics (PK/PD)
- Toxicology Testing Services
- Other Preclinical Services
- Laboratory Services
- Bioanalytical Testing Services
- Analytical Testing Services
- Physical Characterization
- Raw Material Testing
- Batch-Release Testing
- Stability Testing
- Other Analytical Testing Services
- Consulting Services
By Therapeutic Area:
By End User:
- Medical Device Companies
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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