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Pulished Date August, 2019
ID: 6962
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Global Contract Research Organization (CRO) Services Market Analysis - By Type (Preclinical, Clinical Research, Laboratory), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceutical, Biopharmaceutical & Medical Device Companies) and Region - Industry Trends, Size, Share, Growth, Forecast | 2019 - 2024

Pulished: August, 2019
ID: 6962
Pages: 175

Global Contract Research Organization (CRO) Services Market Size & Growth (2019 – 2024)

The market size for Contract Research Organization (CRO) Services at a global level is anticipated to grow at a 6.66% CAGR from 2019 to 2024 and it is estimated that the global market was valued at USD 36.9 billion in 2019 and is relied upon to achieve USD 50.9 billion by 2024.

The factors that are fueling the growth of contract research organization services market are increased number of research and development activities, increased number of clinical trials, rapid growth of the geriatric population and the subsequent increase in the prevalence of chronic diseases, the development of new drugs and the growing acceptance of evidence-based medicine for various therapeutic areas. Increased outsourcing of early phase clinical services, clinical and laboratory testing services by pharmaceutical companies to boost profits, and to avoid high investment costs and reduce process and product validation time.

The major factors that are challenging the growth of contract research organization services are the lack of qualified scientists, difficulties in assigning staff expertise for specific projects.

From an operational point of view, cybersecurity is becoming increasingly important. Clinical trial sponsors are particularly apprehensive about keeping their data private, especially after a recent breach involving clinical data. Businesses are concerned about what happens if their data is stolen and if it could harm R&D activities. Pharmaceuticals and life sciences companies that are using CROs to protect their test data are now emphasizing on new operational strategies. The aforementioned factors are slowly degrading the demand of the market.

Demand for CROs has increased as health facilities have unlocked various benefits from conventional research organizations to commercial businesses. As demand for CROs has increased, investors have identified tremendous growth opportunities in CROs. The increase in the number of investors involved in the development of research advisory organizations is likely to provide a number of opportunities for the growth of contract research organization services.

CROs are now expanding their target market by expanding and deepening solutions throughout the life cycle of drug development. Increased investment in technology and big data will continue to play an important role. Most importantly, wearable devices, a potentially disruptive technology, offer significant market opportunities and recently, CROs have begun to utilize data from mobile medical wearable devices to improve data quality and test efficiency which is providing lucrative opportunities for the growth of contract research organization service market during the forecast period.

Recent developments in CRO Services Industry:

  • In April 2019, FHI 360 has launched a new CRO service, called FHI Clinical. The company focuses to help companies in the hard-to-reach market and settings of limited resources.
  • In 2018, Cereno Scientific has collaborated with CRO ‘OCT’ to enhance business operations and increase productivity.
  • In August 2017, Chiltern was acquired by LabCorp. The acquisition will help LabCorp become a market leader in CROs by expanding mid-market biopharmaceuticals and improving medical device operations.
  • In July 2017, Mapi Group was acquired by ICON, The acquisition will help boost ICON's business, as well as add Analytics, real-world data, significant trading presence, and regulatory expertise.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2018 – 2024

Base Year

2018

Forecast Period

2019 - 2024

Segments Covered

By Type, Therapeutic Area and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

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.

 

This research report on the Global Contract Research Organization (CRO) Services Market segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2024.

CRO Services Market Analysis – By Type

  • 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                

On the basis of type, the Clinical research services segment accounted 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.

CRO Services Market Analysis – By Therapeutic Area

  • Oncology
  • CNS
  • Cardiovascular           

On the basis of the therapeutic area, the oncology segment has the largest share in this market segment. It is mainly due to factors such as the rise in the prevalence of cancer worldwide and increases in the number of clinical trials conducted for oncology.

CRO Services Market Analysis – By End User

  • Pharmaceutical
  • Biopharmaceutical
  • Medical Device Companies

On the basis of end-user, 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 aiding the growth of the Contract Research Organization (CRO) Services market.

Regional Analysis:

North America has the largest share in the global market. The large share of this regional segment can be credited to its high-quality standards in the pharmaceutical industry, swift growth in the biosimilars and biologics market, increase in the demand for outsourcing 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 the pharmaceutical industry, favorable government policies, and an 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 Global Contract Research Organization (CRO) Services Market are:

  1. Quintiles Transnational Holdings Inc.
  2. Laboratory Corporation of America Holding
  3. Pharmaceutical Product Development
  4. PAREXEL International Corporation
  5. ICON Plc
  6. PRA Health Sciences Inc.
  7. InVentiv Health Inc.
  8. Charles River Laboratories International Inc.
  9. INC Research Holdings Inc.
  10. Wuxi PharmaTech
  1. Introduction
    1. Market Definition
    2. Study Deliverables
    3. Base Currency, Base Year and Forecast Periods
    4. General Study Assumptions
  2. Research Methodology
    1. Introduction
    2. Research Phases
        1. Secondary Research
        2. Primary Research
        3. Econometric Modelling
        4. Expert Validation
    3. Analysis Design
    4. Study Timeline
  3. Overview
    1. Executive Summary
    2. Key Inferences
    3. New Developments
  4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
    1. Market Drivers
    2. Market Restraints
    3. Key Challenges
    4. Current Opportunities in the Market
  5. Market Segmentation
    1. By Type
      1. Clinical Research Services                 
      2. Phase I Clinical Research Services              
      3. Phase II Clinical Research Services             
      4. Phase III Clinical Research Services           
      5. Phase IV Clinical Research Services           
      6. Early-Phase Development Services                              
      7. Discovery Studies             
      8. Chemistry, Manufacturing, & Control (CMC)        
      9. Preclinical Services           
        1. Pharmacokinetics/Pharmacodynamics (PK/PD)
        2. Toxicology Testing Services
        3. Other Preclinical Services
      10. Laboratory Services                             
      11. Bioanalytical Testing Services      
      12. Analytical Testing Services            
        1. Physical Characterization
        2. Raw Material Testing
        3. Batch-Release Testing
        4. Stability Testing
        5. Other Analytical Testing Services
      13. Consulting Services                
      14. Y-o-Y Growth Analysis, By Type
      15. Market Attractiveness Analysis, By Type
      16. Market Share Analysis, By Type
    2. By Therapeutic Area
      1. Oncology
      2. CNS
      3. Cardiovascular           
      4. Y-o-Y Growth Analysis, By Therapeutic Area
      5. Market Attractiveness Analysis, By Therapeutic Area
      6. Market Share Analysis, By Therapeutic Area
    3. By End User
      1. Pharmaceutical
      2. Biopharmaceutical
      3. Medical Device Companies
      4. Y-o-Y Growth Analysis, By End User
      5. Market Attractiveness Analysis, By End User
      6. Market Share Analysis, By End User
  6. Geographical Analysis
    1. Introduction    
      1. Regional Trends   
      2. Impact Analysis    
      3. Y-o-Y Growth Analysis        
        1. By Geographical Area
        2. By Component Type
        3. By Form
      4. Market Attractiveness Analysis      
        1. By Geographical Area
        2. By Component Type
        3. By Form
      5.      Market Share Analysis   
        1. By Geographical Area
        2. By Component Type
        3. By Form
    2. North America
      1. Introduction
      2. US
      3. Canada
    3. Europe
      1. Introduction
      2. UK
      3. France
      4. Spain
      5. Germany
      6. Italy
    4. Asia-Pacific
      1. Introduction
      2. India
      3. China
      4. Japan
      5. South Korea
      6. Australia
    5. Latin America
      1. Introduction
      2. Brazil
      3. Argentina
      4. Mexico
    6. Middle East & Africa
      1. Introduction
      2. Middle East
      3. Africa
  7. Strategic Analysis
    1. PESTLE analysis
      1. Political
      2. Economic
      3. Social
      4. Technological
      5. Legal
      6. Environmental
    2. Porter’s Five analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Consumers
      3. Threat of New Entrants
      4. Threat of Substitute Products and Services
      5. Competitive Rivalry within the Industry
  8. Market Leaders' Analysis
    1. Quintiles Transnational Holdings Inc.
      1. Overview
      2. Product Analysis
      3. Strategic Evaluation and Operations
      4. Financial analysis
      5. Legal issues
      6. Recent Developments
      7. SWOT analysis
      8. Analyst View
    2. Laboratory Corporation of America Holding
    3. Pharmaceutical Product Development
    4. PAREXEL International Corporation
    5. ICON Plc
    6. PRA Health Sciences Inc.
    7. InVentiv Health Inc.
    8. Charles River Laboratories International Inc.
    9. INC Research Holdings Inc.
    10. Wuxi PharmaTech
  9. Competitive Landscape
    1. Market share analysis
    2. Merger and Acquisition Analysis
    3. Agreements, Collaborations and Joint Ventures
    4. New Product Launches
  10. Market Outlook and Investment Opportunities
  11. Appendix
    1. List of Tables
    2. List of Figures 
  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Type and Technology along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

Contract Research Organization Services Market

Contract Research Organization Services Market

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