Latin American Contract Research Organization Services Market Research Report - Segmented By Type, End-User, Country (Mexico, Brazil, Argentina, Chile and Rest of Latin America) - Industry Size, Share, Growth & Trends Forecast (2022 to 2027)
Latin America CRO Services Market Size (2022 to 2027)
The size of the Latin-America Contract Research Organization (CRO) Services market is anticipated to grow at a 6.93% CAGR from 2022 to 2027, and it is estimated that the Latin-America market was valued at USD 5.18 billion in 2022 and is relied upon to achieve USD 7.24 billion by 2027.
The surge in R&D for the creation of novel medications and medical equipment, prominent organizations and healthcare CRO service providers, and the rise in healthcare expenditure are driving the growth of the healthcare Latin America CRO services market. Furthermore, CROs assist manufacturers to save time and money by reducing the time it takes to run a trial in a private lab against the time it takes to conduct the trial in-house, resulting in significant cost savings. Furthermore, there is a constant demand for advancements in oncology, stem cell research, cancer research, drug discovery, and the study of many small compounds and their mechanisms, such as protein mechanisms for therapeutic purposes. This can be attributable to significant companies' increased attention on biotech and pharmaceutical development.
Companies are continually focusing on performing research to develop new pharmaceutical products to cure various disorders, helping to the growth of the healthcare CRO market. In addition, there is a growing need for outsourcing analytical testing and clinical trial services and an increase in clinical trials. The governing pressure on contract research organization services, on the other hand, is expected to propel the contract research organization (CROs) services market forward.
The growing market for biosimilars and biologics and the increased need for specialized testing services are expected to stifle the contract research organization (CRO) services market's expansion over the forecast period. However, rising competition in the contract research organization business and a scarcity of qualified professionals could also restrict the market for contract research organization (CRO) services in the near future.
This research report on the Latin American CRO services market has been segmented & sub-segmented into the following categories:
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
By Therapeutic Area:
- Oncology
- CNS
- Cardiovascular
By End-User:
- Pharmaceutical
- Biopharmaceutical
- Medical Device Companies
By Country:
- Mexico
- Brazil
- Argentina
- Chile
- Rest of Latin America
Latin America is one of the world's fastest-growing pharmaceutical marketplaces. Brazil is expected to have the largest share among others. Biosimilar development is the key goal in Brazil and Argentina. Local trials may become more common in Mexico due to regulatory restrictions that require clinical studies for bio-comparable products to be undertaken locally. Most pharmaceutical, biopharmaceutical, and medical device businesses continue to put significant resources into developing new medications and technologies.
Furthermore, retention rates in Latin America are often twice as high as in Western Europe and far higher than in the United States and Canada. A convenient time zone for western biopharmaceutical businesses has also played a vital role. Although Brazil, Mexico, and Argentina are ahead of Colombia, Peru, and Chile in terms of the number of outsourced clinical trials due to their larger patient populations and more established regulatory environments. In each of the three countries, regulatory documents must first be approved by Ethics Committees, then by the national Ministry of Health.
Although several Latin American countries, such as Brazil, have streamlined approval processes and reduced timeframes, Peru, Colombia, and Chile continue to use a sequential submission process. For example, the Instituto Nacional de Vigilancia de Medicamentos y Alimentos is Colombia's regulatory authority for clinical research, and the typical period for regulatory approval is 4-5 months. The Instituto de Salud Pública regulates clinical research in Chile, and permission takes about 3-4 months on average.
KEY MARKET PLAYERS:
The market is mainly dominated by 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.
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 Clinical Research Services
5.1.2.1 Phase I Clinical Research Services
5.1.2.2 Phase II Clinical Research Services
5.1.2.3 Phase III Clinical Research Services
5.1.2.4 Phase IV Clinical Research Services
5.1.3 Early-Phase Development Services
5.1.3.1 Discovery Studies
5.1.3.2 Chemistry, Manufacturing, & Control (CMC)
5.1.3.3 Preclinical Services
5.1.3.3.1 Pharmacokinetics/Pharmacodynamics (PK/PD)
5.1.3.3.2 Toxicology Testing Services
5.1.3.3.3 Other Preclinical Services
5.1.4 Laboratory Services
5.1.4.1 Bioanalytical Testing Services
5.1.4.2 Analytical Testing Services
5.1.4.2.1 Physical Characterization
5.1.4.2.2 Raw Material Testing
5.1.4.2.3 Batch-Release Testing
5.1.4.2.4 Stability Testing
5.1.4.2.5 Other Analytical Testing Services
5.1.5 Consulting Services
5.1.6 Y-o-Y Growth Analysis, By Product
5.1.7 Market Attractiveness Analysis, By Product
5.1.8 Market Share Analysis, By Product
5.2 Therapeutic Area
5.2.1 Introduction
5.2.2 Oncology
5.2.3 CNS
5.2.4 Cardiovascular
5.2.5 Y-o-Y Growth Analysis, By Therapeutic Area
5.2.6 Market Attractiveness Analysis, By Therapeutic Area
5.2.7 Market Share Analysis, By Therapeutic Area
5.3 End User
5.3.1 Introduction
5.3.2 Pharmaceutical
5.3.3 Biopharmaceutical
5.3.4 Medical Device Companiest
5.3.5 Y-o-Y Growth Analysis, By End User
5.3.6 Market Attractiveness Analysis, By End User
5.3.7 Market Share Analysis, By End User
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Therapeutic Area
6.1.3.3 By Type
6.1.3.4 By End User
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Therapeutic Area
6.1.4.3 By End User
6.1.4.4 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Therapeutic Area
6.1.5.3 By Type
6.1.5.4 By End User
6.2 Brazil
6.3 Mexico
6.4 Rest of Latin America
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Quintiles Transnational Holdings Inc.
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Laboratory Corporation of America Holdings
8.3 Pharmaceutical Product Development
8.4 PAREXEL International Corporation
8.5 ICON Plc
8.6 PRA Health Sciences Inc.
8.7 InVentiv Health Inc.
8.8 Charles River Laboratories International Inc.
8.9 INC Research Holdings Inc.
8.10 Wuxi PharmaTech.
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
- Latin America Contract Research Organization Services Market By Type, From 2022 - 2027 (USD Billion)
- Latin America Preclinical Market By Region, From 2022 - 2027 (USD Billion)
- Latin America Clinical Research Market By Region, From 2022 - 2027 (USD Billion)
- Latin America Laboratory Market By Region, From 2022 - 2027 (USD Billion)
- Latin America Contract Research Organization Services Market By Therapeutic Area, From 2022 - 2027 (USD Billion)
- Latin America Oncology Market By Region, From 2022 - 2027 (USD Billion)
- Latin America CNS Market By Region, From 2022 - 2027 (USD Billion)
- Latin America Cardiovascular Market By Region, From 2022 - 2027 (USD Billion)
- Latin America Contract Research Organization Services Market By End User, From 2022 - 2027 (USD Billion)
- Latin America Pharmaceutical Market By Region, From 2022 - 2027 (USD Billion)
- Latin America Biopharmaceutical Market By Region, From 2022 - 2027 (USD Billion)
- Latin America Medical Device Companie Market By Region, From 2022 - 2027 (USD Billion)
- Brazil Contract Research Organization Services Market By Type, From 2022 - 2027 (USD Billion)
- Brazil Contract Research Organization Services Market By Therapeutic Area, From 2022 - 2027 (USD Billion)
- Brazil Contract Research Organization Services Market By End User, From 2022 - 2027 (USD Billion)
- Argentina Contract Research Organization Services Market By Type, From 2022 - 2027 (USD Billion)
- Argentina Contract Research Organization Services Market By Therapeutic Area, From 2022 - 2027 (USD Billion)
- Argentina Contract Research Organization Services Market By End User, From 2022 - 2027 (USD Billion)
- Mexico Contract Research Organization Services Market By Type, From 2022 - 2027 (USD Billion)
- Mexico Contract Research Organization Services Market By Therapeutic Area, From 2022 - 2027 (USD Billion)
- Mexico Contract Research Organization Services Market By End User, From 2022 - 2027 (USD Billion)
- Rest of Latin America Contract Research Organization Services Market By Type, From 2022 - 2027 (USD Billion)
- Rest of Latin America Contract Research Organization Services Market By Therapeutic Area, From 2022 - 2027 (USD Billion)
- Rest of Latin America Contract Research Organization Services Market By End User, From 2022 - 2027 (USD Billion)
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