Pune, Aug. 18, 2020 (GLOBE NEWSWIRE) — The global Contract Research Organization Services Market size is slated to hit USD 90,926.3 million by 2026, displaying a CAGR of 11.4% during the forecast period. Rising number of clinical trials across the globe will be the primary force propelling this market in the forthcoming years. Contract research services are provided by organizations that specialize in providing outsourced clinical research services to biotechnology, medical devices, and pharmaceutical companies.
The demand for CRO services is on the rise owing to the increasing number of clinical trials worldwide. According to the World Health Organization (WHO), the number of clinical trials registered on its International Clinical Trials Registry Platform (ICTRP) from Europe, Western Pacific, and the Americas were higher than most other regions in 2018.
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In Western Pacific, for instance, the registered trials were numbered at 14,655, while in Africa they were only 630. Japan and China have seen a meteoric rise in number of trial registrations since 2015, the WHO notes. Thus, steady rise in the number of clinical trials, especially in Asia-Pacific, is touted to be one of the major CRO services market trends in the near future.
Fortune Business Insights™ provides this information in its recent report, titled “Contract Research Organization Services Market Size, Share and Industry Analysis By Service Type (Discovery, Pre-Clinical, Clinical, Laboratory Services), By Application (Oncology, Cardiology, Infectious Disease, Metabolic Disorders, Others), By End User (Pharmaceutical & Biotechnological Companies, Medical Device Companies, Academic & Research Institutes, Others), and Regional Forecast 2019-2026”. According to the report, the value of this market was at USD 38,396.4 million in 2018 and will register a CAGR of 11.4% between 2019 and 2026. Other highlights of the report include:
- Microscopic study of the various factors driving and restraining the market;
- Careful classification and research of the market segments;
- Accurate computation of market figures; and
- Comprehensive analysis of the regional dynamics and competitive landscape.
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Dearth of Professionals in CRO Industry to Hold Back Market Growth
According to Dietmar Eglhofer, CEO of the Austrian CRO services leader VIARES, the CRO industry is unable to reach its full potential due to falling number of clinical research associates (CRAs) in the industry. The situation is worsening as industry leaders are not paying adequate attention to creating and developing new talent, he states. He further argues that since the existing pool of CRAs is limited, companies often resort to poaching which has spiked the attrition rate in the industry.
Industry leaders are searching for ways to overcome this challenge and one of the solutions being implemented in use of technology. However, Eglhofer is sceptical of this move as he believes that advancements in technologies outpace the upskilling rate of CRAs and training them might prove counterproductive. Thus, shortage of CRAs and other trained professionals is emerging as a serious impediment in the CRO services market growth.
North America to Occupy a Commanding Position in the Market; Europe to Follow Closely
Among regions, North America is set to dominate the contract research organization services market share in the coming decade owing to increasing investment in R&D activities by government organizations in the region. In addition to that, development of advanced therapies, spreading health awareness, and rising incidence of chronic diseases will further drive this regional market.
In Europe, the market will be primarily driven by high R&D investment by large pharmaceuticals biotechnology giants operating in the region. Asia-Pacific is foreseen to grow at an impressive CAGR on account of availability of diverse people for clinical trials and increasing prevalence of chronic and infectious diseases.
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Strategic Partnerships to Add New Energy to the Market Competition
According to the CRO services market forecast, competition in this market is likely to get characterized by the rising instances of strategic collaborations between companies. “These partnerships are elevating the potential of this market and diversifying the choice of products for consumers”, says one of our lead analysts.
- May 2019: Altasciences and WuXi AppTec teamed up to provide full backing to drug development programs using WuXi’s Investigational New Drug (IND) platform. The system would the collaborators to support clinical drug studies from the point of conception to the final document preparation and submission for commercial launch.
- February 2019: Happy Life Tech and Pharmaceutical Product Development, two CRO leaders in China, entered into an agreement with each other to develop a novel offering for China’s drug development market. The product would enable delivering of data science-powered clinical trials and empirical evidence of drug efficacy, value, and safety.
List of the Prominent Players Covered in the Contract Research Organization Services Market Report are:
- Covance Inc.
- ICON plc
- Parexel International Corporation
- KCR S.A
- PRA Health Sciences, Inc.
- Pharmaceutical Product Development, LLC
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By Service Type
• Laboratory Services
• Infectious Disease
• Metabolic Disorders
By End User
• Pharmaceutical & Biotechnological Companies
• Medical Device Companies
• Academic & Research Institutes
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Rest of the World
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