Contract Research Organization Services (CROs) Market is anticipated to grow at a CAGR of ~7.0% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Contract Research Organization Services (CROs) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Contract Research Organization Services (CROs) Market is estimated to account for over US$ 40 Billion by 2019. The market is anticipated to grow at a CAGR of ~7.0% from 2019 to 2030.
The market growth can be attributed to several factors such as increasing number of clinical trials, increased outsourcing of R&D activities and growth in the biosimilars and biologics market which are anticipated to further contribute to this substantial market growth between 2019 and 2030. However, clinical trial failures and stringent & differing government regulations are likely to restrain market growth to a certain extent.
To obtain better insights regarding the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers, and companies. For instance, In August 2017, INC Research Holdings, Inc., a global Phase I-IV Contract Research Organization (CRO), and inVentiv Health, Inc., a privately held global CRO & Contract Commercial Organization (CCO), announced successful completion of their merger creating the only fully integrated biopharmaceutical solutions organization, including an end-to-end CRO and CCO.
Growing incidences of diseases and emergence of new disease cases has necessitated the need for new curable drugs for treatment. Whereas, in developing countries, there are large number of unmet clinical needs due to the occurrence of infectious and tropical diseases in the region. These overall factor, has led to increase in the number of clinical trials conducted which will in turn is expected to support growth of the market over the forecast period.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Contract Research Organization Services (CROs) Market by Type (Clinical Research Services, Early-Phase Development Services, Laboratory Services, and Consulting Services), Therapeutic Area (Oncology, Central Nervous System (CNS) Disorders, Immunological Disorders, Cardiovascular Diseases, Infectious Diseases and Diabetes), End User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies and Academic Institutes) - Analysis & Forecast 2019-2030. in detail along with the table of contents:https://www.marketindustryreports.com/contract-research-organization-services-CROs-market/248
In 2016, about 61 drugs lost their patent protection and in 2017, patents of 43 drugs expired. This has forced many pharmaceutical companies to invest further on drug development process to develop new and more effective products thereby increasing biosimilars and biologics market. This overall factor is expected to drive the market.
However, stringent & varying government regulations are likely to hamper the growth of market. Majority of the clinical trials and other research processes are outsourced to various countries simultaneously. These countries may have different guidelines and regulatory processes related to drugs, filing and clinical trials, which can cause issues and act as a restraint on the market.
Asia Pacific is the fastest-growing market for contract research organization services (CROs) and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to the rising unmet health care needs and improving healthcare infrastructure. Additionally, companies have shifted their focus to the emerging countries due to the increasing regulatory requirements and approval timeline in developed countries.
Some of the prominent players in the contract research organization services (CROs) market include IQVIA, Covance Inc., Parexel International Corporation., PRA Health Sciences., PPD, Inc., ICON plc, Syneos Health., Charles River, Medpace, Inc. and WuXi AppTec among others.
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