Industry Insights
[225+ Pages PDF Report] Global Contract Research Organization (CRO) Market is approximately USD 39 Billion in 2019 The market is expected to grow at a CAGR of 7% over the time span.
This professional and specialized report study examines the technical and business perspective of the Contract Research Organization (CRO) industry. The report provides a historical analysis of the industry as well as the projected trends expected to be witnessed in the Contract Research Organization (CRO) Market. The report study analyzes the market statistics at the global as well as the regional levels to gain an in-depth perspective of the overall Contract Research Organization (CRO) Market. The historical insights are provided from 2016 to 2019 and projected trends are provided from 2020 to 2026. The quantitative data is provided in terms of value (USD Billion) for 2016 – 2026. The qualitative data is reinforced by analyzing and providing numerous market dynamics (directly or indirectly affecting the industry) such as growth drivers, restraints, challenges, and opportunities.
We have included various industry analysis models in our report and extensively demonstrated the key business strategies and competitive landscape of the Contract Research Organization (CRO) Market in our study.
Our study also includes an analysis of Porter’s Five Forces framework for understanding the competitive strategies adopted by various stakeholders involved in the entire value chain of the Contract Research Organization (CRO) Market. It also encompasses PESTLE analysis and SWOT analysis.
The report also offers an in-depth analysis of the market shares of each industry player and gives an outline of the market position of key players in the Contract Research Organization (CRO) Market. Moreover, the study offers wide coverage of key strategic advances witnessed in the market such as new product launches, acquisitions & mergers, collaborations & joint ventures, funding & VC activities, agreements, partnerships, R&D activities, and regional expansion of key players of the Contract Research Organization (CRO) Market.
The research study provides a critical assessment of the Contract Research Organization (CRO) industry by logically segmenting the market on the basis of product type, application, and regions. Based on the past, present, and future trends, all the segments were analyzed from the bottom up, and the market sizes have been estimated from 2020 to 2026. The regional segmentation of the Contract Research Organization (CRO) industry includes the holistic bifurcation of all the five major continents including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Over the recent decade, biopharmaceutical organizations and pharmaceutical companies have increasingly adopted the outsourcing of tasks and activities to make the organization model highly cost-effective. The patent cliff has dynamically changed the pharmaceutical and biopharmaceutical sectors. In recent years, with the vast pressure to enclose outsourcing, fixed costs, have evolved as a strategic substitute for pharmaceutical and biopharmaceutical organizations, due to limited in-house assets necessary for new product expansion and the need for cost and time savings.
recently, the dynamics have changed; there is increase in outsourcing and testing services earlier in the product development stage, to focus on the core strategies and strengths. Medical and healthcare companies opt to outsource their services to CRO majorly to obtain access to pioneering technologies that speed up the development of the composite through the product pipeline stage. For instance, companies like Roche, Merck, and Pfizer have curbed their in-house testing tasks and services to fuel their R&D pipeline activities to meet the ever-growing requirement for new drugs and molecules for various therapeutic conditions.
The Contract Research Organization (CRO) Market is categorized into type, and by the application. The type segment is further divided into Early Phase Development Services, Pharmacokinetics/Pharmacodynamics (PK/PD), Toxicology Testing, Clinic Research Services, Physical Characterization, Stability Testing, Batch Release Testing, Consulting Services and others. By Application, the market is divided into Pharmaceutical and Biopharmaceutical Companies, Medical Device Companies and Academic Institutes.
Top Market Players
Some of the key players operating in the Contract Research Organization (CRO) Market around the globe include PAREXEL, IQVIA, LabCorp, PRA Health Sciences, PPD, ICON plc., Syneos Health, WuXi PharmaTech, Charles River, SGS, and MPI Research, Envi, and others.
The taxonomy of the Contract Research Organization (CRO) Market by its scope and segmentation is as follows:
Global Contract Research Organization (CRO) Market: By Type Segmentation Analysis
- Early Phase Development Services
- Pharmacokinetics/Pharmacodynamics (PK/PD)
- Toxicology Testing
- Clinic Research Services
- Physical Characterization
- Stability Testing
- Batch Release Testing
- Consulting Services
- Others
Global Contract Research Organization (CRO) Market: By End User Segmentation Analysis
- Pharmaceutical and Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
Global Contract Research Organization (CRO) Market: Regional Segmentation Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
KEY BUSINESS POINTERS ADDRESSED & FOREMOST REASONS TO PROCURE THE REPORT:
- Statistical Analysis of the Past, Current, and Future Trends of the Industry with Validated Market Sizes Data
- Direct and Indirect Rationales Impacting the Industry
- In-depth and Micro Analysis of Viable Segments and Sub-segments
- Companies and Vendors Market Share, Competitive Landscape, and Player Positioning Analysis
- Demand Side (Consumption) and Supply Side (Production) Perspective and Analysis wherever applicable
- Key Buyers and End-Users Analysis
- Value Chain and Manufacturing Cost Structure Analysis wherever relevant
- Key Marketing Strategies as well as Key Sales Channels adopted in the market
- Investment Opportunity Analysis & Patents Analysis wherever feasible
- Technological Road Map & Technical Analysis
- Robust Research Methodology comprising dynamic mix (65%~35%) of Extensive Primary Research (primary interviews, ad-hoc surveys, questionnaires) and Protracted Secondary Research (proprietary in-house database, paid external databases, publically available validated sources)
Table of Content
Key Insights from Primary Research
- Our primary respondents believe the market to witness a steady growth of 7% over the forecast period on account of rising awareness towards standard cosmetics and skincare products around the globe.
- Some of the CXOs predict the pharmaceutical and biopharmaceutical segment to maintain its dominance throughout 2026 due to increase increased outsourcing of early phase development services. Furthermore, the manufacturers operating in this market are partnering with local and domestic players to increase their goodwill in the ever-competitive market ecosystem.
- Some of the industry experts interviewed in the Asia Pacific revealed that the clinical research services Contract Research Organization (CRO) is expected to generate considerable revenues for the Contract Research Organization (CRO) industry.
- Regionally, the North American region is expected to contribute largely to the global Contract Research Organization (CRO) market. Some of the interviewees said that their future plans are to focus majorly on innovating in features of the Contract Research Organization (CRO) application areas. The manufacturers operating in countries such as the U.S. and Canada are expected to create higher adoption opportunities for Contract Research Organization (CRO) market.
- The information & technology subject matter experts suggest investing in R&D activities to come up with newer, economic, and more efficient Contract Research Organization (CRO). They believe advanced technology in the medical industry will witness widespread acceptance across the value chain of the Contract Research Organization (CRO) market.
Key Recommendations from Analysts
- Our analysts recommend focusing on the North America Contract Research Organization (CRO) market since their calculations revealed that this region turned out to be the top investment pocket across the globe owing to greater opportunities in countries such as the U.S. and Canada.
- The major reason behind the upsurge growth and lucrative opportunities underlying in this region is the adoption of the Contract Research Organization (CRO) by the high-quality standards in the pharmaceutical industry.
- Europe, on the other hand, is expected to foresee a robust growth across the forecasted time span. This is majorly attributed to rising medical outsourcing companies in countries such as Germany, France, Netherland, and others.
- The strategic mergers and acquisitions by key industry players and high demand across end-use industries is anticipated to fuel the market growth
- To compete effectively, companies are offering higher compensations and other benefits.
Industry Major Market Players
- PAREXEL
- IQVIA
- LabCorp
- PRA Health Sciences
- PPD
- ICON plc.
- Syneos Health
- WuXi PharmaTech
- Charles River
- SGS
- and MPI Research
- Envi
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