Contract Research Organization Market on Track to Reach $59.42 Billion by 2021

Global Contract Research Organization (CRO) Market $59.42 billion Value will climb throughout the year 2021

Posted: Thursday, November 30, 2017 at 10:56 AM CST

Deerfield Beach, FL -- (SBWire) -- 11/30/2017 --According to the report, global Contract Research Organization market is expected to reach USD 59.42 billion in 2020, growing at a CAGR of 9.80% between 2015 and 2021.

CRO is the organization that supports outsourced research and development services for the various industries like pharmaceutical, biotechnology, medical devices industries, government institutions, foundations, and universities. The demand for contract research organizations has been fuelled by advanced clinical development programs and the demand for new pharmaceutical products across the globe. The research and development of pharmaceutical products typically need around 15 years. In order to lower down the expenditure research and development and cut down the time required for product marketing, and focus on other operational activities, pharmaceutical vendors are outsourcing preclinical and other drug development phases to CROs. Moreover, the high failure rate of clinical trials is also expected to trigger the demand for CROs by pharmaceutical and biopharmaceutical vendors to outsource their R&D.

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Global CRO industry has witnessed the rise in strategic alliances, acquisitions, and joint ventures among vendors in the CRO market. These strategic initiatives are intended at extending service offerings and geographical presence across the world. Pharmaceutical manufacturing companies in emerging countries in Asia Pacific, Latin America and Eastern Europe account for the majority of outsourcing activities owing to easy access to large pools of treatment naïve patients, low labor and manufacturing costs, and a skilled medical workforce.

The contract research organization market is segmented on the basis of the end-user segmentation which includes early-stage development services and last-stage development services. The late-stage development services segment includes phase II-IV clinical trials and central laboratory services.

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The last-stage development services was the largest end-user segment for the CRO market and accounted for over 70% share of the total market in 2014. Last-stage development services segment is also expected to exhibit fastest growth rate during the years to come.

The contract research organization market is segmented on the basis of the regions such as Americas, EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific). The Americas dominated the global CRO market with around 50% share of the total market in 2014. CRO market in Americas is led by U.S.

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Some of the key players involved globally in contract research organization market include Covance, Parexel International, PRA Health Sciences, Quintiles Translational. Other major players in the contract research organization market includes Chiltern, Charles River Laboratories, Icon, Inventiv Health, QPS, Ricerca Biosciences, EPS , SynteractHCR, INC Research, WIL Research and WuXi AppTec.