Global Contract Research Organization (CRO) Market Research Report, By Segment (Drug Discovery, Clinical Development), By Clinical Trial Phase (Preclinical Trials, Phase I, Phase II, Phase III), By End Users (Pharmaceutical Companies) - Forecast Till 2023
Pune, India -- (SBWIRE) -- 02/14/2018 -- The Global Contract Research Organization (CRO) Market is expected to grow at a CAGR of 11.48% during the forecast period.
The changing economy has compelled big pharmaceutical companies to outsource many of their critical operations including research and manufacturing of the therapeutic drugs and medical devices. This has provided favourable backgrounds for the development of the Contract Research Organizations (CROs).
The Contract Research Organizations are those which provides clinical trial and other research support services to pharmaceutical/biotechnology industries and medical device industries, besides others. Moreover, they can also serve government institutions, foundations, and universities in their research process.
The contract research organizations bundles orders from many clients and thus achieve economies of scale which brings down the price. The reduced costs of manufacturing or service, then, can be transferred to the final client, thereby giving the benefit of cost efficiency. Therefore, economics of production and scale along with several other factors like focus on core competencies, mutual benefit to both contractor and client will drive the market growth. However, the market can be restrained by the high cost of labour, structural changes in industry and employment, exchange rate volatility, flight of contract research to developing regions, and others.
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The key players for the global contract research organization market are Laboratory Corporation of America Holdings. (U.S.), QuintilesIMS (U.S.), PAREXEL International Corporation. (U.S.), Pharmaceutical Product Development, LLC. (U.S.), INC Research LLC (U.S.), PRA Health Sciences, Inc. (U.S.), ICON plc. (Europe), and others.
The Americas dominates the global contract research organization market due to a well-developed healthcare sector providing large number of medical services. Moreover, large patient population and changing lifestyle have boosted the growth of the market in the Americas. Additionally, the presence of the global players like Laboratory Corporation of America Holdings and PAREXEL International Corporation along with the developed economies like the U.S. and Canada which have a high per capita income within the region fuels the market growth.
Europe is the second largest global contract research organization market, which is followed by Asia Pacific. Availability of funds for research, increasing healthcare expenditures, well-developed healthcare sector and favorable governmental policies will to drive the market growth in the Europen contract research organization market during the forecasted period.
Asia Pacific is the fastest growing region in global the market due to the presence of a huge patient population, continuously developing economies like India and China. According to the Indian Brand Equity Foundation in 2017, the Indian healthcare sector is one of the fastest growing industries and is expected to advance at a CAGR of 22.87% during the review period to reach USD 280 billion by 2020.
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On the other hand, the Middle East & Africa holds the least share in the global contract research organization market due to the presence of poor economies especially in Africa region with low per capita income. Moreover, stringent government policies also restrict the market growth. Majority of the market of this region is held by the Middle East due to a well-developed healthcare sector and huge healthcare expenditure.
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