CRO market 2015 to grow at a CAGR of 9.83% by 2019
Deerfield Beach, FL -- (SBWIRE) -- 08/20/2015 -- Global CRO Market 2015-2019
Organizations that support outsourced research services for the Pharmaceutical, Biotechnology, and Medical Devices industries are called CROs. The nature of engagement of outsourced services is generally on contractual basis. This helps the vendors to control their R&D expenditure and concentrate on their core skills. CROs help vendors expand their capacities from clinical trials to healthcare regulatory submissions, biostatistics, and data management work. Furthermore, CROs have also started offering services at all phases (pre-clinical, phase I, phases II & IIIa, phases IIIb & IV, labs, and others) of drug development and discovery. CROs have built their capabilities from the earliest to the latest stages of drug development with emphasis on partnership, collaboration, and fee for service models.
Global CRO market to grow at a CAGR of 9.83 percent over the period 2014-2019.
Increased R&D by biopharmaceutical vendors is one of the major trends emerging in the market. Customers are increasingly opting for biopharmaceutical drugs rather than chemical pharmaceuticals drugs for the treatment of some diseases such as diabetes, cancer, and genetic diseases because biopharmaceutical drugs offer several advantages. The Global CRO market is expected to post a CAGR of 9.83 percent during the period 2014-2019.
Competition and innovation in R&D by the CROs in China are encouraging pharmaceutical and biopharmaceutical companies in the US and Western Europe to outsource their R&D activities to them. India is expected to become a major hub for clinical studies in the future as many leading global pharmaceutical and biopharmaceutical vendors as well as major CROs are increasingly outsourcing R&D and clinical trial activities to the country.
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Covered in this Report
The CRO market can be divided into two segments: Early-stage Development Services and Late-stage Development Services. To calculate the market size, the report considers the revenue generated from the sales of outsourcing of R&D services to CROs by global pharmaceutical and biopharmaceutical vendors.
Global CRO Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the EMEA and APAC regions; it also covers the Global CRO market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
"Several CROs are also expanding their operations in the developing countries of Latin America, the APAC region, and Eastern Europe because of the lower cost of conducting clinical research in these countries than in the US and countries in Western Europe,".
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"Cost-containment pressures, demand for high-quality services, and the huge infrastructural investment required for R&D are major factors that are forcing pharmaceutical and biopharmaceutical vendors in developed countries to outsource their clinical trials to CROs in developing countries."
To define the market conditions in the next 3-4 years, Our analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.