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 (CRO).
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.
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The contract research organizations bundle 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 contract research organization 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.
Contract Research Organization Market Segmentation
The global contract research organization market is segmented on the basis of segment, clinical trial phase, and end users.
On the basis of segment, the market is segmented drug discovery, clinical development, post marketing services, and others.
On the basis of clinical trial, the market is categorised into preclinical trials, phase I, phase II, phase III, phase IV, and others.
On the basis of end users, the contract research organization market is segmented into pharmaceutical/ biotechnology companies, medical devices companies, academic institutes and others.
Key players for global contract research organization market
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.
Contract Research Organization Market Regional Analysis
The Americas dominates the Global Contract Research Organization (CRO) Market owing to a well-developed healthcare sector and huge patient population. Apart from this, changing lifestyle and increasing healthcare expenditure have boosted the growth of the market in America. Moreover, the presence of developed economies like the U.S. and Canada within the region will boost the market growth.
Europe is the second-largest global contract research organization market, which is followed by Asia Pacific. Availability of funds for research, huge patient population, increasing healthcare expenditures, a well-developed healthcare sector and government support for research & development are projected to drive the market growth during the forecasted period. Regionally, Europe is divided into Western Europe and Eastern Europe. Western Europe hold the major share of the regional market, which is majorly contributed by Germany, the U.K., and France. However, Eastern Europe is the fastest-growing region due to the huge opportunities in the untapped market.
Asia Pacific is the fastest-growing region in global the contract research organization market due to the presence of a huge patient population, continuously developing economies like India and China which have increasing per capita healthcare expenditures. According to 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. Moreover, favourable government policies fuel the market growth within this region.
On the other hand, the Middle East & Africa holds the least share in the global contract research organization market due to presence of poor economy, especially, in the African region due to low per capita income and stringent government policies. Majority of the market of this region is held by the Middle East in this region due to the well-developed healthcare sector Moreover, the presence of developed economies like Kuwait, Saudi Arabia, Dubai and Qatar facilitates it to hold the market.
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