Contract Research Organization Market to Demonstrate Immense Growth in Healthcare with 11.48% CAGR till 2023
Market Research Future (MRFR) has thoroughly studied the trends and patterns in the Global Contract Research Organization Market and portends the market to expand at a CAGR of 11.48% over the forecast period of 2019-2023.
Contract Research Organization Market – Overview
Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) has recently published a study report giving out the complete market prognosis up till 2023. In its analysis, MRFR asserts that the global Contract Research Organization market gaining further prominence will register a spectacular growth by 2023, posting 11.48% CAGR during 2017 – 2023.
Contract Research Organization (CROs) refers to the contract basis outsourcing of research & development of medicines, therapeutic drugs & medical devices and other pharmaceutical products. Over the past few years, improving economic conditions globally, have increased healthcare expenditures, improving access to the quality healthcare. This has further augmented the demand for the therapeutic medicines, & devices. Resultantly, this is fostering the market growth, increasing R&D activities.
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Factors contributing to the proliferation of the market growth include augmented demand and supply for the medicines, demand for the generic drugs, coupled with the growing number of patent expiries and growing drugs manufacturing sector. Pervasively Growing CMO market backed by the growing population that is increasingly adopting the heady & sedentary lifestyle, leading to the prevailing chronic diseases & disorders, is reasoning for the driving force behind this outstanding growth.
On the other hand, factors such as the augmenting complexities of clinical trials and lack of in-house laboratory capacity coupled with the structural changes in the industry associated with the employment, volatility in the exchange rate and freight charges are inhibiting the market growth of contract research in the developing regions. Nevertheless, a new interesting trend observed in the market is expected to fuel the market growth. And that tend is about the growing emphasis of pharma companies, on improving the production of drugs rather than getting involved in the R&D.
Additionally, unmet needs in the healthcare sectors such as drug shortages, leading to the increasing demand for pharmaceutical development, CRO benefits like commercially successful biologics for clinical use & lower costs are some of the factors contributing to the market growth.
- QuintilesIMS (US)
- Laboratory Corporation of America Holdings. (US)
- Pharmaceutical Product Development LLC.
- PAREXEL International Corporation. (US)
- INC Research LLC (US)
- ICON plc. (Europe) and more.
May 14, 2018 – PolarityTE (US) announced the acquiring of GLP/USDA Preclinical Biomedical Research Facility. This is expected to accelerate R&D of company’s pipeline products.
Contract Research Organization Market – Segments
The Contract Research Organization Market can be segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Segments: Comprises Drug Discovery, Post Marketing Services, Clinical Development, and others.
By Clinical Trial Phase: Preclinical Trials, Phase I, II, III & IV, and others.
By End- Users: Pharmaceutical, Biotechnology and Medical Devices Companies, Academic Institutes, among others.
By Region: North America, Europe, APAC and Rest of the World.
Contract Research Organization Market – Regional Analysis
Globally, North America accounts for the largest share in the global Contract Research Organization market. Factors substantiating this growth include the growing activities of outsourcing the research processes by the Pharmaceutical and biotechnology companies backed by the well-established healthcare sector and huge patient pool. The US among other North American countries, accounts for a large share owing to the expanded healthcare industry in the country. Additionally, changing lifestyle and increasing healthcare expenditure have boosted the market growth in America.
Europe is the second-largest market for Contract Research Organization, followed by the Asia Pacific. Attributing to the presence of promising players mainly the UK, Germany& Switzerland; the regional market is expected to grow at a considerable CAGR. Other factors expected to contribute to the regional market growth include a well-developed healthcare sector, huge patient population, increasing healthcare expenditures, and public & private funding for research activities.
Among the two divisions of Europe, Western Europe holds the larger market share owing to the major contributions from Germany, the UK, and France. On the other hand, Eastern Europe accounts for the fastest growing region owing to the huge opportunities from the untapped market.
The Asia Pacific region is expected to be the fastest growing market for Contract Research Organization. Substantial investments by Asian CMOs are, sufficing the exponential progress resultantly. Furthermore, factors such as availability of cost-competitive, skilled labor force are propelling the rapid growth in this region. A vast patient population, along with the continually improving economic conditions are providing impetus to the market growth, pervasively increasing the per capita healthcare expenditures mainly in India and China.
The Middle East and Africa certainly hold the huge potential for the pharmaceutical products’ development & production, but due to the poor economy, and political conditions in Africa, the MEA market as a whole gets affected.
On the other hand, market in the Middle East region is poised to witness a phenomenal growth due well-developed healthcare sector backed by the government’s initiatives and funding. Countries such as Kuwait, Saudi Arabia, Dubai, and Qatar are majorly contributing to the market growth, which in turn, is transforming the market, facilitating it to reach the global space. Cost competitive product development is undoubtedly the key factor driving the regional market growth.
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Contract Research Organization Market – Competitive Analysis
The Contract Research Organization market is widely expanded and highly competitive with the presence of numerous major and small players operating at the international and regional level around the globe. Based upon pricing and services of array these vendors are competing against each other. Furthermore, the competitive strength of these market players is dependent on Service precision, Service pricing, versatility, and Service reliability. The market will witness a fierce competition due to the expected extensions in innovations. Players operating in the Contract Research Organization market strive to offer services with adept technology with unrivaled design and features.
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