Contract Research Organizations (CROs) in the Pharmaceutical Industry
Contract Research Organizations, often referred to as CROs or clinical research organizations, play a pivotal role in the drug development process. They offer a wide range of services to pharmaceutical and biopharmaceutical companies. These services encompass early phase development, pharmacokinetics/pharmacodynamics (PK/PD), toxicology testing, clinical research across phases (Phase I to Phase IV), laboratory services, analytical and bioanalytical testing, physical characterization, and consulting. CROs also extend their services to governmental institutes, universities, and other research institutions, aiding in drug development for major diseases such as oncology, cardiovascular disease, diabetes, infectious diseases, CNS disorders, respiratory disorders, and more.
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Market Analysis
Market Growth Drivers and Limitations
The pharma contract research organization market is driven by several key factors, including the increasing outsourcing of research and development by pharmaceutical companies, a rise in clinical trials worldwide, a growing number of patent expirations, and the expansion of the biopharmaceutical market. However, limitations to growth include challenges related to the availability of skilled personnel and concerns regarding the quality of services provided by CROs.
Market Forecast
The global pharma contract research organization market is anticipated to witness a Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period from 2018 to 2024. The analysis of the global market is segmented based on three primary factors: service type, therapeutic area, and regions.
Regional Analysis
Geographical Regions
The regions covered in this report include:
- North America: Leading the Market
- Europe: A Key Player
- Asia Pacific: Growing at a High CAGR
- Rest of the World (ROW)
North America: A Major Shareholder
North America holds a significant share in the global pharma contract research organization market, closely followed by Europe. Factors contributing to North America’s dominance include the burgeoning biopharmaceutical market, the high quality standards maintained by the pharma and biopharma industry, and the availability of advanced technologies.
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Asia Pacific: Rapid Growth
The Asia Pacific region is expected to experience high growth during the forecasted period. This growth is driven by increasing research activities, a growing patient population, and a flexible regulatory environment for clinical trials.
Service Type Analysis
Service Types Offered by CROs
The pharma contract research organization market is segmented by service type into the following categories:
- Discovery
- Preclinical Studies
- Clinical Studies
- Others
Among these service types, clinical study services accounted for the highest market share in 2017. This is primarily due to the increasing prevalence of lifestyle and metabolic diseases, the aging population, and the proliferation of clinical trials worldwide.
Therapeutic Area Analysis
Therapeutic Areas Covered
The market is further segmented by therapeutic area into the following categories:
- Oncology
- Infectious Disease
- Cardiovascular Disease
- CNS Disorders (Central Nervous System)
- Immunological Disorders
- Respiratory Disease
- Diabetes
- Others
Oncology occupied a major market share in 2017 and is expected to maintain this position over the next five years. This is attributed to the increasing global prevalence of cancer and the high number of ongoing clinical trials in this segment.
Key Players in the Market
Several key players are active in the pharma contract research organization market, including:
- Laboratory Corporation of America Holdings (Covance)
- Charles River Laboratories, Inc.
- Pharmaceutical Product Development Inc.
- IQVIA Holdings Inc.
- PAREXEL International Corporation
- ICON plc
- Syneos Health, Inc.
- Medpace Holdings, Inc.
- Envigo
- Evotec AG
- Eurofins Scientific
- PRA Health Sciences, Inc.
- WuXi AppTec, Inc.
- SGS SA
- EPS International
- Genscript Biotech Corporation
- Niche players
Competitive Landscape
The competitive landscape of the CRO market has seen an increase in acquisitions and mergers by CROs in recent years to establish a global foothold in this highly competitive space. For example:
- In August 2017, LabCorp acquired CRO Chiltern for $1.2 billion, strengthening its position as a global life sciences company.
- In August 2017, Avista Healthcare and CRO Envigo merged, with Envigo becoming a wholly-owned subsidiary of Avista.
- In August 2017, Mercachem and Syncom, two leading European drug discovery CROs, announced their merger, forming the Mercachem-Syncom Group.
Furthermore, CROs have formed numerous partnerships to enhance their service capabilities. For instance, in March 2018, PAREXEL partnered with CHA Medical Group to expand its early-phase clinical development capabilities in South Korea. WuXi AppTec also entered into a partnership with biopharmaceutical company Antengene Corporation to accelerate drug development in oncology.
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Benefits of the Report
This comprehensive report provides detailed information about the services offered by pharma contract research organizations across various therapeutic verticals and regions. It offers key stakeholders insights into major trends, drivers, investments, and initiatives within the market. Additionally, the report highlights major challenges that may impact market growth. It also outlines key business opportunities, allowing stakeholders to make informed decisions regarding investments and business expansion within this market.
Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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