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Contract Research Organization Market 2020 by industry trends, statistics, key companies growth and regional forecast

Author : Ronak Bora | Published Date : 2020-09-09 

Contract Research Organization Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Rise in R&D investment coupled with favorable government initiatives towards drug development for various chronic diseases is anticipated to offer lucrative growth scope for CRO (contract research organization) market over 2019-2025.

CROs provides support to biotechnology, pharmaceutical & medical device industries in the form of research services outsourced on a contract basis. Contract research organizations are primarily designed to reduce costs for companies that are into developing new drugs and medicines.

Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/3012

 

As per an in-depth report published by GMI, worldwide CRO market size is expected to surpass USD 61 billion by 2025.

 

Advancement in information technology and requirements in medical science have led to massive development in clinical trials. Increasing investment in R&D activities to prevail continuous advancement of clinical trials will take industry growth to new heights. For example, the federal government and federally funded R&D centers (FFRDCs) are a major source of R&D funding in the United States.

 

Many research studies portray the amount of time and effort researchers dedicate to using a wide range of services for discovering even broader range of data resources. These significant efforts in research and development will lead to substantial segment growth. As per the report, the global discovery services segment accounted for over US$2.1 billion in 2018 and is expected to gain considerable growth by 2025.

 

Increasing requirements for an effective medication of chronic diseases will propel the demand for the discovery services segment. Discovery services gradually allow researchers to locate and discover, by authenticating the credibility of the required resources.

With the rising number of infectious diseases such as meningitis, T.B, and influenza, the infectious disease segment is anticipated to record more than 6.5% growth in the coming future. Heavy investment in R&D in the branch of infectious diseases is a major factor. The inclusion of scientific methods in the field such as bioinformatics and novel technologies facilitates understanding the responsiveness of viral and bacteriological infections.

 

For example, the hepatitis C virus (HCV) infections, are often described as an important breakthrough area in drug development. Various distinctive proceedings in HCV’s clinical trials have benefited the process of HIV drug development.

 

The rising demand for special CRO services that render distinctive products to medical device companies will influence the industry trends. The global medical device companies’ segment accounted for over US$10.5 billion of the global CRO industry share in 2018 and is expected to observe substantial growth by 2025.

According to an U. S Census Bureau report, the elderly population of the U.S. aged 65 years and above was nearly 47.8 million back in 2015 and is expected to reach 98.2 million by 2060. The significant rise in geriatric population base in the U.S. will act as key factor behind the constant growth in demand leading to new drug development and propelling contract research organization (CRO) demand.

The rising emphasis of pharmaceutical contract research organizations in the advancement of drug development for the treatment of several chronic diseases will bring in significant revenues. Reportedly, the U.S. contract research organization market was estimated at more than 7% of the total revenue share in 2018.

Prominent contract research organizations are Laboratory Corporation of America Holdings, ICON, CMIC, IQVIA (Quintiles IMS), Charles River Laboratories International (CRL), Parexel International, (Covance), Syneos Health, Clinipace, Wuxi AppTec, Clinitec, Pharmaceutical Product Development (PDD), Worldwide Clinical Trials, Synteract, PRA Health Sciences, Medpace, and EPS International.

The firms have consistently worked on partnerships and collaborations to expand territorial reach and maintain a competitive advantage. In August 2018, Syneos Health acquired an operational and advisory solutions provider company Kinapse. The strategic acquisition will enable Syneos Health's capability to facilitate customers with end-to-end services and solutions, expanding its services portfolio and business revenue. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/contract-research-organization-cro-market

Partial Chapter of the Table of Content 

Chapter 5. Contract Research Organization Market, By Therapeutic Area

5.1. Key segment trends

5.2. Oncology

5.2.1.  Market size, by region, 2014 – 2025

5.3. Clinical pharmacology

5.3.1.  Market size, by region, 2014 – 2025

5.4. Cardiology

5.4.1.  Market size, by region, 2014 – 2025

5.5. Infectious disease

5.5.1.  Market size, by region, 2014 – 2025

5.6. Neurology

5.6.1.  Market size, by region, 2014 – 2025

5.7. Gastroenterology & hepatology

5.7.1.  Market size, by region, 2014 – 2025

5.8. Ophthalmology

5.8.1.  Market size, by region, 2014 – 2025

5.9. Others

5.9.1.  Market size, by region, 2014 – 2025

Chapter 6. Contract Research Organization Market, By End-use

6.1. Key segment trends

6.2. Pharmaceutical & biopharmaceutical companies

6.2.1.  Market size, by region, 2014 – 2025

6.3. Medical device companies

6.3.1.  Market size, by region, 2014 – 2025

6.4. Academic institutes

6.4.1.  Market size, by region, 2014 – 2025

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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