Rising costs and falling productivity, among other trends are driving pharmaceutical companies to outsource an increasing range of functions to CROs in search of time and cost savings. This produced strong double-digit growth in the sector between 2003 and 2008. However, amongst other resistors, the financial crisis resulted in reduced funding available for biotech companies. This fully updated CRO Market Outlook assesses the market drivers and resistors and predicts the effects of these. The report analyzes the overarching trends in the industry; examines which regions are set to see growth in CRO activity; evaluates the leading CROs; and outlines the future of the industry. The report provides insight into conditions into seven emerging regions including China, India and Latin America. It highlights the evolving business and relationship models between CROs and sponsor companies and enables optimal outsourcing strategy.
Key features of this report
Identifies and analyses the most recent trends and issues in outsourcing clinical R&D
Describes where clinical trials will be conducted in the future
Explores the complexities and the costs of outsourcing R&D to different world regions
Profiles the major international CRO players
Provides a detailed assessment of the current CRO market including market share information and the size/growth of R&D spending
Focuses on emerging CRO markets
Highlights evolving strategies for working with CROs
Examines existing and future CRO business models
Key findings from this report
The total CRO market size is estimated at $20bn in 2008 and expected to grow at an annual rate of 8.5% to reach $35bn through 2015. The market is highly fragmented and the number of CROs worldwide has reached over 1,100 despite continued consolidation.
CROs provide substantial global capacity to drug developers and have become a critical contributor to clinical trial activity. Projects with high CRO involvement are associated with shorter development times.
Of the large, global contract research providers, Quintiles is market leader, with 15% of the global market share, followed by Covance and PPD. The five largest CROs have increased their market share and now hold 55% of the total market.
The leading CROs are commodity full service providers operating on a global scale. They act as one-stop shops for all services, from preclinical through marketing.
The number of clinical studies conducted in Asia, Central and Eastern Europe and Latin America is constantly rising. India and China are the future outsourcing destinations of choice.
CROs and pharmaceutical companies are turning to strategic partnerships to gain a competitive edge in the global business environment.
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