Contract Research Organizations
The Contract Research Organizations industry experienced a period of aggressive growth over the past five years to 2018, benefiting from rapidly increasing research and development (R&D) expenditures. Many pharmaceutical companies have also lost revenue due to increasing patent expirations, spurring manufacturers to outsource aspects of the drug manufacturing process to CROs to reduce costs. As a result, CROs are experiencing significant growth. Over the next five years to 2023, the industry is expected to continue to benefit from increased R&D spending and high demand from drug and medical device manufacturers. The rise of biopharmaceuticals, in addition to the development of genomics and drugs tailored to the unique genetic profiles of individual or specific diseases, will require a significant amount of clinical trials to ensure product safety and effectiveness.
This industry includes companies that provide research services on a contract basis to the pharmaceutical and biotechnology industries. Contract research organizations (CRO) provide biopharmaceutical development, preclinical research, clinical research and clinical trial management. Many CROs specifically provide clinical study and clinical trial support for drugs or medical devices.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.