Contract Research Organizations (CROs) Services Market by Type (Preclinical, Clinical Research, Laboratory), Therapeutic Area (Oncology, CNS, Cardiovascular), End User (Pharmaceutical, Biopharmaceutical & Medical Device Companies) - Global Forecast to 2021
The global CRO services market is estimated to grow at a CAGR of 7.4% from 2016 to 2021, to reach USD 41.86 billion by 2021 from USD 29.29 billion in 2016. Growth in this market is primarily attributed to growing R&D expenditure, increased outsourcing of R&D activities, growing demand for outsourcing analytical testing and clinical trial services, and increase in the number of clinical trials. However, increasing regulatory pressure on CROs can hinder their market growth to a certain extent.
In this report, the global CRO services market is segmented on the basis of services, therapeutic area, end user, and region. On the basis of services, the market is segmented into early-phase development services, clinical research services, laboratory services, and consulting services. The clinical research services accounted for the largest share of the CROs market in 2015, owing to growing number of biosimilars and biologics by pharmaceutical and biopharmaceutical companies, increase in R&D activities, and growing number of clinical trials.
On the basis of therapeutic area, the oncology segment accounted for the largest share of the CRO services market. The increasing number of clinical trials conducted for oncology and rising prevalence of cancer worldwide are key market drivers for this segment. In 2015, pharmaceutical and biopharmaceutical companies accounted for the largest share of global CRO services market, by end user. The robust pipeline of pharmaceutical and biopharmaceutical companies; growing R&D expenditure; and increasing outsourcing of early-phase development services, clinical research, and laboratory testing services by pharmaceutical and biopharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time of drug development are expected to drive the CRO services market for pharmaceutical and biopharmaceutical companies.
Geographically, the global CRO services market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2015, North America commanded a major share of the global CRO services market. Factors such as high quality standards in the pharmaceutical industry, rapid growth in the biosimilars and biologics market, rising demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and increase in clinical trial activities in this region are contributing to the large share of North America. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to the fast-growing pharmaceutical industry, favorable government policies, increasing number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in this region.
Some of the prominent players in the CRO services market include Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation Of America Holdings (U.S.), Pharmaceutical Product Development, LLC (U.S.), PAREXEL International Corporation (U.S.), ICON Plc (Ireland), PRA Health Sciences, Inc. (U.S.), InVentiv Health Inc. (U.S.), Charles River Laboratories International Inc. (U.S.), INC Research Holdings Inc. (U.S.), and Wuxi PharmaTech (Cayman) Inc. (China).
The report analyzes the outsourcing services provided by CROs across different industries and regions. It aims at estimating the market size and future growth potential of the CRO services market for different segments such as services, therapeutic areas, end users, and regions. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, service offerings, recent developments, and key market strategies.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, service development/innovation, market development, market diversification, and competitive assessment) for increasing their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the services portfolios offered by the top players in the CRO services market. The report analyzes the CRO services market by service, therapeutic area, end user, and region
Service Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new service launches in the CRO services market
Market Development: Comprehensive information about the lucrative emerging markets
Market Diversification: Exhaustive information about new services, growing geographies, recent developments, and investments in the CRO services market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and services, and testing capabilities of leading players in the CRO services market