Contract Research Organization (CRO) Market to 2025 – Global Analysis and Forecasts by Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Post-Approval Services); End User (Pharmaceutical & Biotechnology Companies

Contract Research Organization (CRO) Market to 2025 – Global Analysis and Forecasts by Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Post-Approval Services); End User (Pharmaceutical & Biotechnology Companies and Medical Device companies) and Geography

The CROs market is estimated to account for US$ 68,198.3 6 Mn by the end of 2025, escalating at a CAGR of 8.6% during the forecast period from 2018 to 2025, rising from US$ 35,818.9 Mn in 2017. The rise in the number of R&D expenditures and outsourcing activities and increasing number of clinical trials are expected to fuel the growth of global CROs market. According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of the biopharmaceutical companies has increased from US$49.6 billion 2012 to US$ 58.8 billion in 2015.

In the CROs market, the laboratory services segment is expected to the fastest growing segment in the forecast period, by type. The laboratory services rigorously collects, combines and reports trials data from different clinical sites. These laboratories are associated in conducting both analytical and bio-analytical tests for the samples in clinical trial phases and bulk manufacturing procedures. The analytical tests for clinical trial samples includes primary end point tests, safety testing, as well as secondary end point testing. The main goal of central laboratory is the consolidation of test results and data originating from different clinical trials.

Pharmaceutical & biotechnology companies held the largest share of the CROs market, by type. The CROs are specialized in conducting research in comparison to pharmaceutical companies that are indulged more in other revenue generation activities such as production, sales and marketing of the drugs or medicinal products. Thus, the CROs bring value to the pharmaceutical and biotechnology companies by saving huge infrastructure and R&D facilities costs, as well as reduce the time period required to conduct a clinical trial. Moreover, the emerging pharmaceutical companies that do not have sufficient knowledge regarding regulatory affairs in the industry, helps them to establish a legal presence in the economy as well as industry through various services provided by CROs. Thus, the increasing number of pharmaceutical and biotechnology companies, unavailability of skilled professionals and rising demand for new therapeutics to treat various medical conditions are expected to drive the growth of this segment in CROs market, over the forecast years

The CROs market was estimated through extensive primary and secondary sources that included a vast array of government authorized websites such as World Health Organization (WHO), Centers for Disease Control & Prevention (CDC), Food & Drug Administration (FDA), United Nations (UN), International Diabetes Federation (IDF), National Institute of Health (NIH) and others. The primary respondents included chair-holders and representatives of the demand and supply side for healthcare industries as well as medical professionals at various biopharmaceutical companies and research centers.