Contract Research Organization (CROs) Service Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Service Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, and Regulatory Consulting Services); Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology, and Others); End-users (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Academic Institutes); Region/Country

Detailed Analysis of COVID-19 Impact on the Contract Research Organization (CROs) Service Market

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263

Table:

58

Figure:

119

Report ID:

UMHE21877

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Report Description

Contract Research Organization (CROs) Service Market
Contract Research Organization (CROs) Service Market

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Global contract research organization  (CROs) services market is anticipated to grow with an elevated CAGR of around 9% over the forecast period (2021-2027). A contract research organisation is a third party company that provide assistance to the pharmaceutical, biotechnology and medical device manufactures interms of research and outsourcing on contract basis.

With the rising prevalence of orphan and rare diseases along with the mergers of drug manufacturers with the research companies provides better platform for the growth of contract research organization  (CROs) services market Furthermore, the surging incidences of the chronic diseases increases the demand for the appropriate drugs and treatment. As per CDC, the 60 percent of the Americans are suffering from atleast one chronic disease which accounted for the 197.7 million and 40 percent of them having more than two diseases. Additionally, the advancement in the bioinformatics and the new softwares launches by the companies are playing important role in the market growth of the CROs.

IQVIA Inc., Laboratory Corporation of America Holdings, Charles River Laboratories International, Inc., WuXi AppTec Co., Ltd., Syneos Health Inc., Parexel International Corporation, PPD, Inc. , Pharmaron Beijing Co., Ltd, Clinipace Inc. , ICON plc, Medpace Holdings Inc., are some of the prominent players operating in the Contract research organization  (CROs) Services market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of Contract research organization  (CROs) Services  devices.

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Insights Presented in the Report

“Amongst Service Type, clinical research services segment holds the major share”

Based on service type, the market is segmented into early phase development services, clinical research services, laboratory services, and regulatory consulting services. The clinical research services segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the higher CAGR during the forecast period. This is due to increasing investments on research and development of new drugs for the rare and orphans drugs that increases need for the clinical trials that results in the development of the segment in the contract research organization  market.

“Amongst Therapeutic area, oncology citizen segment holds the major share”

Based on therapeutic area, the market is divided into oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others. The oncology segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the increasing cancer cases which force medical professionals to develop new  and effective drug for the treatment of the cancer.  As per WHO, Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Among them, the lung and colon cancers were the leading causes of deaths.

“Amongst End-users, pharmaceutical & biopharmaceutical companies segment holds the major share”

Based on end-users, the market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. The pharmaceutical & biopharmaceutical companies is expected to witness significant growth during the forecast period. This is mainly due to the increasing  drug research & development and clinical trials they form partnership and mergers with the CROs. For instance Massive Bio, Inc., and Amber Specialty Pharmacy, announced its partnership to provide advanced data-driven technology solutions for patient recruitment services to the oncology research ecosystem, and thereby offer better access for cancer patients to leading-edge clinical trials. Amber Specialty Pharmacy will seamlessly connect patients in need for clinical trials.

“North America represents one of the largest markets of Contract research organization  (CROs) Services market”

For a better understanding of the market dynamics of the Contract research organization  (CROs) Services market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America dominated the contract research organization  (CROs) services market.This can be mainly due to the rising prevalence of the chronic diseases and increasing percapita healthcare expenditure in the region. As per CMS, U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per person. Furthermore, the presence of well-established market players and frequent product launches in the region are responsible for the growth of the region in CRO market.

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Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry


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The global contract research organization  (CROs) Services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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1.1.   Market Definitions
1.2.   Limitation
1.3.   Stakeholders
1.4.   Currency used in Report
2.1.   Research Process of the Contract Research Organization (CROs) Services Market
2.2.   Research Methodology of the Contract Research Organization (CROs) Services Market
2.3.   Forecasting Method
2.4.   Respondent Profile
2.5.   Main Objective of the Contract Research Organization (CROs) Services Market Study
3MARKET SYNOPSIS
4EXECUTIVE SUMMARY

 

5.      GLOBAL CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET COVID-19 IMPACT
6.      GLOBAL CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET REVENUE, 2019-2027F
7.1.   Early-phase development services
7.2.   Clinical research services
7.3.   Laboratory services
7.4.   Regulatory consulting services
8.1.   Oncology
8.2.   Clinical pharmacology
8.3.   Cardiology
8.4.   Infectious disease
8.5.   Neurology
8.6.   Gastroenterology & Hepatology
8.7.   Ophthalmology
8.8.   Others 
9.1.   Pharmaceutical & Biopharmaceutical Companies
9.2.   Medical Device Companies
9.3.   Academic Institutes
10.1.                  North America Contract Research Organization (CROs) Services Market 
10.1.1.   United States 
10.1.2.   Canada  
10.1.3.   Rest of North America
10.2.                  Europe Contract Research Organization (CROs) Services Market 
10.2.1.   Germany  
10.2.2.   France  
10.2.3.   U.K.  
10.2.4.   Italy  
10.2.5.   Spain  
10.2.6.   Rest of Europe 
10.3.                  Asia Pacific Contract Research Organization (CROs) Services Market
10.3.1.   China  
10.3.2.   Japan  
10.3.3.   India  
10.3.4.   Australia  
10.3.5.   Rest of Asia Pacific 
10.4.                  Rest of World Contract Research Organization (CROs) Services Market
11.1.                  Market Drivers
11.2.                  Market Challenges
11.3.                  Impact Analysis
12.  CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET OPPORTUNITIES
13.  CONTRACT RESEARCH ORGANIZATION (CROS) SERVICES MARKET TRENDS
14.  LEGAL & REGULATORY FRAMEWORK
15.1.                  Demand Side Analysis
15.2.                  Supply Side Analysis
16.  VALUE CHAIN ANALYSIS
17.1.                  Competitive Landscape 
17.1.1.   Porter’s Five Forces Analysis
18.1.                  IQVIA Inc. 
18.2.                  Laboratory Corporation of America Holdings
18.3.                  Charles River Laboratories International, Inc.
18.4.                  WuXi AppTec Co. Ltd.
18.5.                  Syneos Health Inc.
18.6.                  Parexel International Corporation
18.7.                  PPD Inc.  
18.8.                  Pharmaron Beijing Co.Ltd
18.9.                  Clinipace Inc. 
18.10.               ICON plc 
19.  DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global contract research organization  (CROs) services market were the three major steps undertaken to create and analyze the adoption of contract research organization  (CROs) services  in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global contract research organization  (CROs) Services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Contract research organization  (CROs) Services  through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the contract research organization  (CROs) services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as service type, therapeutic area, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of Contract research organization  (CROs) Services  across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the contract research organization  (CROs) services. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the contract research organization  (CROs) services sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the contract research organization  (CROs) services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Contract research organization (CROs) Services  across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Contract research organization (CROs) Services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

 

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Contract Research Organization (CROs) Service Market
Contract Research Organization (CROs) Service Market

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Contract research organization  (CROs) Services market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of service type, therapeutic area, and end-users of the contract research organization  (CROs) services market.

The main objective of the Contract research organization  (CROs) Services market Study

The current & future market trends of Contract research organization  (CROs) Services  were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Contract research organization (CROs) Services  in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of service type, therapeutic area, and end-users
  • Define and analysis of the regulatory framework for the Contract research organization (CROs) Services  industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Contract research organization (CROs) Services market for the major region
  • Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
  • Company profiles of the Contract research organization (CROs) Services market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

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