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
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.
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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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Contract Research Organization (cros) Services Market Covid-19 Impact
6. Global Contract Research Organization (cros) Services Market Revenue, 2019-2027f
7. Market Insights By Service Type
8. Market Insights By Therapeutic Area
9. Market Insights By End-users
10. Market Insights By Region
11. Contract Research Organization (cros) Services Market Dynamics
12. Contract Research Organization (cros) Services Market Opportunities
13. Contract Research Organization (cros) Services Market Trends
14. Legal & Regulatory Framework
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
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:
Seek More Details About Research Methodology
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.
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:
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
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:
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