Market Insights
This report, titled “Contract Research Organization (CRO) Services Market: Growth, Future Prospects, and Competitive Analysis, 2016–2023,” offers strategic insights into the trends in the contract research organization services market, along with the market’s size and forecast for the duration of 2013–2023. The said research study incorporates an in-depth analysis of multiple market segments based on service type, research type, client type, and geographical distribution.
The global CRO market is becoming increasingly competitive, with a growing number of mergers and collaborations between market players to reach full capabilities and gain an international footprint. In addition, several players are also focused on developing their niche in the market. The rapid growth of this market has also resulted in the creation of further skilled job opportunities in major hubs spread across North America, Asia, and the Pacific.
Based on service types, the global CRO services market is categorized into clinical trial services (drug discovery, preclinical trials, phase I trials, phase II trials, phase III trials, and phase IV/post-market surveillance trials), medical writing services, regulatory services, clinical data management services, and others. Based on research type, the global CRO services market is segmented into clinical trial laboratories, contract research organizations, and academia.
In addition, pharmaceutical companies, medical device companies, and academic organizations form the major client types for CRO services. Market size and forecasts for all the segments considered are presented in this report for 2013–2023, along with their respective CAGRs for 2016–2023, based on value).
Regarding geographical distribution, the global CRO services are studied for five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Market size and forecasts for each regional and country-level market are included in the report for the considered periods.
To further elucidate, the geographical distribution of the global CRO services market is described as follows:
- North America
- Europe
- Germany
- France
- UK.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- C.C. Countries
- South Africa
- Rest of Middle East and Africa
Along with the quantitative information sets, this report also provides qualitative information sets such as market dynamics and an executive summary of the global CRO services market. The report also includes tools to help readers with competitive mappings, such as competition assessment and appealing investment propositions. This study concludes with the company profiles section. This section includes major information about the key companies engaged in the development and provision of CRO services.
Based on the service type, the global contract research organization services market is segmented as follows:
- Clinical Trial Services
- Drug Discovery
- Preclinical Trials
- Phase I Trials
- Phase II Trials
- Phase III Trials
- Phase IV (Post-Market Surveillance) Trials
- Medical Writing Services
- Regulatory Services
- clinical data management services
- Others
With the growing complexity of R&D trends, the demand for service providers has never been as great. The growth of CRO services indicates that such complex demands are being efficiently met by CROs. Recently, pharma companies have been increasingly focusing on reducing operational costs and reducing development timelines while maintaining quality.
Constraints in terms of payer pricing, R&D budget, and high costs of clinical development are urging manufacturers to consolidate disease areas for drug development. Such factors facilitate an increase in CRO business due to the potential flexibility offered by service providers.
CROs are continuously aligning their service offerings for pharmaceutical manufacturers with these prime trends. Among the considered CRO services, late-stage clinical trials hold the strongest market position and are expected to retain their significance through the forecast period.
The tendency to outsource clinical trial activities only after retaining the core early trials in-house and the convenience of large-scale recruiting through outsourcing are the key factors supporting this assessment.
At present, North America and Europe are the two largest regional markets for CRO services. These areas are home to a number of large, midsized, and small-sized (niche) CROs that provide a variety of service packages to pharmaceutical and biopharmaceutical manufacturers. Outsourcing of early-stage CRO services is also rapidly picking up pace in North America and Europe when compared with other regions.
Urgent cost containment and focusing on core competencies, along with the growing need for a skilled workforce and the need to streamline operational processes, are the key market drivers in these regions.
On the other hand, Asia Pacific is the fastest-growing market for CRO activities. The availability of a huge recruiting-eligible patient pool in the region, an offering of competitive service pricing, and the emergence of several large pharma companies in the region make Asia-Pacific a significantly lucrative hub for CRO activities. China and Japan are anticipated to be the most prominent country-level markets for CRO services during the forecast period.
