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A recent report published by Infinium Global Research on the contract research organization market provides an in-depth analysis of segments and sub-segments in the global as well as regional contract research organization market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional contract research organization market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global contract research organization market. According to the report, the global contract research organization market is projected to grow at a CAGR of 6.34% over the forecast period of 2020-2026.
Contract Research Organization (CRO) is growing as an important component of the healthcare industry. This organization provides Research and Development (R&D) services to biotechnology organizations, different government establishments, and academic researchers on an agreement basis. Redistributing R&D tasks to CRO permits these organizations to focus on their core activities such as sales, marketing, and product management. It additionally causes them to build their ability for in-house administrations, pharmacovigilance, biostatistics, and several others. Apart from these the major driving elements for this market include the biopharma companies growing focus to accomplish cost proficiency in their business tasks.
However, the COVID-19 outbreak has caused substantial disruption in the CRO industry. Particularly, with travel and restrictions in place, research are going to become increasingly difficult to complete for numerous reasons such as staff shortage, financial losses, social-distancing protocols, and concerns over patient safety. Besides, without the proper collaboration tools, previously workable processes will worsen and might become unmanageable. These are the immediate implications on the research and product development facilities due to COVID-19. However, as the necessity for developing COVID-19 vaccination causes precise research activities, the demand for contract research organization is likely to intensify in the upcoming years.
Major biopharma and medical device manufacturers are outsourcing the research activities due to the numerous benefits offered by the contract research organizations. Companies are strategically outsourcing R&D to reduce functioning costs, lower drug development risks, adapt to shifting manufacturing requirements, gain access to manufacturing expertise, and to reduce drug commercialization development times. Apart from these the other driving factors for this market include, the company’s vision to focus on their core business activities and to achieve cost efficiency in their business operations. Further, the rising cost of research and development of pharmaceutical drugs are also increasing the adoption of contract research in the pharmaceutical industry. Despite this, the market for CRO is facing some serious challenges such as the shortage of experienced professionals to conduct R&D activities that are likely to hamper the growth of the market.
As per the geographies, North
America dominated the CRO market. Factors such as augmented use on R&D in
medical services by governments, development of biopharmaceutical business, and
expanding interest for outsourcing are driving the development for the North
America CRO market. Europe is considered as the second biggest area for this
market attributable to developing interest in R&D exercises by vital
participants in supporting the development for the CRO in this region. Asia
Pacific region is estimated to be the fastest-growing region in this market
owing to the huge availability of preclinical and clinical trials due to the
rising prevalence of diseases and growth in population.
The report on the global contract research organization market covers segments such as service type, therapeutic area, and end user. On the basis of service type, the sub-markets include consulting services, early-phase development services, and laboratory services. On the basis of therapeutic area, the sub-markets include cardiac, central nervous system, infectious diseases, and other therapeutic areas. On the basis of end user, the sub-markets include academic institutes, and pharmaceutical & biopharmaceutical companies.
The report provides profiles of the companies in the market such as Covance Inc., PAREXEL International, Pharmaceutical Product Development, LLC, Syneos Health, IQVIA, ICON Public Limited Company, Charles River Laboratories, Inc., Medpace, Inc., Laboratory Corporation, and others.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the contract research organization market. Moreover, the study
highlights current market trends and provides forecasts from 2020-2026. We also
have highlighted future trends in the market that will affect the demand during
the forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.