Jul 08, 2019 (AB Digital via COMTEX) -- Contract Research Organization Market Global Players:
INC Research LLC (U.S.), Laboratory Corporation of America Holdings. (U.S.), QuintilesIMS (U.S.),
Pharmaceutical Product Development, LLC. (U.S.), PAREXEL International Corporation. (U.S.),
ICON plc. (Europe), and PRA Health Sciences, Inc. (U.S.) are the key players in the global contract research organization market.
The Global Contract Research Organization Market has been segmented based on segment, clinical trial phase, and end users.
By segment, the global contract research organization market has been segmented into drug discovery, clinical development, post marketing services, and others.
By clinical trial phase, the global contract research organization market has been segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others.
By end user, the global contract research organization market has been segmented into pharmaceutical/ biotechnology companies, medical devices companies, academic institutes and others.
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Contract Research Organization Market Overview:
The growth of the global contract manufacturing market can be attributed to the growing complexity of drug development and drug discovery which has given rise to the trend of outsourcing. Increasing cost of drug development, pricing pressures, and pipeline challenges has prompted pharmaceutical companies to resort to outsourcing to withstand the intense competitive nature of the pharmaceutical industry. In addition, pharmaceutical manufacturing requires sophisticated technologies and advanced technical knowledge which is a key factor in shaping the growth of the market. Contract research organizations help to reduce costs considerably and provide increased expertise and allow pharmaceutical companies to enjoy economies of scale. Besides, they also aid in staying compliant with regulatory norms. Pharmaceutical and biotechnology companies eyeing for regulatory approvals in various countries have further increased the demand for CROs.
Pharmaceutical companies are progressively turning to CROs to capitalize on the expertise and capabilities they offer, so that they can lay higher emphasis on other core competencies, without changing or investing in available infrastructure. It helps the, reduce manufacturing costs while maintaining quality.
Other factors which are boosting the growth of the market include towering healthcare costs, patent expiration, and rigorous rules to maintain product quality. On the other hand, the growth of the market is at threat from structural changes in the industry, high cost of labor, volatility in exchange rates, freight charges, and elevated complexities of clinical trials. Moreover, given the high demand for CROs, the number of CROs have not been able to match pace with the demand which is a major impeding factor.
By region, the global contract research organization market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas account for the lion's share of the global contract research organization market on account of an established healthcare sector and the presence of a massive patient population. Strong economic conditions, established drug market and robust manufacturing capabilities are factors supporting the growth of the market.
Europe is the second largest market for contract research organization which is driven by increasing healthcare expenditure and availability of funds. Moreover, burgeoning government support for R&D along with increase in patient population is likely to provide ample opportunities for market expansion over the forecast period. The untapped Eastern Europe region stores huge opportunities for further market expansion.
APAC market is expected to expand at a relatively faster rate as compared to other markets. Increasing healthcare expenditure in the developing economies of the region such as China and India provide attractive prospects for market growth. Favorable government policies and increasing base of patient population is expected to support the growth if the market over the forecast period.
the MEA market is likely to hold the minimum share of the market over the forecast period due to poor economic conditions and less developed healthcare sector in the region, especially in Africa. The Middle East accounts for the majority share of the MEA market where the well-developed healthcare sector augurs well for the market growth. In addition, presence of developed economies such as Kuwait, Saudi Arabia, Dubai and Qatar are contributing to the growth of the market.
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