Contract Research Organization Market outlook 2021 | Worldwide industry growth statistics, trends and forecasts 2027
Contract Research Organization (CRO) Market size is set to register lucrative gains during the forecast timeframe led by the growing number of clinical trials in emerging countries.
Delaware , United States – August 5, 2021 /MarketersMedia/ —
Robust investments in R&D by biopharma and pharmaceutical companies for the discovery of novel drugs in various phases will support the significant growth of the global contract research organization market in the coming years. According to a survey by PhRMA organization, the member companies invested USD 83 billion in 2019 for the development of new 260 vaccines, including the COVID-19. With the high prevalence of infectious diseases, the globally increasing need for vaccines and drugs outsourcing clinical research organizations for clinical trials is becoming a popular trend in the pharmaceutical and biopharmaceutical industry.
According to a study by Global Market Insights Inc. the global market size is all set to surpass USD 74.2 billion by 2027.
To solidify their market presence and sustain competition, industry leaders are focusing on various strategies like acquisitions, business expansion, and novel service launches. Some of the prominent contract research organization market companies include Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development & PRA Health Science, PAREXEL International and Syneos Health.
The following are some of the key trends that will influence the contract research organization market over the coming timeframe.
Increased revenue from laboratories
The demand for laboratory services, comprising the analytical research services and bioanalytical testing services, is anticipated to expected to grow at a 7% annual rate through 2027. The bioanalytical testing services registered close to USD 2.5 billion in 2020 as these assays as widely used to regulate the absorption as well as obtainability of the active ingredient post the administration. The specimens are also analyzed with the help of pre-clinical and clinical trials for the measurement of metabolite and drug absorptions within the complex biological media. Furthermore, bioanalytical services are witnessing higher penetration to control the quantity of drugs or the presence of induced antibodies in the biological samples.
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Rise in hepatology and gastroenterology incidences
Increased cases of chronic hepatology and gastroenterology diseases such as cirrhosis will accelerate the preference for CROs. The rise in the number of R&D activities has led to the increase in clinical trial development by the leading industry players. Owing to this, the gastroenterology & hepatology therapeutic segment is anticipated to record USD 3 billion in revenue by 2027.
Scope across academic institutes
The contract research organization market share from academic institutes could observe a CAGR of 6.2% in the next few years. This can be attributed to the rise in the instances of outsourcing research activities to academic institutes. There is a noticeable jump in the number of rapidly developing research practices. Besides, academic medical institutes work with Institutional Review Boards (IRB) to supervise the moral manner of medical research as well as to render large medical participant’s pool to sites and bigger urban areas.
Expanding patient population in the Asia Pacific region
In APAC countries like India, the COVID-19 cases are touching the sky. So far, more than 21.1 million COVID cases have been registered from India alone. The dramatic rise of COVID cases in the APAC region is attracting CROs to conduct trials to fast-track procedures and take advantage of the large patient pool. Along with this, the increasing government funding for novel vaccines & medicine to control severe diseases is another major factor supporting the regional growth. Taking note of these factors, the Asia Pacific contract research organization market will expand at a robust CAGR of 9.1 % in the next few years.
Furthermore, there have been some major changes and up-gradation in biotechnology firms in the APAC region, which can drive regional business expansion. For example, to assist Chinese biotech firms and Western pharmaceutical companies managing Chinese research studies, PPD established a new and separate laboratory in Suzhou, China.
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