Contract Research Organization (CRO) Services Market Size worth USD 119.36 billion by 2031| Increasing Incidence of Chronic Diseases to Fuel Market Growth: Growth Plus Reports
NEW YORK, May 18, 2022 /PRNewswire/ -- The Global Contract Research Organization (CRO) Services Market is expected to clock US$ ~119.36 billion by 2031 owing to growing number of clinical trials and increased outsourcing of development of drugs & vaccines to CROs by the companies.
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Growth Engines
In order to conduct rapid development and commercialization of the drug, companies are outsourcing development activities to CROs. Multiple companies have entered into strategic partnerships/agreements/collaborations with CROs. For instance, in December 2020, IQVIA collaborated with Servier, an international pharmaceutical company to reinvent their R&D clinical development processes and support their long-term R&D success. Similarly, in May 2019, CStone Pharmaceuticals collaborated with Bayer, to evaluate the safety, tolerability, pharmacokinetics, and antitumor activity of PD-L1 monoclonal antibody drug CS1001 in combination with Bayer's oral multi-kinase inhibitor Stivarga (regorafenib), for treatment for multiple types of cancer. Such initiatives taken from pharma & biotech companies are helping them in carrying out the development of the drug as well as clinical trials at a faster pace.
The global contract research organization (CRO) services market has been analyzed from four perspectives: Service Type, Disease Indication, End User, and Region.
Excerpts from 'By Disease Indication'
Based on the disease indication, the market is segmented into: -
- Oncology
- Infectious Diseases
- Cardiovascular
- Central Nervous System (CNS)
- Respiratory
- Autoimmune disorders
- Others
Oncology segment held the largest market share in 2020. The large share of this segment can be mainly attributed to factors such as the rising prevalence of cancer and increasing research and development activities for various cancer drugs.
Excerpts from 'By Region Segmentation'
Regionally, the global contract research organization (CRO) services market has been segmented into: -
- North America
- Europe
- Asia Pacific
- The Rest of the World (RoW).
North America held the largest market share of the global contract research organization (CRO) services market in 2020. The large share of this region can be attributed to several factors such as high number of R&D activities for new molecules coupled with increasing private-public funding for R&D. Moreover, as COVID-19 has soared out of control in the U.S., multiple pharma & biotech companies are working on finding the cure for COVID-19. In order to fast track the developments of drugs & vaccines, companies are outsourcing the development of their compounds. Such factors have propelled the CRO services market growth.
Excerpts from 'Competitive Landscape'
The prominent players operating in the global contract research organization (CRO) services market include:-
- IQVIA
- Charles River Laboratories
- WuXi AppTec
- Laboratory Corporation of America Holdings
- Parexel International Corporation PPD Inc
- Eurofins Scientific
- Icon plc
- Syneos Health
- PRA Health Sciences
- Among others
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Growth Plus Reports has segmented the global Contract Research Organization (CRO) Services market on the basis of Service Type, Disease Indication, End User:
Service Type Outlook (Revenue, USD Million; 2020–2031)
- Early Phase Development
- Clinical Research Services
- Laboratory Services
- Consulting Services
Disease Indication Outlook (Revenue, USD Million; 2020–2031)
- Oncology
- Infectious Diseases
- Cardiovascular
- Central Nervous System (CNS)
- Respiratory
- Autoimmune Disorders
End User (Revenue, USD Million; 2020–2031)
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
- Research & Academic Institutes
Table of contents:
- INTRODUCTION
- Market Ecosystem
- Geographic Scope
- Timeline Under Consideration
- Historical Years – 2018 & 2019
- Base Year – 2020
- Forecasted Years – 2021 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Technological Advancements
- Key Players & Their Competitive Positioning (2020)
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
VALUE PROPOSITIONS RELATED TO THE REPORT:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid-19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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Contract Research Organization (CRO) Services Market by Service Type (Early Phase Development, Clinical Research Services, Laboratory Services, and Consulting Services), Disease Indication (Oncology, Infectious Diseases, Cardiovascular, Central Nervous System (CNS), Respiratory, and Autoimmune Disorders), End User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Research & Academic Institutes) – Global Outlook & Forecast 2021-2031
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