Pune, India, May 11, 2022 (GLOBE NEWSWIRE) --
The global contract research organization (CRO) market size is set to expand at substantial CAGR during the forecast period, owing to the rising incidence of chronic diseases and the growing demand for new drugs to combat these ailments. The pharmaceutical sector is expanding at a notable rate as several novel technologies are being introduced in the drug-making process.
The COVID-19 pandemic had a positive effect on the CRO market forecast as millions of new cases were being reported every day globally. As a result, the demand for effective vaccines to combat the disease grew at a substantial rate. CROs were intensifying their research efforts to find out possible ways to mitigate the spread of the virus and boost the patient’s immune system. The following is a region-wise view of the trends reshaping the market outlook during the forecast period of 2022-2028:
Asia Pacific (regional valuation may exceed $15.83 billion):
- Clinical research services gain momentum:
The clinical research services segment was valued at more than $5.3 billion in the Asia Pacific contract research organization market in 2021. Governments across the region are offering financial and non-financial support to these organizations to help them carry out their research activities and contribute towards improving the health of the regional population.
Government bodies, such as Human Studies Review Committee (HSRC) and Institutional Review Board (IRB) review all the clinical research trials to enhance the overall safety and quality of patient care. Clinical research centers are being set up across the region to assess the quality and safety of new products launched by pharma companies.
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- CROs upscale research activities in oncology:
The oncology segment captured 53.9% of APAC contract research organization industry share in 2021, as the number of cancer cases are growing at a steady rate across the region. This has boosted the demand for clinical trials to develop new drugs that can reduce the side-effects of chemotherapy sessions and help a patient’s immune system fight the cancerous cells.
Moreover, there are many CROs across the region that are specializing in the field of oncology to develop novel and effective drugs. For example, APAC-based CRO, Novotech has immense experience in all the phases of the oncology programs, such as early phase I, II, III, and late-phase trials. The rising presence of these CROs will drive the need for clinical trials in the field of oncology.
- Pharma and biopharma companies avail CRO services:
The share of pharmaceutical and biopharmaceutical companies may reach a valuation of $8.9 billion in the overall market by 2028 since the incidence of chronic diseases, such as cancer, kidney disorders, cardiac ailments, and neurological & infectious diseases is growing at a steady rate across the region. Several pharma and biopharma companies are heavily investing in a wide range of R&D activities to create new drugs. This will boost the adoption of these services, prominently influencing India contract research organization market trends.
Europe (regional valuation to surpass $26.6 billion):
- Italy CRO market forecast may improve:
Italy CRO market size is expected to record 6% CAGR through 2028 as the cases of infectious diseases are rising across the country. For example, according to a report published by Knoema, Italy recorded nearly 6.6 tuberculosis cases per 100,000 people in 2020.
This scenario may catalyze the demand for CRO solutions. Furthermore, many external factors, such as support from government bodies, high-quality healthcare system, strong pharma base, and universal insurance coverage will strengthen the presence of CROs across Italy.
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- High demand for early phase development services:
Europe industry size from early phase development services will register 7% CAGR through 2028, due to the efforts taken to mitigate the occurrence of severe diseases. For example, Distributed Bio partnered with Charles River Laboratories to develop a reliable platform and allow authorized clients to access the confidential data records in the preclinical phase. Such initiatives will help the early phase development services gain traction among regional clients.
- CROs find robust applications in cardiology:
The cardiology segment held around 3.6% of the regional CRO market share in 2021 as the cases of cardiovascular diseases are growing across the region. According to the European Society of Cardiology, in 2019, Europe reports over 6 million new cases of cardiovascular diseases (CVD) every year. These statistics have prompted public and private organizations to avail the services of CROs to help them develop safe yet effective medicines and treatments to increase the survival rate of patients suffering from CVD.
North America (regional valuation to cross $34.2 billion):
- Laboratory services used for biological testing:
Laboratory services accounted for 12% of the North America contract research organization market share in 2021. These services are being widely used in biological & analytical testing. The increasing prevalence of cardiovascular disorders will augment the demand for laboratory services.
For example, around 659,000 people die from heart ailments every year in the U.S., according to the CDC. To mitigate the death rate of these diseases, various advanced technologies are being introduced in the laboratory services, which will amplify their adoption.
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- Cases of infectious diseases witness a significant rise:
The infectious disease segment generated a revenue of $608.8 million for the regional CRO industry in 2021 as the region is witnessing a notable surge in the number of people being diagnosed with infectious diseases. For example, in 2020, the U.S. recorded nearly 7,174 cases of tuberculosis, as per the CDC. This may increase the demand for CROs to conduct clinical trials to develop innovative drugs and vaccines, which will reduce the chances of contracting infections.
- Medical device companies may accelerate CRO investments:
Medical device companies occupied 28.3% of the regional CROs market share in 2021 as the demand for smart tools to diagnose and treat severe ailments is showing promising growth. The CRO services are in line with the regulatory requirements and can fulfill the unique needs of various medical devices to conduct innovative trials, thereby boosting their adoption among medical device companies.
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