New York, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Rising number of R&D outsourcing activities, growing demand and number of clinical trials, emphasis on developing novel products, emphasis on R&D activities, Elevated demand for Specialized testing services, technological innovations and development, and emerging new markets in Asia Pacific are key factors contributing to high CAGR of Contract Research Outsourcing Market during forecast period.
According to the current analysis of Reports and Data, the global Contract Research Outsourcing market was valued at USD 38.18 Billion in 2018 and is expected to reach USD 68.14 Billion by the year 2026, at a CAGR of 7.4 %.
The study covers Contract Research Outsourcing (CRO) – An organization that offers comprehensive services to biotechnology, pharmaceutical, and medical devices industries. CRO offers a wide range of support services like project management, clinical trial data management, database design & build, preclinical research, biopharmaceutical development, data entry & validation, biologic assay development, medicine and disease coding, safety and efficacy summaries, and others.
Rise in demand and increased number of clinical trial all over the globe, increased research and development budget and increased outsourcing activities, improved focus of pharmaceutical industries on R&D, and developing novel products boosts the contract research outsourcing market. Likewise, increase in the demand of specialized testing services, emerging new marketplaces, and innovative technologies developing more efficient and safer products, are some of the other key factors propelling contract research outsourcing market growth in the industry. However, fiercely competitive market environment and lack of skilled professionals, are expected to be the major restraints for market growth during 2019-2026.
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Further key findings from the report suggest
- Contract Research Outsourcing market is growing at a CAGR of 8 % in Asia Pacific followed by North America and Europe, with 7.23 % and 7.21 % CAGR, respectively. Rising demand and increased number of clinical trial all over the globe is the prominent factor to accelerate the market growth during the forecast period across all regions.
- As of 2018, Early Phase Development Service is the dominating Contract Research Outsourcing (CRO) market which holds 30.2 % of the global market. North America regional market is the chief revenue generating source for this product segment, followed by Europe and Asia-Pacific regions
- Consulting Services is expected to be the Second fastest growing market segment during forecast period 2019-2026 with a CAGR of 7.4 %. However, associated competitive structure of the market and lack of skilled professionals are major challenge for the market growth of this market segment
- Oncology therapeutic area type segment is expected to continue dominating the Contract research Outsourcing market, It was valued at USD 13.35 billion in 2018 and is expected reach USD 24.4 billion by 2026, expanding at a CAGR of 7.8 %.
- Asia Pacific is anticipated to account for the 17.6 % of the global Contract Research Outsourcing market. Emerging countries such China, and India are likely to witness high growth due to increased demand for Contract Research Outsourcing.
- Associated intellectual property disputes at various levels related to Contract Research Outsourcing and lack of skilled professionals is likely to hinder the market growth during the forecast period
- Key participants in the Contract Research Outsourcing market include Charles River Laboratories, Parexel International, IQVIA, Covance, PRA Health Sciences, LabCorp, Pharmaceutical Product Development (PPD), Clinitec, ICON plc, Medidata Solutions, and EPS International.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Contract Research Outsourcing (CRO) market on basis of type, Therapeutic Area type, end use, and region:
Product Type (Revenue, USD Million; 2016–2026)
- Early Phase Development Services
- Discovery Studies
- Chemistry, Manufacturing & Control (CMC)
- Preclinical Services
- Clinic Research Services (CRS)
- Phase I CRS
- Phase II CRS
- Phase III CRS
- Phase IV CRS
- Laboratory Services
- Bioanalytical Testing
- Analytical Testing
- Physical Characterization
- Toxicology Testing
- Stability Testing
- Raw Material Testing
- Other Analytical Testing
- Consulting Services
- Pharmacokinetics/Pharmacodynamics (PK/PD)
- Batch Release Testing
- Others
Therapeutic Area Type (Revenue, USD Million; 2016–2026)
- Oncology
- Immunological Disorders
- Central nervous system (CNS) Disorders
- Cardiovascular Diseases
- Infectious Diseases
- Respiratory Disorders
- Diabetes
- Other
End Use (Revenue, USD Million; 2016–2026)
- Pharmaceutical and Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
- Others
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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