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Global CRO Market Size, Trends, Drivers, Growth, Opportunities, Industry Report And 2021 Forecast

Press Release

The Business Research Company’s Contract Research Organizations Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.

The CRO production market consists of the value of CRO services produced by entities (organizations, sole traders and partnerships) that provide outsourcing of research services such as clinical trial data management, database design and build, data entry and validation, medicine and disease coding, project management, quality and metric reporting, safety and efficacy summaries, and statistical analysis plans and reports, on a contract basis. The production market for a particular geography includes the value of CRO services produced or generated by CRO service providers operating in that geography.

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Growth in the historic period resulted from rising costs of drug development, increased patent expirations of drugs, and growth in the biologics market. Factors that negatively affected growth in the historic period were failures in clinic trials and stringent and differing regulations.

Rapidly Growing Biologics Market – The CRO market is being driven by the biopharmaceutical industry’s improving fundamentals. Most biopharma companies, the CRO industry’s most important customers, are now at the tail end of multi-year patent cliffs and are stepping up investments in their late-stage pipelines. This is expected to drive modest growth in biopharma R&D expenditure in the foreseeable future.  The global biologics (biopharmaceutical drugs) market is expected to grow to $428 billion by 2022 at an annual rate of about 13.5%.

The CRO market is segmented by type of service, by therapeutic area and by geography.

By Service Type– The CRO market is segmented by Service type into

  1. a) Drug Discovery
  2. b) Preclinical Studies
  3. c) Phase I
  4. d) Phase II
  5. e) Phase III
  6. f) Phase IV
  7. g) Other Services

The drug discovery market was the largest segment of the CRO market in 2018 at 32.9%. The Phase I market is expected to be the fastest-growing segment going forward at a CAGR of 15.27%.

By Therapeutic Area – The CRO market is segmented by therapeutic area into

  1. a) Oncology
  2. b) Cardiovascular Disease
  3. c) CNS disorder
  4. d) Infectious Disease
  5. e) Metabolic Disease
  6. f) Other Therapeutic Area

The oncology was the largest segment of the CRO market in 2018 at 26.0%. The metabolic disease is expected to be the fastest-growing segment going forward at a CAGR of 16.9%.

The CRO production in North America accounting for 41.2% of the global CRO production market in 2018. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest growing regions in the CRO production market will be Asia-Pacific and the Middle East.

Major players in the market are IQVIA, Laboratory Corporation Of America Holdings, Syneos Health, PRA Health Sciences, PPD.

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