Contract Research Organization (CRO) Market to witness major growth in coming years
Category: #health  By Partha Ray  Date: 2019-08-13
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Contract Research Organization (CRO) Market to witness major growth in coming years

Contract Research Organization (CRO) Market will exceed USD 56.5 billion by 2024; as per a new research report. Growing trend of technological advances coupled with pharmacovigilance outsourcing will drive the contract research organization market growth over the forecast timeline. Implementation of technologies such as patient recorded outcomes (PRO), clinical trial management systems (CTMS) and electronic data capture (EDC) further favors contract research organization industry growth. Regulations focusing on enhancing patient safety and quality management systems should boost CRO market growth over the coming years.
 
Rising prevalence of chronic ailments such as infectious diseases, cancer further fosters business growth. Larger commercialization of R&D in drug industry can boost productivity that should drive contract research organization (CRO) market. Moreover, increasing demand for global clinical trials and requirement for quality auditing will augment CRO industry growth. However, intellectual property issues surface at numerous points in technology transfer and institutional research that can restrain contract research organization (CRO) market growth.

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Early phase development services segment was valued at USD 5.8 billion in 2017 and is projected to grow significantly over the forecast timeframe. The growth is attributable to increasing early research activities in drug discovery process coupled with rising outsourcing for early phase development.

Cardiology segment will witness 8.1% CAGR by 2024 due to growing prevalence of cardiovascular diseases and surging number of clinical trials in cardiology. According to American Heart Association 2018 data nearly 92.1 million American adults are having after effects of stroke or some type of cardiovascular disease (CVD). Indirect and direct costs of overall CVDs and stroke are projected to exceed USD 329.7 billion. Rising adoption of unhealthy eating habits and lack of physical exercises accelerate the prevalence of CVD that should further boost segmental growth in forthcoming years.

Academic institutes segment accounted for 16.5% revenue share in 2017 owing to growing number of outsourcing research activities to academic institutes. Rapidly developing research practices coupled with rising outsourcing of R&D activities should spur segmental growth in foreseeable future.

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U.S. CRO market will grow at 7.3% during the forecast timeframe due to technological advances and wide-ranging drug development activities conducted in the country. Additionally, presence of several pharma companies in the U.S. should render positive impact on CRO industry.

China CRO market was valued at USD 1.3 billion in 2017 and is estimated to experience considerable growth over the coming years. The growth is attributable to fast approval procedures. Chinese firms pursue transparent and fast approval procedures through results that are acceptable to U.S. FDA thereby, fosters business growth.

Some of the prominent competitors operating in CRO market include Charles River Laboratories International (CRL), Clinipace, Clinitec, CMIC, EPS International, ICON, Laboratory Corporation of America Holdings (Covance), Medpace, Parexel International, Pharmaceutical Product Development (PDD), LLC, PRA Health Sciences, IQVIA (Quintiles IMS), Syneos Health, Synteract, Worldwide Clinical Trials and Wuxi AppTec. Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions. Merger and acquisitions ensure cost savings in CRO operations. Additionally, it also strengthens their foothold in the CRO market and capture more revenue share.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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