Contract Research Organization (CRO) Services: Worldwide Markets to 2022 with Quintiles IMS, Covance, PAREXEL, Charles River Labs and ICON Leading the Competition - ResearchAndMarkets.com
All segments, including preclinical and post-approval, continue to grow solidly.
The outlook for the industry remains extremely positive; with the proliferation of therapies for orphan drugs and precision-based medicines, clinical trials are becoming increasingly complex and are driving demand for sophisticated outsourcing partners with expertise in combination products, risk-based monitoring, disease registries, real-world evidence, and medical affairs. Expanding service offerings and capabilities remain a predominant strategy among CROs.
CROs obtain the lion's share of their revenue from actual clinical trials. Discovery, preclinical and central lab services all represent strong areas of growth despite accounting for a smaller share of revenue.
The geographical distribution of clinical trials is slowly shifting from developed nations to emerging countries; rising costs of trials and difficulty in patient recruitment has led biopharma companies to shift toward regions such as Central and Eastern Europe, Asia-Pacific and Latin America for quicker patient recruitment and cost savings. The greater disease variation among developing countries also helps create more diverse population samples, particularly for rare disease studies.
Based on the indication, the oncology segment is the largest and one of the most rapidly growing within the CRO space. Pain management remains one of the faster growing and more lucrative disease areas, with new treatments for chronic and acute pain and rising investigational studies for Non-Steroidal Anti-Inflammatory Drug (NSAID) and analgesic molecules driving this segment.
The dominant players in the industry are Quintiles IMS, Covance, PAREXEL, Charles River Labs and ICON. Mergers and acquisitions by these and other larger companies in this space continue at an unprecedented pace; high valuations along with the increasing need to become complete service providers are driving this trend.
Key drivers impacting CRO market growth include globalization of clinical trials, development of new treatments such as personalized medicine, augmenting evolution of technology and greater penetration of CROs into the clinical trial process. The demand or biogenetics and particularly biosimilars will be a clear driver going forward.
Current pharma R&D spending is being driven by precision-based medicines and immunotherapies for smaller populations, genetic therapies for oncology and rare disease treatment and generally more demanding and complex protocols for drug development.
The clinical trial environment continues to be tied to exorbitant costs as complex therapies requiring larger and more diverse samples are extending the time required and geographies involved to conduct a typical study. In an effort to contain these costs and shorten development timelines, pharma and biopharma firms are increasingly outsourcing many services associated with the development of today's complex therapies to CROs.
Key Topics CoveredChapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Overview - Clinical Trial Process and CRO Functional Services
Chapter 4 Global Market Overview
Chapter 5 Emerging Trends
Chapter 6 Competitive Landscape
Chapter 7 Mergers & Acquisitions
Chapter 8 Company Profiles
- Charles River Laboratories
- Concord Biosciences
- Icon PLC
- INC Research/Inventive Health
- Pharmaceutical Product Development
- PRA Health Services
- Wuxi Apptec
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