Global Contract Research Organizations Market (2020 to 2027) - Increasing Demand for Biosimilars Presents Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Contract Research Organizations (CRO) Market by Services (Clinical Research [Phase II, Phase III], Pre-Clinical [Pharmacokinetics, Toxicology], Laboratory Services, and others), Therapeutic Area, End, and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global contract research organizations market is expected to grow at a CAGR of 6.5% from 2020 to 2027 to reach $64.4 billion by 2027.
Succeeding extensive secondary and primary research and in-depth analysis of the market scenario, the report includes key industry drivers, restraints, challenges, and opportunities. The growth in the contract research organizations market is mainly attributed to the rising demand for biopharmaceuticals, an increasing number of clinical trials, and growing government support for biopharmaceutical manufacturing. Moreover, opportunities from emerging markets, increasing demand for biosimilars, and continuous advancements in bioprocessing techniques offer significant opportunities for players operating in the contract research organizations market. However, the recent outbreak of COVID-19 has adversely affected the growth of the CROs market during 2019-2020.
Based on service, the clinical research services segment accounted for the largest share of this market in 2019. The large share of this segment is mainly attributed to an increase in the number of clinical trials globally, growth in outsourcing of clinical trials, especially Phase III and Phase II trials, and growth in collaborations between key players and clinical service providers to reduce failures.
Based on therapeutic area, the oncology segment is estimated to account for the largest share of this market in 2020. The large share of this segment is mainly attributed to an increase in the number of oncology clinical trials globally, growth in government investments for the development of personalized medicines for oncology, and high demand for biosimilars for cancer.
Moreover, based on end user, the pharmaceutical & biotechnology companies segment is estimated to account for the largest share of the global contract research organizations market in 2020. An increase in R&D investments for drug development, growing collaborations of pharmaceutical companies with CROs to conduct clinical trials, and government initiatives to support the growth of pharmaceutical companies are the key factors driving the growth of the contract research organizations market for pharmaceutical & biotechnology companies.
An in-depth geographic analysis of the contract research organization market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) and the coverage of major countries in each region. North America commanded the largest share of the global contract research organizations market in 2019, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
- Growing Demand for Biopharmaceuticals
- Increasing Number of Clinical Trials
- Rising Government Support for Biopharmaceutical Manufacturing
- Product Quality and IPR Issues
- Significant Opportunities from Emerging Markets
- Increasing Demand for Biosimilars
- Continuous Advancements in Bioprocessing Techniques
- Dearth of Skilled Professionals
- Increase in Outsourcing Activities To Expedite Clinical Trials
- Growing Consolidation
- Impact of Covid-19
- IQVIA Holdings, Inc.
- Laboratory Corp of America Holdings
- Charles River Laboratories International, Inc.
- Wuxi Apptec Co., Ltd.
- Medpace Holdings, Inc.
- PRA Health Sciences, Inc.
- Syneos Health, Inc.
- Parexel International Corporation (A Part of Pamplona Capital Management)
- ICON Plc
- PPD, Inc.
- SGA S.A.
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