Contract Research Organization Market to Grow at a CAGR of 8.36% by 2026
Growing expenses
for research and development is driving the growth of the global contact
research organization market during 2016-2026.
According to TechSci Research report, “Global Contract
Research Organization Market
By Service (Clinical Research Services, Early Phase Development Services,
Laboratory Services, Consulting Services and Data Management Services), By
Application (Oncology, Central Nervous System, Autoimmune/ Inflammation Diabetes,
Cardiovascular, Others), By End User (Pharmaceutical and Biopharmaceutical
Companies, Medical Device Companies, Academic Institutes and Others), By
Company, By Region, Competition Forecast & Opportunities, 2026”, the global contract
research organization market was valued at USD61.13 billion in 2020 and is
expected to reach USD99.65 billion in 2026 by registering a growing CAGR of
8.36%. This market has shown a
consistent growth in the past years, but the recent wake of enhanced and rapid
research work is expected to boost the growth in the forecast period.
Government aid and humanitarian support towards the research and development of
effective drugs, effective treatment plans and their performances on the
diseases by conducting human trials are also supporting the growth of the
global contract research organization market positively.
Contract research organizations (CROs) are organizational systems that
help pharmaceutical and biopharmaceutical companies with their drug trials,
data management, and performs long term and strategic role in the developmental
processes. These organizations are rapidly increasing, and the market is
growing on the need to finding cure for terminal and unknown diseases.
Moreover, colleges and universities are actively promoting higher studies and
doctoral research which is boosting the growth of the global contract research
organization market in next five years.
The onset of COVID-19 and urgency to find the cure, prevention, and
containment of the virus drove the market growth to rise exponentially in 2020.
Countries across the world were cumulatively putting in their effort to find
the vaccine for this disease that caused millions of deaths in the span of a few
months. By the middle of the year, vaccines were already in for various phases
of trial that boosted the growth of CROs multiple fold. The economy was
adversely affected in many countries but a complete governmental focus and
support from health industry itself resulted in the growth of the contract
research organization market.
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The global contract research organization market is segmented on the
basis of service, application, end user, company and regional distribution.
Based on application, the market is further fragmented into oncology, central
nervous system, cardiovascular, diabetes, autoimmune/inflammation, and others.
Oncology application dominated the market in 2020 by holding 34.75% of the
overall market share owing to the rising cases of cancer and the evolving
nature of the carcinogenic cells. Research has suggested that cancerous cells
have the tendency to grow on their own and sometimes the reason for cancer could
be the DNA alterations. Extensive studies and research are regularly being
conducted thereby the requirement of CROs for trials and data management and
record maintenance is driving the growth of the market in the next five years.
North America region dominated the market in 2020 owing to its excellence
in the efficient and high standard pharmaceutical industry. Healthcare industry
in the countries like USA, Canada, and Mexico are considered best, thereby
guaranteeing better and effective drugs, effective treatment, and thus requires
regular clinical trials for the new developing drugs. Moreover, rapid growth in
the region’s biosimilar and biologics market is also driving the growth of the
market.
Some of the major competitors in the market are ІСОN
Plс, Pharmaceutical Product Development, Inc., ІQVІА Ноldіngѕ Іnс., Covance
Inc., Syneos Health Inc., PRA Health Sciences, Inc., Medpace Holdings, Inc.,
WuXi Apptec Co. Ltd, Charles River Laboratories International Inc., Parexel
International Corporation, Envigo RMS LLC, SGS S.A, Omnicare Inc., Onyx Scientific
Limited, Pierrel Research International AG, among others. The companies are focusing on extensive
research and development activities to stay competitive in the market. Other
competitive strategies include formation of alliances and partnerships.
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“Outbreak of pandemic,
and regular research has enhanced the role of pharmaceutical and
biopharmaceutical companies in the healthcare industry. The companies are in
continuous need of outsourcing for early phase development, clinical and
laboratory testing of the developed drugs there by creating maximum demand for
CROs, Since the method boosts the profit margins, aids in avoiding high
expenses, and thus reduces the time to conduct the whole developing and testing
process and validation procedure of product, the market is very promising for
the future endeavors. New investors can create a partnership with the
pharmaceutical companies for an effective business in the future,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based Global
management consulting firm.
“Global Contract Research
Organization Market By Service (Clinical Research Services, Early Phase
Development Services, Laboratory Services, Consulting Services and Data
Management Services), By Application (Oncology, Central Nervous System,
Autoimmune/ Inflammation Diabetes, Cardiovascular, Others), By End User
(Pharmaceutical and Biopharmaceutical Companies, Medical Device Companies,
Academic Institutes and Others), By Company, By Region, Competition Forecast
& Opportunities, 2026”,
has evaluated the future growth potential of global contract research
organization and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global contract
research organization.
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