Global Contract Research Organization (CRO) Market Report 2019: Market Value is Expected to Surpass $1.5 Trillion by 2025 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 17, 2019--
The “Global Contract Research Organization (CRO) Market, Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
Owing to a constantly changing pharmaceutical landscape, the industry is expected to witness a moderate 4% to 5% growth in the next 5 to 7 years, to surpass $1.5 trillion by 2025.
Increased technology adoption in the form of eClinical solutions and innovative trial designs is expected to transform the CRO landscape.
In coordination with the industry growth, market participants are investing about 8% to 10% of their revenues toward drug discovery and development. With an overall R&D investment of approximately $170 billion in 2018, the industry is working toward developing new and innovative curative therapies (e.g., regenerative medicine).
As a result of a higher R&D activity, there is higher reliance on outsourcing partners (e.g., CRO vendors) that support pharma and biotech participants with cost-effective and time-efficient drug development services. The global CRO industry is a highly fragmented and competitive market, with more than 1,000 participants globally.
Europe is emerging as a key location for clinical research, with several small-to-mid segment niche CROs focusing on the region and, hence, propelling growth. Moreover, with APAC providing cheaper but effective alternatives for drug development, several big pharma companies are collaborating with participants in the region, thereby, making it the strongest growing region across the CRO industry.
A highly fragmented market is a result of numerous small-to-mid segment participants focused on either a specific therapy area or specific service segment. This, in turn, is propelling consolidation in the industry, with leading CROs acquiring these niche participants, thus, increasing their service portfolio and geographic span.
The global CRO market is also witnessing an increased adoption of digitization in the form of eClinical solutions, using AI and machine learning-based platforms, providing an opportunity for several CROs to position themselves in the segment. Several technology-focused CROs are now developing in-house expertise which is changing the global clinical trial paradigm with the implementation of adaptive, virtual, and remote clinical trials. The companies are also moving toward an embedded business model by integrating their services with that of the sponsor’s business strategy, thereby, supporting as an end-to-end solution provider.
Key Issues Addressed
Key Topics Covered:
1. Executive Summary
2. Total CRO Market - Overview
3. Drivers, Restraints, and Trends - Total CRO Market
4. Total CRO Market - Forecasts and Trends
5. Discovery and Preclinical CRO Market Analysis
6. Clinical CRO Market Analysis
7. Regional Forecast Analysis - North America
8. Regional Forecast Analysis - Europe
9. Regional Forecast Analysis - Asia-Pacific
10. Regional Forecast Analysis - Rest of World
11. Total CRO Market - Competitive Environment
12. Clinical CRO Subsegment Analysis
13. Bioanalytical and cGMP Testing Subsegment
14. Subsegment Analysis - Central Laboratory Services
15. Subsegment Analysis - Biostatistics
16. Subsegment Analysis - Data Management
17. Subsegment Analysis - Pharmacovigilance
18. Subsegment Analysis - Health Economics Outcomes Research (HEOR)
19. Digital Disruption in the CRO Industry
20. Visioning Scenarios
21. CRO Industry Stakeholder Landscape
22. The Last Word
For more information about this report visit https://www.researchandmarkets.com/r/nf5qnf
View source version on businesswire.com:https://www.businesswire.com/news/home/20191217005424/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 12/17/2019 06:54 AM/DISC: 12/17/2019 06:54 AM