SELBYVILLE, Del., April 26, 2021 /PRNewswire/ -- According to latest report "Contract Research Organization (CRO) Market by Type (Early Phase Development Services, Clinical Research Services, Laboratory Services, Consulting Services), Therapeutic Area (Oncology, Clinical Pharmacology, Cardiology, Infectious Disease, Neurology, Gastroenterology & Hepatology, Ophthalmology), End-use (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Academic Institutes), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of contract research organization will cross $74.2 billion by 2027.
Increasing number of drugs in various phases coupled with growing R&D expenditure worldwide is expected to boost the market growth. Pharmaceutical and biopharmaceutical industry has one of the highest R&D expenses worldwide. Therefore, this will encourage various pharma and biopharmaceutical companies to outsource clinical trials services, thereby augmenting the market expansion. Furthermore, various advantages associated with clinical trials being conducted in emerging economies will further drive the market progression.
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Laboratory services segment in the contract research organization market is predicted to show a reasonable growth of 7% till 2027. The laboratory services segment is further classified into bioanalytical testing services and analytical testing services. The bioanalytical testing services accounted for USD 2.5 billion in 2020. Bioanalytical assays regulate the absorption and obtainability of active ingredient after administration. In addition, the specimens are analyzed from pre-clinical and clinical trials to measure metabolite and drug absorptions in complex biological media. Also, bioanalytical methods are intended to control the quantity of drug or existence of induced antibodies in the biological samples. Thus, use of laboratory services in various phases of clinical trials will upsurge the segment growth.
Contract research organization market for gastroenterology & hepatology segment is anticipated to reach USD 3 billion by 2027. Increasing investment in R&D activities in the field of gastroenterology and hepatology is a major factor fueling the industry growth. Increasing focus of industry players on clinical trial development in the field of gastroenterology & hepatology is a major factor driving the segment expansion. Additionally, rising incidences of chronic hepatology disorders such as hepatitis-A and cirrhosis worldwide will boost the new drug development process for treating these disorders, thereby fostering the market demand.
The academic institutes segment in the contract research organization market is poised to register the lucrative CAGR of 6.2% till 2027 owing to growing number of outsourcing research activities to academic institutes. Also, rapidly developing research practices coupled with rising outsourcing of R&D activities should spur the segment revenue in the coming years. Moreover, academic medical institutes have core Institutional Review Boards (IRB) that supervise the moral manner of medical research and they offer sites as well as bigger urban areas with a large medical participant's pool.
Asia Pacific contract research organization market is estimated to expand at a CAGR of more than 9.1% through 2027 on account of increasing clinical trials & R&D, huge patient population and emergence of severe diseases. In various APAC countries the government is funding for drug discovery and related research studies. Also, there has been significant shift of biotechnology firms in the APAC region that has propelled the regional growth. Furthermore, rising number of COVID-19 cases are attracting CROs to conduct trials to fast-track procedures and take advantage of the large patient pool, thereby impelling the growth for APAC region.
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A few notable companies operating in the contract research organization market include Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development and PRA Health Science, PAREXEL International and Syneos Health among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel service launches to consolidate their market presence.
Table of Contents (ToC) of the report:
Chapter 3 Contract Research Organization (CRO) Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By service type
3.4.2 By therapeutic area
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.8.1 Company matrix analysis
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/contract-research-organization-cro-market
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Contract Research Organization Market Growth Predicted at 7.8% Through 2027: GMI
Major contract research organization market players include Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development and PRA Health Science, PAREXEL International.
SOURCE Global Market Insights, Inc.