The global contract research organization market size is estimated to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increased importance of research and development.
Contract research organization is the firm that provides pillars to the pharmaceutical firms and medical device industries in the form of research services on a contractual basis. These organizations provides a broad range of services in the sector of biologic commercialization, preclinical research, assay development, commercialization, and clinical trial management, they provides the services to facilitate the overall process of moving a new drug or device into the market starting from development to FDA approval for marketing process without the sponsors for the drug to maintain any staff for these services.
The pharmaceutical industry carries various pressure points with the supply chain of production of any drug, increasing inspection from regulatory bodies, need for efficiency, and expirations of patents. Increasing critical importance of research and development, drug development and the pharmaceutical firms generates plenty of funds and resources to contract research organizations helping more collaborated research efforts.
Market Trends, Drivers, Restraints, and Opportunities
- With the increasing importance of research and development, the pharmaceutical industry is expected to drive the market.
- Increasing value of strategic partnerships in the new drug development value chain is estimated to boost the market.
- Reduced expenses scrutiny owing to R&D activities is expected to fuel the market.
- Difficulty in aligning personnel expertise with the requirement of the projects is estimated to hamper the market.
Scope of the Report
The report on the contract research organization market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Contract Research Organization Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Clinical/Preclinical Research, Biologic Assay Development, Commercialization, and Clinical Trial Management)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Charles River Laboratories International Inc.; Pharmaceutical Product Development Inc.; Quintiles Transnational Corp.; and Covance Inc.
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Market Segment Insights
The commercialization segment is expected to grow at a rapid pace
Based on applications, the global contract research organization market is segregated into clinical/preclinical research, commercialization, and clinical trial management. The commercialization segment accounts for a key share of the market due to increasing expenditure in pharmaceutical industry; however, the clinical trial management segment is anticipated to expand at a rapid pace during the forecast period owing to various R&D activities and participation of major market players.
North America is anticipated to constitute a key market share
In terms of regions, the global contract research organization market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America accounts for a key share of the market owing to presence of major market players and endless demands for outsourcing the R&D activities. The market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to developing healthcare infrastructure, R&D activities for innovative products, and entry of new market players.
Segments
The global contract research organization market has been segmented on the basis of
Applications
- Clinical/Preclinical Research
- Biologic Assay Development
- Commercialization
- Clinical Trial Management
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Charles River Laboratories International Inc.
- Pharmaceutical Product Development Inc.
- Quintiles Transnational Corp.
- Covance Inc.
Competitive Landscape
Key players competing in the contract research organization market include Charles River Laboratories International Inc.; Pharmaceutical Product Development Inc.; Quintiles Transnational Corp.; and Covance Inc.
Major market players are continuously indulging in the activities such as mergers and acquisitions, research and developments, investments for innovative products and collaborations.
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