According to a recent study by Market Research Future (MRFR), the global contract research organization (CRO) market is expected to achieve a CAGR of 11.48% from 2018 to 2023. The changing global economic environment and growing demand for various healthcare related development have prompted substantial growth for the CRO market.

CROs have the market driving advantage of achieving economies of scales and as a result, offer cost-efficient benefits to clients. These organizations often bundle various orders from different clients to accomplish this production scale. Using CROs offers end-users the ability to focus on core competencies, thus creating a symbiotic relationship which allows both client and contractor to thrive which ultimately translates to growth for the global contract research organization market size.

The market, while extremely promising, is not without challenges and restraints. High labor costs are expected to pose a challenge to the growth of the market. However, with contract research organizations moving to developing countries where these costs are lower, opportunities for growth are likely to arise and affect the further growth of the market in the coming years.  

Market Segmentation

The global contract research organization market size has been segmented on the basis of the segment, clinical trial phase, end users, and region. By segment, the market has been segmented into drug discovery, clinical development, post-marketing services, and others. By clinical trial, the market has been segmented into preclinical trials, phase I, phase II, phase III, phase IV, and others. By end-users, the market has been segmented into pharmaceutical/biotechnology companies, medical devices companies, academic institutes, and others. By region, the global market has been divided into the Americas, Europe, the Asia-Pacific (APAC) and the Middle East & Africa.

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Regional Analysis

The Americas account for the most significant market share due to the presence of a well-developed healthcare sector which is currently facing demands for further advancements. Most of the growth witnessed in this region comes from developed nations in North America such as U.S and Canada. Changing lifestyles in these countries have led to growing incidences of chronic diseases which require more comprehensive treatment options thus facilitating growth for the regional market.

Europe follows the Americas in terms of market size as well as growth pattern. The second largest regional market segment also has a well-developed healthcare sector which is evolving. Additionally, the region has developed countries such as Germany, U.K, and France, where favorable government policies encourage research and have appropriate funds for the same. The existence of a large patient population and growing incidences of various lifestyle chronic diseases are some other drivers that are expected to motivate market growth.

The Asia-Pacific is the fastest growing region in the global CRO market primarily due to the existence of a vast patient population and the presence of developing economies such as India and China where the economic growth is exponential. These countries have increasing healthcare expenditure, and the Indian healthcare sector is expected to grow at an astounding CAGR of 22.87% during the review period. The region also has favorable government policies, and there has been evidence of CROs moving to developing countries due to the availability of comparatively cheap labor.

Key Players

Prominent players that have been intensively profiled in MRFR's report on the global contract research organization market includes Parexel International Corporation, PRA Health Sciences, Icon plc,  Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development, LLC., INC Research and others.

Latest Industry News

Pharmaceutical Product Development (PPD) has become the first CRO partner for Massachusetts Institute of Technology's (MIT) Center for Biomedical Innovation’s New Drug Development Paradigms (NEWDIGS) initiative. NEWDIGS places emphasis on enhancing biomedical innovation and PPD's role as the first CRO to join has been to assist in expanding the group's list of global collaborators.

Worldwide Clinical Trials, Inc. has received a 2018 CRO Leadership Award for the 5th year running in Capability, Compatibility, Expertise, Quality, and Reliability.

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