At 7%+ CAGR Contract Research Organization Market to Hit $56.5 Billion by 2024
SELBYVILLE, Del., February 26, 2019 (Newswire.com) - Prominent industry players operating in the contract research organization market include Parexel International, Laboratory Corporation of America Holdings (Covance), Charles River Laboratories International (CRL), CMIC, Syneos Health, EPS International, Clinipace, IQVIA (Quintiles IMS), Clinitec, ICON, Medpace, Pharmaceutical Product Development (PDD), PRA Health Sciences, Worldwide Clinical Trials, Synteract and Wuxi AppTec. The industry players primarily focus on certain strategic initiatives such as mergers, acquisitions, and partnerships to capitalize on market opportunities and strengthen their market position. For instance, in August 2017, Clinipace Worldwide launched a new regulatory and strategic development consultancy called RSD Global Consulting. The strategy aimed at providing regulatory and strategic stage-specific solutions for all phases of development, marketing applications and post-marketing support in the U.S., Europe, and Asia Pacific.
The Contract Research Organization Market will surpass USD 56.5 billion by 2024; according to a new research report by Global Market Insights, Inc. The increasing number of clinical trials being conducted worldwide is the major factor that will drive CRO market growth during the forecast period. A growing emphasis of pharma companies on R&D activities for the development of potential novel products will render a positive impact on the CRO business growth. According to The Association of the British Pharmaceutical Industry (ABPI), R&D expenses as a portion of worldwide sales reached up to 20.4% in 2016. R&D commercialization and augmented specialty in the drug industry will spur the CRO market growth.
Growing technological advancements in clinical trials is another key driver that will accelerate industry growth. Technology plays a crucial part in clinical trial projects as well as post-approval of products. Innovations in technology to offer efficacy and safety in the product development process will drive CRO market growth. However, intellectual property problems occurring at several points during the research may hamper business growth over the forthcoming years.
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Early phase development services segment was valued at USD 5.8 billion in 2017 and is projected to grow significantly over the forecast timeframe. The growth is attributable to increasing early research activities in drug discovery process coupled with rising outsourcing for early phase development.
Cardiology segment will witness 8.1% CAGR by 2024 due to the growing prevalence of cardiovascular diseases and the surging number of clinical trials in cardiology. According to the American Heart Association 2018 data, nearly 92.1 million American adults are having after-effects of stroke or some type of cardiovascular disease (CVD). Indirect and direct costs of overall CVD and stroke are projected to exceed USD 329.7 billion. Rising adoption of unhealthy eating habits and lack of physical exercises accelerate the prevalence of CVD that should further boost segmental growth in forthcoming years.
Oncology segment dominated the CRO market with USD 18.6 billion in 2017 and is projected to show lucrative CAGR over the forecast timeframe. Cancer is one of the leading causes of mortality in developed as well as developing economies. An increasing prevalence of cancer has accelerated the pace of cancer research for developing safe and efficient treatment. Rising government and private funding for oncology drugs will further drive business growth.
Pharmaceutical and biopharmaceutical companies segment accounted for 54.7% revenue share in 2017, and the segment will witness robust growth in the coming years. Segmental growth is attributed to growing investment in new drug development coupled with increasing government support. Growing adoption of CRO services that offers various pharmaceutical research, essential for conducting clinical trials during the complicated drug discovery process will spur segment size over the forecast period.
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U.S. contract research organization market will grow at 7.3% during the forecast timeframe due to technological advances and wide-ranging drug development activities conducted in the country. Additionally, the presence of several pharma companies in the U.S. should render positive impact on CRO industry.
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Source: Global Market Insights, Inc.
