Dublin, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The "Contract Research Outsourcing - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
CRO Market Slumps by -1.9% in 2020 Only to Emerge Stronger With Newer Dynamics in the Post COVID-19 World
The global market for Contract Research Outsourcing is expected to slump by -1.9% in the year 2020 and thereafter recover to reach US$ 72.1 billion by the year 2027, trailing a post COVID-19 CAGR of 7% over the analysis period 2020 through 2027.
The COVID-19 crisis has thrown various challenges for the pharmaceutical & biopharmaceutical contract research outsourcing industry, while opening new avenues for growth across different domains. Contract research organizations serving pharmaceutical and vaccine companies were coerced to discontinue several studies owing to restrictions regarding movement of goods along with face-to-face interactions.
These mandates affected central laboratories, clinical trial sites and timelines for completion of sponsored studies. Stringent guidelines enforced by countries prevented face-to-face meetings with clients, which delayed resolution of technical issues. The situation prompted various organizations to resort to video conferencing along with advanced technologies for addressing these issues.
On the positive side, the COVID-19 pandemic drove the adoption of e-Clinical systems and offered new opportunities for pandemic-related research. The outbreak and associated changes in strategies required companies to bring their projects online and comply with high visibility and tight timelines.
Various organizations implemented e-Clinical systems to avoid face-to-face interactions, enabling providers of these solutions to reap rich dividends. While the pandemic affected existing projects, it enabled the pharmaceutical & biopharmaceutical outsourcing industry to witness notable surge in R&D demand.
The trend prompted companies to shift their focus and fine-tune existing operations to ensure efficiency for COVID-19-related projects. In addition, the work-from-home trend and repurposing of projects enabled various players to pay more attention to strategic activities. The pandemic has brought various changes in the CRO industry by delaying clinical trials, requiring repurposing of development pipeline and prompting companies to explore new options to connect with patients.
Factors like patient disinclination to travel and local restrictions made companies to delay or stop non-essential study visits. Organizations were affected by customer-related trial delays, access and limitations to specific trial sites, and disruptions in the supply chain.
The shift towards COVID-19 vaccine and treatments increased the workload for CROs. Known for their high capacity and flexibility, majority of CROs effectively accommodated the volume within a short span. Contract research organizations made concerted efforts towards accommodation of new projects without compromising over existing projects for other medical conditions or indications.
The pandemic is anticipated to benefit the biopharmaceutical drug development industry and strengthen drug development activity, requiring players to efficiently use digital solutions, data insights and patient engagements. Easing of restrictions and reopening of businesses are likely to bring non-COVID-19 trials on track and drive organizations to pay more attention to decentralized clinical trial solutions including digital platforms along with mobile phlebotomists and nurses.
In addition, these clinical trials are expected to reduce the requirement for patients and other participants to travel, which remains a major challenge during the current scenario.
Changes in business operations for pharmaceutical companies are prompting CROs and other participants to adjust their practices. The impact of COVID-19 on face-to-face interactions with clients is driving various companies to implement new platforms for virtual connectivity.
The COVID-19 healthcare emergency has created a pressing need for a collaborative approach among health authorities, pharmaceutical players, regulators and CROs for developing and producing safe and effective treatments. The holistic approach combining resources and the required expertise is expected to pave way for efficient distribution of the impending vaccine globally.
CROs are partnering with pharmaceutical companies for targeting data integrity and patient safety, as well as with other stakeholders including regulators and sites for patient safety-related considerations. Players are also implementing sophisticated solutions for research sites and clinical studies to reduce the burden on healthcare providers, patients and investigational sites. CROs are anticipated to play a critical role during the pandemic by taking responsibility for consistent on-site support.
MARKET TRENDS & DRIVERS
Uptrend in Advanced Medicine Concepts Favors Growth
Drug Developers Bet on CROs to Sail through Challenging Aspects
Pharmaceutical & Biopharmaceutical Firms Target Outsourcing
Gene Therapy Offers Exciting Opportunities for CROs
COVID-19 Creates a Pause in Gene Therapy Market Growth
Gene Therapy Set to Witness Rapid Growth Post COVID-19
Increasing Significance of Biologic Drugs Supports Market Demand
COVID-19 Drives Strong Gains for Biologics Activity
Opportunities Rife in Early Stage Drug Development
Notable Trends in Pharma/Biopharma R&D Impacting CROs
Advances in Digital/Technology and its Impact on Clinical Development
Significant Strides Taken in the Sphere of Current Clinical Research
Data Quality Oversight (DQO) Undergoes Change
Pharmacovigilance Set to Grow
Artificial Intelligence and Machine Learning Gain Interest
Orphan Drugs to the Fore
CROs Adapt New Technologies to See More Business in Future
Streamlining Development of Novel Trial Designs
Industry Witnesses Increased Spend on R&D Outsourcing
Focus on Enhancing Site Selection and Patient Enrollment
CROs Enter into Alliances to Improve Efficiencies
Adoption of Digital Technologies Gains Pace
Toxicology Services Gain Notable Attention
Pharma Companies Enter into Licensing Agreements with Biotech Companies for New Drug Discovery
Pharmaceutical & Biopharmaceutical Trends to Support CRO Penetration
eClinical Solutions Gain Traction
Other Noteworthy Market Trends
Challenges Faced by Contract Research Organizations
Surging Global Population Offers Increased Growth Opportunities
Aging Population & Increasing Burden of Chronic Diseases Spurs Pharma Product Sales, Driving Market Growth
Increasing Healthcare Expenditure and Demand for Generics to Drive Growth
Impact of Covid-19 and a Looming Global Recession
COVID-19 Delivers Mixed Results for Contract Research Outsourcing Industry
Players Focus on Collaborative Approach
Optimism Reigns in Latter Part of 2020
COVID-19 and Implications for Drug Development Regulations & Processes
Opportunities in COVID-19 Programs
Parallel Gains for Development & Manufacturing
Contract Research Outsourcing: An Introduction
Key Service Markets
Key Therapeutic Areas of Clinical Trial Research
Cost Savings Hold Relevance
Product Innovations & Enhanced Speed
Access to Expertise & Sophisticated Technology
Regional Market Analysis
Future Model of CRO
CRO: A Highly Fragmented Market
Partnership Models Pay Returns
Strategies and Tactical Programs
Large CROs Seek the Inorganic Growth Route
Key Opportunities for CROs
Technological Superiority: An Advantage
Consolidation to Gain Pace
Recent Market Activity
FOCUS ON SELECT PLAYERS (Total 152 Featured)
Albany Molecular Research, Inc.
Charles River Laboratories International, Inc.
Covance Clinical Biotech
Jubilant Biosys Ltd.
Laboratory Corporation of America Holdings
Olon Ricerca Bioscience
PAREXEL International Corp.
Pharmaceutical Product Development, LLC.
PRA Health Sciences, Inc.
Sygnature Discovery Limited
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