Report Scope: The Global CRO market is identified in this report, along with all major global CRO companies. The total CRO market is broken out globally and by geographic region.
New York, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Market for Contract Research Organization (CRO) Services" - https://www.reportlinker.com/p05647308/?utm_source=GNW
All major therapeutic areas covered by CROs in the clinical trial process are detailed.The service areas provided by CROs are extensively covered, as well.
The phases of the clinical trial process and the role provided by CROs are detailed in this report, as well. The current report will provide detailed examination of CRO services, analyzing market trends for CRO services with data from 2020, estimates from 2021 and projections of CAGR through 2026 (forecast period 2021-2026).
This report provides detailed analysis of the top CROs and evolving roles in the clinical trial process.Faced with the rapid development of new therapies, pharmaceutical companies increasingly turn to CROs.
CRO expertise within specific therapeutic areas and experience with new and adaptive study design protocols, can reduce costs and study duration. With typical clinical trials costing nearly $2.5 billion and spanning over a decade, from initial testing to Phase IV and post market approval, a thriving market exists to lower these costs and timelines. CROs are expected to continue to play an increasing role in many facets of the clinical trial process. Oncology, neurology, cardiovascular, metabolism-diabetes, vaccines and other rapidly growing therapeutic areas that have a significant number of drugs in the clinical trial process are detailed in this report.
Strong demand for CROs leads to heightened market valuations and to a plethora of blockbuster mergers and acquisitions (M&As).M&As led to a few powerful companies with expertise across many areas of the clinical trial process.
Niche players are still playing a critical role. Emerging trends and changing dynamics within the CRO industry are analyzed, in detail, in this report.
- 35 tables
- An updated review of the global markets for in vitro toxicity testing and technologies under development
- Analyses of the global market trends, with data from 2019 to 2020, estimates for 2021, and projections of compound annual growth rates (CAGRs) through 2026
- Technology assessment of the key drivers, restraints and opportunities that will shape the market for in vitro toxicity testing over the next five years (2021 to 2026)
- Evaluation and forecast the overall market size, and corresponding market share analysis by testing method, component, application, technology, end-user industry, and geographic region
- Highlights of the impact of COVID-19 on the progress of this market
- Review of key technology developments, latest market trends, and other influential factors such as validation and testing strategies for pharmaceuticals, cosmetics, and chemicals
- Insight into recent industry structure, current competitive scenario, R&D activities, and regulatory and legislative issues currently focused on in vitro toxicology
- Descriptive company profiles of the leading market players including Charles River Laboratories, Evotec, Frontage Labs, ICON PLC, Medpace, PPD Inc., and Syneos Health
The CRO market continues to exhibit stellar growth, largely attributed to increased demand for services in clinical trials between Phases II and IV, which account for approximately 60% of total CRO revenue.All segments, including preclinical and post-approval, continue to grow solidly.
Outlook for the industry remains extremely positive, with the proliferation of therapies for orphan drugs and precision-based medicines, clinical trials are becoming increasingly complex and are driving demand for sophisticated outsourcing partners with expertise in combination products, risk-based monitoring, disease registries, real world evidence and medical affairs. Expanding service offerings and capabilities remain a predominant strategy among CROs.
CROs obtain the lion’s share of revenue from actual clinical trials, which accounted for nearly $35 billion in CRO revenue last year. Discovery, preclinical and central lab services all represent strong areas of growth, despite accounting for a smaller share of revenue.
The geographic distribution of clinical trials is slowly shifting from developed nations to emerging countries; the rising cost of clinical trials and difficulty in patient recruitment has led biopharma companies to shift toward regions such as Central and Eastern Europe, Asia-Pacific and Latin America for quicker patient recruitment and cost savings. The greater disease variation among developing countries also offers more diverse population samples, particularly for rare disease studies.
Based on indication, the oncology segment is the largest and one of the most rapidly growing within the CRO space, with nearly $40 billion spent in 2016 on preclinical and clinical oncology trials. Pain management remains one of the faster growing and more lucrative disease areas, with new treatments for chronic and acute pain and rising investigational studies for Non-Steroidal Anti-Inflammatory Drug (NSAID) and analgesic molecules driving this segment.
The dominant players in the industry are IQVIA Inc., Labcorp, PPD Inc., Syneos Health, Charles River Laboratories International Inc. and ICON plc. Mergers and acquisitions among these and other larger companies in this space continue at an unprecedented pace, high valuations and an increasing need to become complete service providers are driving this trend.
Key drivers impacting the CRO market growth include globalization of clinical trials, development of new treatments, evolution of technology and greater penetration of CROs into the clinical trial process. The demand for biogenetics, particularly biosimilars, will be a clear driver, going forward.
Current pharma R&D spending is driven by precision-based medicines and immunotherapies for smaller populations, genetic therapies for oncology, rare disease treatment and generally more demanding and complex protocols for drug development.
The clinical trial environment continues to be tied to exorbitant costs as complex therapies requiring larger and more diverse samples extend the time required and geographies involved in conducting a typical study. In an effort to contain these costs and shorten development timelines, pharma and biopharma firms are increasingly outsourcing services to CROs.
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