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New York City, NY, 05 May, 2020/ 24 Market Reports: It is estimated for the contract research organization services market to reach USD 56.28 Billion by 2023 from that of USD 39.19 Billion in 2018 witnessing the growth at a CAGR of 7.9% during the forecast period of 2018 to 2023. The growing R&D expenditure increased outsourcing of R&D activities, and the increasing number of clinical trials are the factors that are driving the growth of the market during the forecast period.
By type, clinical research services are estimated to account for the largest share in the market during the forecast period
Type, therapeutic area, end-user and region are the segmentation for the global contract research organization services market. Clinical research services, by type, accounted for the largest share of global CRO services market in 2017 and the trend is expected to grow throughout the forecast period. The rapid growth in the geriatric population and the subsequent increase in the prevalence of chronic diseases, increasing development of new drugs, and growing acceptance of evidence-based medicine for various therapeutic areas are the factors that are expected to drive the growth of the market throughout the forecast period.
Oncology segment to hold the largest share in the market based on the oncology segment
Oncology segment, based on the therapeutic area, accounted for the largest share of the global market in 2017 and is estimated to continue the trend during the forecast period. Factors such as the increasing number of clinical trials and the rising prevalence of cancer worldwide are driving the growth of the segment during the forecast period.
Pharmaceutical and biopharmaceutical companies to lead the market by end-user segment
Pharmaceutical and biopharmaceutical companies, medical device companies and academic institutes are the segmentation for the market based on end-user segment. The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the contract research organization services market in 2017 and is estimated to continue the trend during the forecast period. The increased outsourcing of early phase development services and clinical and laboratory testing services by pharmaceutical companies to boost profit margins, avoid high capital expenditure and reduce the time duration to validate the process and product are the factors driving the growth of the market during the forecast period.
North America to dominate the global CROs market throughout the forecast period
North America, Europe, Asia Pacific, Latin America and the Middle East & Africa are the segmentation for the market based on geography. Followed by Europe and the Asia Pacific, North America accounted for the largest share of the market in 2017 and is estimated to continue the same trend throughout the forecast period. The high-quality standards in the pharmaceutical industry, rapid growth in its biosimilars and biologics market, and the increase in clinical trial activity are driving the growth for the market in North America.
The following are the major objectives of the study:
- To define, describe, and forecast the contract research organization services market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the contract research organization services market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for contract research organization services market and their future potential during next decade?
- How competitive landscape is evolving in contract research organization services market?
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