Contract Research Organization (CRO) Services Market – Global Outlook & Forecast 2021-2031

Contract Research Organization (CRO) Services Market – Global Outlook & Forecast 2021-2031

Market Introduction

A contract research organization (CRO) also known as a clinical research organization, is an organization that provides services to pharmaceutical, biotechnology, and medical device companies. The services provided by CRO include drug discovery & development, preclinical research, clinical research, clinical trials management, commercialization, pharmacovigilance, and post-approval services. A CRO is responsible for giving expert guidance, planning, setup, and day-to-day execution & management of its contracted clinical trial safely and efficiently. 

Market - Headwinds & Tailwinds

The global contract research organization (CRO) services market is mainly driven by rising demand for effective therapies owing to the growing prevalence of various chronic diseases, increasing outsourcing of R&D activities, globalization of clinical trials, and growing strategic collaborations of pharmaceutical and biotechnology companies with CROs. Furthermore, the adoption of a decentralized/virtual clinical trial model has also played a pivotal role in contributing to the growth of the market globally. However, the dearth of skilled professionals is likely to hinder the growth of the market to a certain extent.

 

Market Segmentation & Insights

The global contract research organization (CRO) services market has been analyzed from four main perspectives: Service Type, Therapeutic Area, End User, and Region. 
Contract Research Organization (CRO) Services Market, By Service Type

Based on service type, the contract research organization (CRO) services market has been segmented into early phase development services, clinical research services, laboratory services, and post-approval services. The clinical research services segment holds the largest share in the market owing to a robust product pipeline, growing demand for effective treatment, and rising collaboration among pharmaceutical & biotechnological companies with CROs for outsourcing.

Contract Research Organization (CRO) Services Market, By Therapeutic Area

Based on therapeutic area, the contract research organization (CRO) services market has been segmented into oncology, endocrinology, immunological disorders, respiratory disorders, neurology, hematology, infectious diseases, CVS, and others (ophthalmology, gastrointestinal, psychiatry, dermatology, genitourinary & women’s health, etc.). The oncology segment holds the largest share in the market. The growth of the segment can be mainly attributed to the rising number of cancer patients and the demand for effective treatment options. Moreover, increasing spending on the development of cancer medicines worldwide is also boosting the growth of the segment.

Contract Research Organization (CRO) Services Market by End User

Based on end-users, the contract research organization (CRO) services market has been segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. The pharmaceutical & biopharmaceutical companies hold the largest share in the market. The growth of the segment can mainly be attributed to growing investments of pharma & biopharma companies for the development of novel drugs and shifting trend towards outsourcing of clinical research activities especially early-phase development services and clinical and laboratory testing services.

Contract Research Organization (CRO) Services Market by Region

Based on region, the global contract research organization (CRO) services market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominates the contract research organization (CRO) services market. The large share of North America in the global market can be largely attributed to its developed healthcare infrastructure, presence of prominent pharmaceutical & biotechnology companies, and rising investment for the development of biosimilars regenerative medicines, biologics, and orphan drugs.

Competitive Landscape

The contract research organization (CRO) services market is marked by the presence of prominent players such as Syneos Health, Parexel International Corporation, IQVIA, Labcorp Drug Development, Charles River, ICON plc, PPD Inc., Novotech, WuXi AppTec, FIRMA CLINICAL. Other players operating in the market are AccuLab Life Sciences, Dove Quality Solutions, Pepgra, Azelix, Medpace, SGS SA, PSI, Bioagile, among others.

Snapshot: Industry Developments 

•    In Aug 2021, NAMSA announced its acquisition of Clinlogix, a leading, Philadelphia-based global clinical research organization
•    In Jul 2021, Knowde Group Inc., the decentralized global contract research organization and hybrid consultancy specializing in cannabis and psychedelic research entered into a strategic partnership with LMC Manna Research, the largest network of fully-owned and integrated clinical research sites in Canada providing Phase I-IV clinical trial services with a patient database of 1 million+ nationwide
•    In Jul 2021, CX Partners-backed Veeda Clinical Research, a full-service clinical research organization (CRO), announced fundraising of $16 million through investors led by private equity fund Sabre Partners
•    In Jul 2021, Parexel announced the execution of a definitive merger agreement, under which the company will be purchased by EQT Private Equity and Goldman Sachs for USD 8.5 billion
•    In Jul 2021, Think Research Corporation announced that it has entered into a definitive share purchase agreement to acquire all of the issued and outstanding shares of Bio Pharma Services Inc., a leading contract research organization (CRO) to pharmaceutical companies globally
•    In Apr 2021, Thermo Fisher Scientific announced that its board has approved an agreement to acquire contract research organization (CRO) PPD for a total cash purchase price of  USD 17.4 billion
•    In Feb 2021, ICON, a Dublin-based contract research organization (CRO) agreed to acquire PRA Health Sciences. The transaction stands to benefit pharmaceutical and medical device customers with a greater depth of expertise, technology, and talent
•    In Dec 2020, Investcorp, a leading global provider, and manager of alternative investment products announced its acquisition of Sanos Group (“Sanos”), a leading provider of specialized clinical trial services to the global pharmaceutical and biotechnology industry

Key Insights Captured in the Report

•    Quantitative (market size and forecasts) and qualitative insights of the market across years - historical years, current year, and forecasted years 
•    Deep-rooted insights on headwinds, tailwinds, and opportunities prevailing in the market
•    Quantitative (market size and forecasts) and qualitative insights at a segment and sub-segment level
•    Comprehensive quantitative (market size and forecasts) and qualitative insights on geographic, regional, and country-level markets
•    Granular insights on the competitive landscape prevailing in the market
•    Competitive mapping of strategic developments

Scope of the Contract Research Organization (CRO) Services Market Report

  Details
Market Size Period 2018-2031
Base Year 2020
Forecast Period 2021-2031
Market Segments Asessment of Contract Research Organization (CRO) Services Market By:
• Service Type
• Therapeutic Area
• End User
• Region
Geographic Scope North America
  ◦ U.S.

  ◦ Canada
• Europe
  ◦ Germany
  ◦ UK 
  ◦ France
  ◦ Rest of Europe (RoE)
• Asia Pacific
  ◦ China
  ◦ Japan 
  ◦ India
  ◦ Rest of Asia Pacific (RoAPAC)
• Rest of the World
  ◦ Latin America
  ◦ Middle East & Africa
Companies Covered Syneos Health, Parexel International Corporation, IQVIA, Labcorp Drug Development, Charles River, ICON plc, PPD Inc., Novotech, WuXi AppTec, FIRMA CLINICAL. Other players operating in the market are AccuLab Life Sciences, Dove Quality Solutions, Pepgra, Azelix, Medpace, SGS SA, PSI, Bioagile, among others.

1    RESEARCH ENVELOPE
1.1    Market Classification
1.2    Scope of the Study
1.2.1    Timeline Considered for Market Study
•    Historic Years – 2018 & 2019
•    Base Year – 2020
•    Projected Years – 2021 to 2031
1.3    Currency Used in the Report
2    RESEARCH METHODOLOGY 
2.1    Research Approach
2.2    Data Collection Methodology
2.3    Data Sources
2.3.1    Secondary Sources 
2.3.2    Primary Sources 
2.4    Market Crackdown Methodology
2.4.1    Bottom-Up Approach
2.4.2    Top-Down Approach
2.5    Data Forecasting Model
2.6    Limitations and Assumptions for Study    
3    HEADWINDS & TAILWINDS ASSESSMENT
4    MARKET OPPORTUNITIES ASSESSMENT
5    PREMIUM INSIGHTS

5.1    Key Market Trends 
5.2    Key Players & Their Competitive Positioning (2020) 
5.3    COVID-19 Impact Assessment
6    GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) SERVICES MARKET - ANALYSIS & FORECAST, BY SERVICE TYPE
6.1    Early Phase Development Services
6.1.1    Discovery Services
6.1.2    Chemistry, Manufacturing & Control (CMC)
6.1.3    Preclinical Services
6.2    Clinical Research Services
6.2.1    Phase I
6.2.2    Phase II
6.2.3    Phase III
6.2.4    Phase IV
6.3    Laboratory Services
6.3.1    Bioanalytical Testing
6.3.2    Analytical Testing
6.4    Post Approval Services
7    GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) SERVICES MARKET - ANALYSIS & FORECAST, BY THERAPEUTIC AREA
7.1    Oncology
7.2    Endocrinology
7.3    Immunological Disorders
7.4    Respiratory Disorders
7.5    Neurology
7.6    Hematology
7.7    Infectious Diseases
7.8    CVS
7.9    Others (Ophthalmology, Gastrointestinal, Psychiatry, Dermatology, Genitourinary & Women’s Health, Etc.)
8    GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) SERVICES MARKET - ANALYSIS & FORECAST, BY END USER
8.1    Pharmaceutical & Biopharmaceutical Companies
8.2    Medical Device Companies
8.3    Academic Institutes
9    GLOBAL CONTRACT RESEARCH ORGANIZATION (CRO) SERVICES MARKET - ANALYSIS & FORECAST, BY REGION
9.1    North America Contract Research Organization (CRO) Services Market

9.1.1    North America Contract Research Organization (CRO) Services Market, By Country
9.1.1.1    U.S.
9.1.1.2    Canada
9.1.2    North America Contract Research Organization (CRO) Services Market, By Service Type
9.1.3    North America Contract Research Organization (CRO) Services Market, By Therapeutic Area
9.1.4    North America Contract Research Organization (CRO) Services Market, By End User
9.2    Europe Contract Research Organization (CRO) Services Market
9.2.1    Europe Contract Research Organization (CRO) Services Market, By Country/Region
9.2.1.1    Germany
9.2.1.2    U.K
9.2.1.3    France
9.2.1.4    Rest of Europe (ROE)
9.2.2    Europe Contract Research Organization (CRO) Services Market, By Service Type
9.2.3    Europe Contract Research Organization (CRO) Services Market, By Therapeutic Area
9.2.4    Europe Contract Research Organization (CRO) Services Market, By End User
9.3    Asia Pacific Contract Research Organization (CRO) Services Market
9.3.1    Asia Pacific Contract Research Organization (CRO) Services Market, By Country/Region
9.3.1.1    China
9.3.1.2    Japan
9.3.1.3    India
9.3.1.4    Rest of Asia Pacific (RoAPAC)
9.3.2    Asia Pacific Contract Research Organization (CRO) Services Market, By Service Type
9.3.3    Asia Pacific Contract Research Organization (CRO) Services Market, By Therapeutic Area 
9.3.4    Asia Pacific Contract Research Organization (CRO) Services Market, By End User
9.4    Rest of the World (RoW) Contract Research Organization (CRO) Services Market
9.4.1    Rest of the World Contract Research Organization (CRO) Services Market, By Region
9.4.1.1    Latin America
9.4.1.2    Middle East & Africa
9.4.2    Rest of The World Contract Research Organization (CRO) Services Market, By Service Type
9.4.3    Rest of The World Contract Research Organization (CRO) Services Market, By Therapeutic Area
9.4.4    Rest of The World Contract Research Organization (CRO) Services Market, By End User
10    COMPANY PROFILES    
10.1    Syneos Health
10.1.1    Business Overview
10.1.2    Financial Metrics*
10.1.3    Service Portfolio
10.1.4    Key Developments
10.2    Parexel International Corporation
10.3    IQVIA
10.4    Labcorp Drug Development
10.5    Charles River
10.6    ICON plc
10.7    PPD Inc.
10.8    Novotech
10.9    WuXi AppTec
10.10    FIRMA CLINICAL

*Insights on financial metrics is subject to availability of information in the public domain
 

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