Contract Research Organization Market to Grow at a CAGR of 8.36% by 2026
Growing expenses for research and development is driving the growth of the global contract research organization market during 2016-2026.
According to TechSci Research report, “Global Contract Research Organization Market By Service (Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services and Data Management Services), By Application (Oncology, Central Nervous System, Autoimmune/ Inflammation Diabetes, Cardiovascular, Others), By End User (Pharmaceutical and Biopharmaceutical Companies, Medical Device Companies, Academic Institutes and Others), By Company, By Region, Competition Forecast & Opportunities, 2026”, the global contract research organization market was valued at USD61.13 billion in 2020 and is expected to reach USD99.65 billion in 2026 by registering a growing CAGR of 8.36%. This market has shown a consistent growth in the past years, but the recent wake of enhanced and rapid research work is expected to boost the growth in the forecast period. Government aid and humanitarian support towards the research and development of effective drugs, effective treatment plans and their performances on the diseases by conducting human trials are also supporting the growth of the global contract research organization market positively.
Contract research organizations (CROs) are organizational systems that help pharmaceutical and biopharmaceutical companies with their drug trials, data management, and performs long term and strategic role in the developmental processes. These organizations are rapidly increasing, and the market is growing on the need to finding cure for terminal and unknown diseases. Moreover, colleges and universities are actively promoting higher studies and doctoral research which is boosting the growth of the global contract research organization market in next five years.
The onset of COVID-19 and urgency to find the cure, prevention, and containment of the virus drove the market growth to rise exponentially in 2020. Countries across the world were cumulatively putting in their effort to find the vaccine for this disease that caused millions of deaths in the span of a few months. By the middle of the year, vaccines were already in for various phases of trial that boosted the growth of CROs multiple fold. The economy was adversely affected in many countries but a complete governmental focus and support from health industry itself resulted in the growth of the contract research organization market.
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The global contract research organization market is segmented on the basis of service, application, end user, company and regional distribution. Based on application, the market is further fragmented into oncology, central nervous system, cardiovascular, diabetes, autoimmune/inflammation, and others. Oncology application dominated the market in 2020 by holding 34.75% of the overall market share owing to the rising cases of cancer and the evolving nature of the carcinogenic cells. Research has suggested that cancerous cells have the tendency to grow on their own and sometimes the reason for cancer could be the DNA alterations. Extensive studies and research are regularly being conducted thereby the requirement of CROs for trials and data management and record maintenance is driving the growth of the market in the next five years.
North America region dominated the market in 2020 owing to its excellence in the efficient and high standard pharmaceutical industry. Healthcare industry in the countries like USA, Canada, and Mexico are considered best, thereby guaranteeing better and effective drugs, effective treatment, and thus requires regular clinical trials for the new developing drugs. Moreover, rapid growth in the region’s biosimilar and biologics market is also driving the growth of the market.
Some of the major competitors in the market are ІСОN Plс, Pharmaceutical Product Development, Inc., ІQVІА Ноldіngѕ Іnс., Covance Inc., Syneos Health Inc., PRA Health Sciences, Inc., Medpace Holdings, Inc., WuXi Apptec Co. Ltd, Charles River Laboratories International Inc., Parexel International Corporation, Envigo RMS LLC, SGS S.A, Omnicare Inc., Onyx Scientific Limited, Pierrel Research International AG, among others. The companies are focusing on extensive research and development activities to stay competitive in the market. Other competitive strategies include formation of alliances and partnerships.
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“Outbreak of pandemic, and regular research has enhanced the role of pharmaceutical and biopharmaceutical companies in the healthcare industry. The companies are in continuous need of outsourcing for early phase development, clinical and laboratory testing of the developed drugs there by creating maximum demand for CROs, Since the method boosts the profit margins, aids in avoiding high expenses, and thus reduces the time to conduct the whole developing and testing process and validation procedure of product, the market is very promising for the future endeavors. New investors can create a partnership with the pharmaceutical companies for an effective business in the future,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Contract Research Organization Market By Service (Clinical Research Services, Early Phase Development Services, Laboratory Services, Consulting Services and Data Management Services), By Application (Oncology, Central Nervous System, Autoimmune/ Inflammation Diabetes, Cardiovascular, Others), By End User (Pharmaceutical and Biopharmaceutical Companies, Medical Device Companies, Academic Institutes and Others), By Company, By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global contract research organization and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global contract research organization.
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