Contract Research Organization (CRO) Market is anticipated to growing at a CAGR of 11.48% till 2023

Pune, India, 2017-Jun-30 — /EPR Network/ — Market research future has published a cooked research report on Global Contract Research Organization (CRO) Market. The global contract research organization (CRO) market is growing at an average rate and is expected show the similar trend during forecast period.

Contract research organizations undertake research on a contract basis from their client. The rights to the work are owned ultimately by the clients who may not have the technical capabilities and capacities to perform the task on their own. Due to the large number of patents expiries, drug companies are under pressure to replace the revenue loss. The rising costs of drug development has put pressure on profit margins. On the other hand there has been an exponential growth in the skills of the contract research organizations. Thus contracting out has become an increasing attractive proposition for both clients and the contract research organization.

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Major Market Players:

  • Laboratory Corporation of America Holdings,
  • QuintilesIMS,
  • PAREXEL International Corporation,
  • Pharmaceutical Product Development, LLC,
  • INC Research LLC,
  • PRA Health Sciences, Inc.,
  • ICON plc.

Additionally many governments have increased funding for research and development to combat diseases such as cancer, Alzheimer’s etc. Large tax deductions for research coupled with increasing partnerships is also a big driver for the CRO market.

The level of R&D outsourcing will expand significantly in preclinical & clinical segment. The highly specialized nature of the segment coupled with the increasing stringency of the regulations has led to the shift. The need to reduce the costs of the clinical studies especially the phase four studies is another reason for the need to contract out the service. The contract research organization is in a position to bundle many contracts which reduces the costs of the study due to economies of scale. Contracting out clinical tests also eliminates the need to maintain elaborate equipment and personnel’s by the client.

Another reason is the growing importance of the supply chains and partnerships for risk sharing and cost sharing. Thus contracting out is done for quality improvement, increasing efficiency, reducing time to market a new product etc. Thus maintaining competitive advantage in today’s cut throat market has become imperative. Increasing need for highly advanced products such as targeted therapies for cancer has led companies to take advantage of contracting out their specialized needs.

Segmentation:

The global contract research organization (CRO) market is segmented on the basis of segment. Based on the segment, the market has been segmented as drug discovery, clinical development, and post marketing services. Based on the clinical trial phase, the market has been segmented as Phase I, Phases II, Phases III and Phase IV. Based on the End User, the market has been segmented as Pharmaceutical/ biotechnology Companies, Medical devices Companies, and Academic Institutes.

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