Global Contract Research Organization (CRO) Market, Forecast to 2024

Global Contract Research Organization (CRO) Market, Forecast to 2024

Increased Technology Adoption in the Form of eClinical Solutions and Innovative Trial Designs is Expected to Transform the CRO Landscape

RELEASE DATE
27-Nov-2019
REGION
North America
Research Code: PA82-01-00-00-00
SKU: HC03241-NA-MR_23832

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Description

Increased technology adoption in the form of eClinical solutions and innovative trial designs is expected to transform the CRO landscape.

Owing to a constantly changing pharmaceutical landscape, the industry is expected to witness a moderate 4% to 5% growth in the next 5 to 7 years, to surpass $1.5 trillion by 2025. In coordination with the industry growth, market participants are investing about 8% to 10% of their revenues toward drug discovery and development. With an overall R&D investment of approximately $170 billion in 2018, the industry is working toward developing new and innovative curative therapies (e.g., regenerative medicine).

As a result of a higher R&D activity, there is higher reliance on outsourcing partners (e.g., CRO vendors) that support pharma and biotech participants with cost-effective and time-efficient drug development services. The global CRO industry is a highly fragmented and competitive market, with more than 1,000 participants globally. Europe is emerging as a key location for clinical research, with several small-to-mid segment niche CROs focusing on the region and, hence, propelling growth. Moreover, with APAC providing cheaper but effective alternatives for drug development, several big pharma companies are collaborating with participants in the region, thereby, making it the strongest growing region across the CRO industry. A highly fragmented market is a result of numerous small-to-mid segment participants focused on either a specific therapy area or specific service segment. This, in turn, is propelling consolidation in the industry, with leading CROs acquiring these niche participants, thus, increasing their service portfolio and geographic span.

The global CRO market is also witnessing an increased adoption of digitization in the form of eClinical solutions, using AI and machine learning based platforms, providing opportunity for several CROs to position themselves in the segment. Several technology-focused CROs are now developing in-house expertise which is changing the global clinical trial paradigm with the implementation of adaptive, virtual, and remote clinical trials. The companies are also moving toward an embedded business model by integrating their services with that of the sponsor’s business strategy, thereby, supporting as an end-to-end solution provider.

Key Issues Addressed

  • How will contract research outsourcing help in drug development by saving time and cost for manufacturers?
  • What is the impact of market growth in different regions?
  • Which are the dominant market participants in the CRO market and their market share contribution?
  • What are the key market trends observed toward expansion of contract research organizations in drug development across key therapeutic areas?
  • Do the products and services offered today meet customer needs or is additional development needed?
  • What are the key segments to look out for and what are the key trends in the market?

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
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Table of Contents

Key Findings

Key Findings (continued)

Market Engineering Measurements

CEO’s Perspective

Executive Summary—3 Big Predictions

Scope and Segmentation

Market Segmentation—Key Sections Covered

Methodology

Key Questions to be Answered

6 Big Themes for the Global CRO Market

Market Drivers

Market Restraints

Forcefield Analysis of Drivers and Restraints

Challenges Associated With Conducting Clinical Trials

Evolution of Pharma-CRO Collaboration Models

Changing Global Clinical Trial Paradigm

Clinical Trial Patient Enrichment Strategies—Case Studies

Market Engineering Measurements

Split of Clinical Trials by Therapy Area and Region

Total CRO Market—Revenue Forecast

Total CRO Market—Revenue Forecast by Segment

Percent Revenue Share by Segment

Drug Discovery and Preclinical CRO Market—Market Engineering Measurements

Key Market Assumptions

Breakdown of Preclinical Drug Development Activities

Drug Discovery and Preclinical CRO Market—Revenue

Drug Discovery and Preclinical CRO Market—Revenue Forecast

Drug Discovery and Preclinical CRO Market—Revenue Forecast by Non-Clinical Segment

Discovery and Preclinical CRO Market—Competitive Landscape

Benefits of AI Implementation in Drug Discovery

AI Major Applications Within Drug Discovery—Use Cases

Project MELLODDY—AI and Blockchain-based Research Consortium to Accelerate Drug Discovery

Digital Marketplace for Preclinical Cancer Research

Challenges and Opportunities

Growth Opportunity—Drug Discovery IT

Global Clinical CRO Market Snapshot

Clinical CRO Market—Market Engineering Measurements

Key Market Assumptions—Clinical CRO Market

Key Market Assumptions—Clinical CRO Market (continued)

Revenue Forecast Methodology

Clinical CRO Market—Revenue Forecast

Clinical CRO Market—Revenue Forecast by Region

Clinical CRO Market—Percent Revenue Forecast by Region

Clinical CRO Market—Revenue Forecast by Region

Revenue Forecast Discussion

Clinical CRO Market—Percent Revenue Forecast by Phase of Development

Revenue Forecast by Phases Discussion

Clinical CRO Market—Percent Revenue by Therapy Area

Revenue Forecast

Revenue Forecast by Therapy Area

Revenue Forecast by Subsegment

Revenue Forecast Discussion

Market Share Analysis

Clinical CRO Companies to Watch*

Revenue Forecast

Revenue Forecast by Therapy Area

Revenue Forecast by Subsegment

Revenue Forecast Discussion

Market Share Analysis

Clinical CRO Companies to Watch

Growth Opportunity—Europe: The Next Emerging Market

Revenue Forecast

Revenue Forecast by Therapy Area

Revenue Forecast by Subsegment

Revenue Forecast Discussion

Market Share Analysis

Clinical CRO Companies to Watch*

Revenue Forecast

Revenue Forecast by Therapy Area

Revenue Forecast by Subsegments

Revenue Forecast Discussion

Market Share Analysis

Clinical CRO Companies to Watch in ROW

Total CRO Market—Global Vendor Landscape Service Mapping

Total CRO Market—Global Vendor Landscape Service Mapping (continued)

Total CRO Market—Market Share Analysis

Total CRO Market—Leading Therapy Area and CRO Mapping

Total CRO Market—Benefits of Consolidation

Total CRO Market—Drug Development Technology Specific Collaborations

Total CRO Market—Healthcare IT collaboration

Growth Opportunity—Clinical Trial Logistics

Clinical Trial Logistics and Supply Chain

Growth Opportunity—Personalized Medicine

Growth Opportunity—Medical Devices Outsourcing Services

Revenue Forecast by Subsegment

Revenue Forecast Discussion

Revenue Forecast Discussion (continued)

Bioanalytical and cGMP Testing Segments

Bioanalytical and cGMP Testing Subsegments—Overview

Bioanalytical Testing Subsegment—Revenue Forecast

Bioanalytical Testing Subsegment—Revenue by Service Type

Bioanalytical Testing Subsegment—Key Companies to Watch

cGMP Testing Subsegment—Revenue Forecast

cGMP Testing Subsegment—Revenue Break Down by Service Type

Central Laboratory Services Segment—Revenue Forecast

Central Laboratory Services Segment—Services Benchmarking by Type of Labs

Biostatistics Segment—Revenue Forecast

Effective Data Management Process

Data Management Segment—Revenue Forecast

Pharmacovigilance Segment—Revenue Forecast

Is the Industry Undergoing Disruption?

Clinical Development Value Chain Analysis

How Digitization is Propelling Clinical Research Activities

Top 3 Trends and Vendor Strategies

What are CROs Doing?

Digitization—Where is the Opportunity?

Impact of Digitization of Clinical Trials

Digital CROs—Key Companies to Watch

Digital CROs—Key Companies to Watch* (continued)

Digital Solution Providers to CROs*

Growth Opportunity—Smart Clinical Trials to Achieve Cost Advantage

Growth Opportunity—Advancement in Remote Patient Monitoring with AI Implementation

AI—Major Applications Within Real World Evidence: Use Cases

Company-to-Watch—Adaptive Clinical

Growth Opportunity—Clinical Trial Execution with Blockchain

How Blockchain Connects the Clinical Trial Network

Macro to Micro Visioning

CRO Industry Stakeholder Landscape

Transformation in the CRO Ecosystem

7 Major Growth Opportunities in the CRO Industry

Strategic Imperatives for the Global CRO Industry

Implications for Key Industry Stakeholders

3 Big Predictions for the Global CRO Industry

Conclusion—Tracking the Opportunity

Legal Disclaimer

Abbreviations

Market Engineering Methodology

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Related Research
Increased technology adoption in the form of eClinical solutions and innovative trial designs is expected to transform the CRO landscape. Owing to a constantly changing pharmaceutical landscape, the industry is expected to witness a moderate 4% to 5% growth in the next 5 to 7 years, to surpass $1.5 trillion by 2025. In coordination with the industry growth, market participants are investing about 8% to 10% of their revenues toward drug discovery and development. With an overall R&D investment of approximately $170 billion in 2018, the industry is working toward developing new and innovative curative therapies (e.g., regenerative medicine). As a result of a higher R&D activity, there is higher reliance on outsourcing partners (e.g., CRO vendors) that support pharma and biotech participants with cost-effective and time-efficient drug development services. The global CRO industry is a highly fragmented and competitive market, with more than 1,000 participants globally. Europe is emerging as a key location for clinical research, with several small-to-mid segment niche CROs focusing on the region and, hence, propelling growth. Moreover, with APAC providing cheaper but effective alternatives for drug development, several big pharma companies are collaborating with participants in the region, thereby, making it the strongest growing region across the CRO industry. A highly fragmented market is a result of numerous small-to-mid segment participants focused on either a specific therapy area or specific service segment. This, in turn, is propelling consolidation in the industry, with leading CROs acquiring these niche participants, thus, increasing their service portfolio and geographic span. The global CRO market is also witnessing an increased adoption of digitization in the form of eClinical solutions, using AI and machine learning based platforms, providing opportunity for several CROs to position themselves in the segment. Several technology-focused CROs are now developing in-house expertise which is changing the global clinical trial paradigm with the implementation of adaptive, virtual, and remote clinical trials. The companies are also moving toward an embedded business model by integrating their services with that of the sponsor’s business strategy, thereby, supporting as an end-to-end solution provider.--BEGIN PROMO--

Key Issues Addressed

  • How will contract research outsourcing help in drug development by saving time and cost for manufacturers?
  • What is the impact of market growth in different regions?
  • Which are the dominant market participants in the CRO market and their market share contribution?
  • What are the key market trends observed toward expansion of contract research organizations in drug development across key therapeutic areas?
  • Do the products and services offered today meet customer needs or is additional development needed?
  • What are the key segments to look out for and what are the key trends in the market?
More Information
No Index No
Podcast No
Author Aarti Chitale
Industries Healthcare
WIP Number PA82-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9825-B1,9A06-B1,9571-B1,99BF-B1,99C0-B1,99C1-B1,99CB-B1,9568-B1,9611-B1