Post-COVID-19 Trends Disrupt the Global Contract Research Organization (CRO) Market

Post-COVID-19 Trends Disrupt the Global Contract Research Organization (CRO) Market

Increased Focus on Patient Centricity and Diversity in Clinical Trials Provide Growth Opportunities for CROs and Technology Vendors

RELEASE DATE
13-May-2021
REGION
Global
Research Code: MFFF-01-00-00-00
SKU: HC03414-GL-MT_25433

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Description

Frost & Sullivan presents post-COVID-19 growth opportunities and strategic imperatives in the contract research organization (CRO) market, covering the market’s maturity, key participants, competitive landscape, and recent mergers and acquisitions. The study highlights key growth drivers and restraints, identifies initiatives by major global CROs, and estimates growth patterns for the next five years based on detailed analyses of drug and biologics interventional trials, outsourcing penetration rates, and cost variations. It further provides insights into the driving influences and challenges across regions and clinical development phases.

The plateaued CRO market experienced a sudden growth in 2020 due to the surge in research and development (R&D) efforts related to COVID-19 therapies and vaccines. The CRO market, fragmented with more than 1,000 participants, has two broad segments: nonclinical, which includes drug discovery and preclinical services, and clinical. Recent big acquisitions in the market may indicate a trend of future mergers or partnerships with integrated e-clinical platform providers as global CROs focus on building capabilities in innovative patient-centric clinical trial delivery models. Decentralized clinical trials (DCTs), while still at a nascent stage, are enabling newer participants to enter the clinical trial industry. Recent initiatives by the Decentralized Trials & Research Alliance to bring together industry participants, including CROs, pharma/biotech sponsors, and technology vendors, have increased awareness of DCTs globally and catapulted their adoption especially in North America. To adapt to DCTs, sponsors will increasingly rely on CROs to expedite the implementation of telemedicine components and remote monitoring solutions in clinical research due to inconsistencies in laws and regulations across the globe.

The rising need to maximize R&D productivity and global penetration has led to an increase in multicountry trial registrations by pharma/biotech sponsors. Several small biotech companies that support the development of therapies for rare/orphan diseases and biosimilars for chronic diseases are contributing to the CRO market growth. The continuous expansion in personalized medicine and cell and gene therapies, potency and biomarker assay complexities, and the need for adaptive trial designs is increasing outsourcing penetration to CROs. However, the shortage of skilled workforce with knowledge of the dynamic regulatory requirements to support complex therapies development can hinder the CRO market growth.

Patient-centric solutions and data-driven portfolios are fueling the adoption of functional service provider (FSP) models, even among small and midsize pharma companies. FSP partnerships enable them to rapidly scale their workforce to match business demand and distribute risk across programs or portfolios. Asia-Pacific customers are increasingly using outsourcing and insourcing FSP models in their partnerships to enhance traditional working models, resulting in greater value sharing, support, and access to expertise. Lastly, the need to develop highly efficacious therapies through innovation has boosted the growth of drug-device combination therapies, leading to more partnerships between medtech participants, CROs, and pharma companies for clinical development programs.

Author: Meghna Hiren Thakkar

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Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Global Contract Research Organization (CRO) Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Global CRO Market Scope of Analysis

Global CRO Market Segmentation

Key Competitors for the Global CRO Market

Global CRO Market—Services and Stakeholders

Global CRO Market—Vendor Landscape

Key Growth Metrics for the Global CRO Market

Growth Drivers for the Global CRO Market

Growth Restraints for the Global CRO Market

Global CRO Market—Forecast Assumptions

Global CRO Market—Revenue Forecast

Global CRO Market—Competitive Environment

Global CRO Market—Market Share

Growth Strategies of Top CROs

Growth Strategies of Top CROs (continued)

Global CRO Market—Mergers and Acquisitions

Revenue Forecast Methodology

Nonclinical CRO Market—Key Market Assumptions

Nonclinical CRO Market—Revenue Forecast

Nonclinical CRO Market—Revenue Forecast by Segment

Nonclinical CRO Market—Revenue Forecast Discussion

Clinical CRO Market—Key Market Assumptions

Clinical CRO Market—Key Market Assumptions (continued)

Clinical CRO Market—Revenue Forecast

Clinical CRO Market—Revenue Forecast by Region

Clinical CRO Market—Percentage Revenue Forecast by Region

Clinical CRO Market—Revenue Forecast by Phase

Clinical CRO Market—Percentage Revenue Forecast by Phase

Clinical CRO Market—Revenue Share by Therapy

Clinical CRO Market—Revenue Forecast Discussion

Clinical CRO Market—Revenue Forecast Discussion (continued)

Revenue Forecast—Americas

Key Trends—Americas

Revenue Forecast—Europe

Key Trends—Europe

Revenue Forecast—Western Pacific

Key Trends—Western Pacific

Revenue Forecast—ROW

Key Trends—ROW

Growth Opportunity Universe Summary

Growth Opportunity 1—Agile FSP Model for Small and Midsize Pharma/Biotech Companies, 2021

Growth Opportunity 1—Agile FSP Model for Small and Midsize Pharma/Biotech Companies, 2021 (continued)

Growth Opportunity 2—DCTs to Ensure Patient Diversity and Real-world Evidence Generation, 2021

Growth Opportunity 2—DCTs to Ensure Patient Diversity and Real-world Evidence Generation, 2021 (continued)

Growth Opportunity 3—Customized Biomarker Assays and Trial Designs for CGT, 2021

Growth Opportunity 3—Customized Biomarker Assays and Trial Designs for CGT, 2021 (continued)

Growth Opportunity 4—Regulatory and Data Management Services for Drug-Device Combination Clinical Trials, 2021

Growth Opportunity 4—Regulatory and Data Management Services for Drug-Device Combination Clinical Trials, 2021 (continued)

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List of Exhibits (continued)

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Related Research
Frost & Sullivan presents post-COVID-19 growth opportunities and strategic imperatives in the contract research organization (CRO) market, covering the markets maturity, key participants, competitive landscape, and recent mergers and acquisitions. The study highlights key growth drivers and restraints, identifies initiatives by major global CROs, and estimates growth patterns for the next five years based on detailed analyses of drug and biologics interventional trials, outsourcing penetration rates, and cost variations. It further provides insights into the driving influences and challenges across regions and clinical development phases. The plateaued CRO market experienced a sudden growth in 2020 due to the surge in research and development (R&D) efforts related to COVID-19 therapies and vaccines. The CRO market, fragmented with more than 1,000 participants, has two broad segments: nonclinical, which includes drug discovery and preclinical services, and clinical. Recent big acquisitions in the market may indicate a trend of future mergers or partnerships with integrated e-clinical platform providers as global CROs focus on building capabilities in innovative patient-centric clinical trial delivery models. Decentralized clinical trials (DCTs), while still at a nascent stage, are enabling newer participants to enter the clinical trial industry. Recent initiatives by the Decentralized Trials & Research Alliance to bring together industry participants, including CROs, pharma/biotech sponsors, and technology vendors, have increased awareness of DCTs globally and catapulted their adoption especially in North America. To adapt to DCTs, sponsors will increasingly rely on CROs to expedite the implementation of telemedicine components and remote monitoring solutions in clinical research due to inconsistencies in laws and regulations across the globe. The rising need to maximize R&D productivity and global penetration has led to an increase in multicountry trial registrations by pharma/biotech sponsors. Several small biotech companies that support the development of therapies for rare/orphan diseases and biosimilars for chronic diseases are contributing to the CRO market growth. The continuous expansion in personalized medicine and cell and gene therapies, potency and biomarker assay complexities, and the need for adaptive trial designs is increasing outsourcing penetration to CROs. However, the shortage of skilled workforce with knowledge of the dynamic regulatory requirements to support complex therapies development can hinder the CRO market growth. Patient-centric solutions and data-driven portfolios are fueling the adoption of functional service provider (FSP) models, even among small and midsize pharma companies. FSP partnerships enable them to rapidly scale their workforce to match business demand and distribute risk across programs or portfolios. Asia-Pacific customers are increasingly using outsourcing and insourcing FSP models in their partnerships to enhance traditional working models, resulting in greater value sharing, support, and access to expertise. Lastly, the need to develop highly efficacious therapies through innovation has boosted the growth of drug-device combination therapies, leading to more partnerships between medtech participants, CROs, and pharma companies for clinical development programs. Author: Meghna Hiren Thakkar
More Information
No Index No
Podcast No
Author Meghna Thakkar
Industries Healthcare
WIP Number MFFF-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9612-B1,9611-B1