LONDON, GREATER LONDON, UK, July 19, 2018 /EINPresswire.com/ — A new report from The Business Research Company, Contract Research Organizations Global Market Opportunities And Strategies To 2021 shows that the global clinical outsourcing market of services to biopharmaceutical and biotechnology companies will grow at 12% year on year up to 2021. That is an acceleration from the clinical trials market growth rate of 10% up to 2017 which raised its value to $44.4 billion. Contract research organizations (CROs) offer solutions for the conduct of clinical trials, including initial drug discovery solutions, toxicology studies, bio-analytical services, central laboratory functions, site monitoring, data management services, vigilance, bio-statistics, study and development program design and consulting, regulatory affairs and a variety of post-marketing surveillance services. Their clients are the pharmaceutical and biotechnology companies.
Contract Research Organizations' Marketing Strategy
CROs' market growth is being achieved through strategies such as strategic partnerships to benefit CROs and sponsors alike, growing investments in technology and an increasing focus on emerging markets.
CROs are forming strategic partnerships with large biopharma companies to establish a strong CRO-sponsor relationship. Strategic partnerships help CROs by providing them with improved visibility, higher network utilization and expanded capabilities, while strategic deals offer sponsors attractive pricing, expertise in disease areas and regulatory compliance, improved global reach and accelerated time to market. CROs are also investing heavily in technological solutions such as wearables, whose sensor technology in wearables allows for continuous and real-time reporting of data, analytics and big data to improve the overall success of clinical trials. Incorporating these technologies into the drug development process dramatically enhances its overall efficiency through lower associated costs, reduced cycle times, improved quality of results and optimized commercialization strategies. Again, as the sponsors of the CROs struggle with the rising cost of drug/device development, they are also challenged to improve productivity and efficiency, streamline clinical trials, and meet more rigorous regulatory and quality assurance requirements in order to sustain profitability. The cost of conducting clinical trials in developing countries is around 50% less than in developed countries. Emerging regions in the CRO market are Asia Pacific, Eastern Europe and the Middle East. AS the chart shows, while Western Europe is still ahead of Asia Pacific in sales of CRO services, it is now behind it for CRO operations and production.
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CRO Market Segmentation
One way of segmenting the contract research organizations' market is by the disease area of the drugs or equipment being researched. Here the segments consist of research directed at finding solutions for oncology, infectious diseases, central nervous system (CNS) disorders, cardiovascular diseases and other therapeutic areas, which include diabetes and various dermatology, respiratory and metabolic diseases.
By therapeutic area, oncology was the largest segment of the CRO market in the latest year, accounting for about 25% of the total. Part of the reason for the importance of the oncology segment is the boost to cancer drug R&D development resulting from a loosening of regulatory requirements for new cancer drugs by the US Federal Drugs Administration. The changes being implemented or considered by the FDA include allowing organ-on-chip trials to be substituted for animal trials in the early stages of the process, allowing the inclusion of non-trial data from patients, and changing the end-point benchmark from proving that the drug extends overall survival to showing that it prolongs the time a patient lives without the disease getting worse.
Segmental growth rates, however, differ from market size. For example, the metabolic disease segment, which researches for treatments for diabetes and glandular disorders, is growing faster than the oncology segment. This is mainly due to demand for CRO services for new drug development through academia-industry collaborations.
Where To Learn More
Read the Contract Research Organizations Global Market Opportunities And Strategies To 2021 from The Business Research Company for information on the following:
Markets Covered: Contract research organizations
Contract Research Organizations Market Companies Covered: IQVIA, Laboratory Corporation Of America Holdings, ICON Plc, PAREXEL International Corporation, Pharmaceutical Product Development (PPD), Inc.
Regions: North America, Asia Pacific, Western Europe, South America, Eastern Europe, Middle East, Africa.
Countries: USA, China, UK, Japan, France, Germany, Australia, India, Spain, Russia, Italy, Brazil
Time Series: Five years historic (2013-17) and forecast (2017-21).
Data Segmentations: CRO market historic and forecast size and growth rates for the world, 7 regions and 12 countries, CRO market segmentation by service type (drug discovery, phase III, phase II, preclinical studies, phase IV, phase I, others), and by therapeutic area (oncology, CNS disorder, cardiovascular disease, metabolic disease, infectious disease, other therapeutic area), segment shares, and growth rates for the world, 7 regions and 12 countries, global competitor sales and market shares.
Other Data: Per capita average CRO expenditure, by country, CRO market size as a percentage of GDP across countries
Other Information: Drivers and restraints of the global CRO market, company profiles including products, strategy and financial performance for 5 CRO companies, CRO market trends and strategies, CRO market key mergers and acquisitions, global and by country
Sourcing and Referencing: Data and analysis throughout the report are sourced using end notes. Sources include primary as well as extensive secondary research.
Number of Figures in the report: 171
Number of Tables in the report: 171
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