PUNE, India, October 24, 2016 /PRNewswire/ --
According to a new market research report "Contract Research Organizations (CROs) Services Market by Type (Preclinical, Clinical Research, Laboratory) Therapeutic Area (Oncology, CNS, Cardiovascular) End User (Pharmaceutical, Biopharmaceutical & Medical Device Companies) - Global Forecast to 2021" published by MarketsandMarkets, The CRO Services Market has witnessed healthy growth during the last decade, and is expected to grow at a CAGR of 7.4% between 2016 and 2021 to reach USD 41.86 Billion by 2021.
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Growth in this market can be attributed to factors such as growing R&D expenditure, increased outsourcing of R&D activities, growing demand for outsourcing analytical testing and clinical trial services, and increase in the number of clinical trials. The global CRO Services Market is segmented based on service, therapeutic area, end user, and region. Based on services, the market is segmented into early-phase development, clinical research, laboratory, and consulting services. Based on therapeutic area, the market is segmented into oncology, central nervous system, cardiovascular, respiratory, diabetes, and other therapeutic areas. On the basis of end user, the global CRO Services Market is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and academic institutes. Based on regions, the CRO Services Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
In 2015, clinical research services accounted for the largest share of the global CRO Services Market. The laboratory services segment is expected to witness the highest growth in the next five years primarily due to the growing outsourcing of analytical and bioanalytical testing services by pharmaceutical and biopharmaceutical companies and medical device companies. On the basis of therapeutic area, the oncology segment accounted for the largest share of the global CRO Services Market. The large share of this market segment is mainly due to factors such as rising prevalence of cancer worldwide and increasing number of clinical trials conducted for oncology. Among end users, pharmaceutical and biopharmaceutical companies accounted for the largest share of the CRO Services Market. The robust pipeline of pharmaceutical and biopharmaceutical companies; growing R&D expenditure; and increasing outsourcing of early-phase development services, clinical research, and laboratory testing services by pharmaceutical and biopharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time of drug development are key market drivers for this end-user segment.
North America is the largest regional segment for the global CRO Services Market. The large share of this regional segment can be attributed to high-quality standards in the pharmaceutical industry, rapid growth in the biosimilars and biologics market, rising demand for outsourcing of services by pharmaceutical and biopharmaceutical companies, and increase in the number of clinical trial activities in this region. The market in the Asia-Pacific region is expected to register the highest CAGR owing to the fast-growing pharmaceutical industry, favorable government policies, and increasing number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in the region.
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Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Pharmaceutical Product Development, LLC (U.S.), PAREXEL International Corporation (U.S.), and ICON Plc (Ireland) held the major share of the CRO Services Market. Other major players operating in this market are PRA Health Sciences, Inc. (U.S.), InVentiv Health Inc. (U.S.), Charles River Laboratories International Inc. (U.S.), INC Research Holdings Inc. (U.S.), and Wuxi PharmaTech (Cayman) Inc. (China).
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