NEW YORK, Jan. 20, 2022 /PRNewswire/ -- The global Contract Research Outsourcing (CRO) market size is expected to reach USD 104.69 Billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Reports and Data. Rising prevalence of various chronic diseases that affect many lives and living conditions of the people, and rising investments by governments of various countries across the globe in development of novel drugs are factors driving market revenue growth.
Increasing number of clinical trials and drug pipeline projects in developing countries is expected to support market revenue growth. CROs are majorly involved in clinical trials for companies who do not have the required infrastructure. According to ClinicalTrials.gov, number of registered clinical trials by August 2021 was 387,363 globally. In general, clinical trials have become more complex in recent years and remains crucial for R&D of new drugs and products. Increasing number of clinical trials conducted in developing countries is support market revenue growth to a significant extent. Most clinical trials are conducted out of North America and Europe, as it is easier and cheaper. Costs involved in hiring volunteers for trials and conducting these trials are relatively cheaper in developing countries.
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Additionally, pharmaceutical companies are increasingly investing in R&D of more advanced drugs to treat infectious diseases and leveraging bioinformatics technologies to develop drugs against bacterial and viral infections. Rapid globalization has made international travel and commerce common, and this can result in transfer of diseases from one region to another. Infections such as Human Immunodeficiency Virus (HIV), cholera and dengue have been spreading due to rising number of travelers from one country to another across the globe. CROs are being outsourced to work on drugs for such diseases. Various CROs are working on development of drugs for various infectious diseases such as coronavirus, hepatitis, bacterial infections, HIV infections, dengue and yellow fever, among others.
Some Key Highlights From the Report
- In July 2021, Parexel announced a definite merger agreement, under which the company will be purchased by EQT Private Equity and Goldman Sachs for USD 8.5 Billion. The merger will fuel growth and business expansion and the company does not expect any other changes.
- Laboratory services are being outsourced to CROs by pharma companies as they add to additional operational cost and reduce overall profit. There are several trial and errors while developing a drug which is expensive. Pharma companies are outsourcing these laboratory services to CROs to reduce their cost. CROs are equipped with sophisticated equipment and advanced technologies which help to carry out these services effectively to a significant extent.
- Infectious diseases segment is expected to register significantly high revenue growth rate during the forecast period, owing to high prevalence of infectious diseases such as influenza, meningitis, and Tuberculosis (TB), among others. Major players are investing in research & development of more advanced drugs for treating infectious diseases and leveraging analytical technologies to treat viral and bacteriological infections. Increasing investments in clinical research of Hepatitis C is expected to drive segment revenue growth.
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- Market in North America accounted for largest revenue share in 2020 due to presence of well-established CRO companies and high investments in research & development of novel drugs and therapies. Revenue growth of the CRO market in this region is expected to be driven by presence of advanced infrastructure for clinical research and effective government incentive programs in the U.S. and Canada.
- Companies profiled in the global market report includes Charles River Laboratories, Parexel International, IQVIA, Labcorp Drug Development, PRA Health Sciences, Syneos Health, Thermo Fisher Scientific, Inc., ICON plc, Medidata Solutions, and Medpace Holdings, Inc.
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For the purpose of this report, Reports and Data has segmented the global Contract Research Outsourcing (CRO) market based on product type, therapeutic area, end-use, and region:
- Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Early Phase Development Services
- Clinic Research Services (CRS)
- Laboratory Services
- Consulting Services
- Therapeutic Area Outlook (Revenue, USD Billion; 2018–2028)
- Central nervous system (CNS) Disorder
- Immunological Disorders
- Cardiovascular Diseases
- Infectious Diseases
- Respiratory Disorders
- End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Pharmaceutical and Biopharmaceutical Companies
- Medical Device Companies
- Academic Institutes
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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