Global Contract Research Organization (CRO) Market, Forecast to 2024
NEW YORK, Dec. 18, 2019 /PRNewswire/ --
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.
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