1. Shift to More Variable Cost Base Drives Increased Outsourcing Expected to Drive the Market
Patent expiries are leading to generic rivalry and ever more stringent demands from regulators continue to have an impact on their bottom lines. As of now, nearly two thirds (63%) of the companies appointing contract development and manufacturing organizations (CDMOs) and CROs for Phase II studies, a big jump from last year, when only 42% of companies engaged outsourcing partners for this phase. This will lead to the boost in the growth of the contract research organization market. Other factors that will affect the growth of this market include, growing R&D expenditure and increasing number of clinical trials.
2. North America Expected to Lead the Market
North America accounted for the largest share of the CRO services market in 2017, followed by Europe and Asia Pacific. North America’s leading position in the contract research organization services market is primarily attributed to the high-quality standards in the pharmaceutical industry, rapid growth in its biosimilars and biologics market, an increase in clinical trial activity.
3. IQVIA to Dominate the CRO Market
IQVIA dominates the CRO services market, led by its strong performance in the biopharmaceutical services industry with wide geographical coverage. The company’s foothold in the market is, primarily, attributed to various factors, such as strong technical and service capabilities, good client relationships, diversified service offerings, and its ability to expand the penetration of its offerings to a broad range.
4. Leading Companies to Watch
The report also examines the role of the leading market players involved in the industry. Some of the key players listed in the study are:
PRA Health Sciences
About Contract Research Organization Market
The contract research organization market is expected to grow at a CAGR of about 11.2% during the forecast period. Market growth can be attributed to the growing R&D expenditure, increased outsourcing of R&D activities, and increasing number of clinical trials.
Mordor Intelligence is a market intelligence and advisory firm operating in 14 industry segments, serving over 600 clients worldwide.