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Contract Research Organization (CRO) Services Market 2019- Recent Study Including Growth Factors, Applications, Regional Analysis

There is increase in acquisitions and mergers by the CRO’s in recent years to gain global foothold in the highly competitive CRO market. For instance, in August 2017, LabCorp acquired CRO Chiltern for $1.2 billion, which will become part of the company’s Covance Drug Development business. This will strengthen LabCorp’s Position as a Global Life Sciences Company with Leading Diagnostics and Drug Development Businesses. In August 2017, Avista Healthcare and CRO Envigo have entered into a definitive merger agreement under which Envigo will become a wholly owned subsidiary of Avista. In August 2017, Mercachem and Syncom, two of the leading European drug discovery Contract Research Organizations (CRO), announced the merger of two companies that will result in the formation of Mercachem-Syncom Group, with more than 300 employees and operations in Nijmegen and Groningen. In addition, the company has numerous partnership to enhance their service capabilities. For instance, In March 2018, PAREXEL announced a partnership with CHA Medical Group to increase its early phase clinical development capabilities in South Korea. WuXi AppTec entered into partnership with biopharmaceutical company Antengene Corporation to accelerate drug development for oncology.

Key Players: Laboratory Corporation of America Holdings (Covance), Charles River Laboratories, Inc., Pharmaceutical Product Development Inc., IQVIA Holdings Inc., PAREXEL International Corporation, ICON plc, Syneos Health, Inc., Medpace Holdings, Inc., Envigo, Evotec AG, Eurofins Scientific, PRA Health Sciences, Inc., WuXi AppTec, Inc., SGS SA, EPS International, Genscript Biotech Corporation and niche players.

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Key Strategies of leading players

  • Enhance productivity and optimizing back end manufacturing processes
  • Product enhancement through integrating new strategies involving big data, advanced analytics into traditional manufacturing processes
  • Growing businesses through serving into new application areas and identifying pockets of growth in emerging markets
  • Focusing on cost effective production of devices with stability and robustness
  • Strategies for Product differentiation and adjusting to the life cycle changes
  • Strengthening collaboration with suppliers and distributors
  • More focused strategies are found in the report

The market for pharma contract research organization is driven by increasing outsourcing of research and development by pharmaceutical companies, increasing clinical trials across the globe, increasing number of patent expiration and growth in biopharmaceuticals market are some of the factors driving the growth of CRO market, whereas, lack of skilled personnel and quality issues related to services offered by CROs are limiting the growth of CRO market to an extent.

Regional Analysis:

The regions covered in the report are the North America, Europe, Asia Pacific, and Rest of the World (ROW). North America is the major shareholder in the global pharma contract research organization market, followed by Europe. Increasing growth of biopharmaceutical market, high quality standards of pharma and biopharma industry and availability of advanced technologies makes North America major shareholder of pharma CRO market. Asia Pacific is expected to grow at high CAGR during forecasted period due to increasing research activities, growing patient pool, and flexible regulatory environment for clinical trials.

Service Type Analysis:

The pharma contract research organization market by service type is segmented into discovery, preclinical studies, clinical studies and others. Among these, clinical study services accounted for the highest market share in 2017, due to increasing prevalence of lifestyle and metabolic diseases, growth in the elderly population and increasing clinical trials globally.

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

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Benefits:

The report provides complete details about the services offered by pharma contract research organizations in various therapeutic verticals and regions. With that, key stakeholders can know about the major trends, drivers, investments, and vertical player’s initiatives. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

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