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Contract Research Organizations (CROs) Services Market Estimated to grow at a CAGR of 7.4% from 2016 to 2021, to reach USD 41.86 billion by 2021 from USD 29.29 billion in 2016

Press Release   •   Jun 06, 2017 02:28 GMT

"Contract Research Organizations (CROs) Services Market Estimated to grow at a CAGR of 7.4% from 2016 to 2021, to reach USD 41.86 billion by 2021 from USD 29.29 billion in 2016" published in June 2017. It is a professional and in-depth study.

Summary

Market Research Report Storeannounces a new report"Contract Research Organizations Services Market"added to its database.The global CRO services market is estimated to grow at a CAGR of 7.4% from 2016 to 2021, to reach USD 41.86 billion by 2021 from USD 29.29 billion in 2016. Growth in this market is primarily attributed to 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. However, increasing regulatory pressure on CROs can hinder their market growth to a certain extent.

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In this report, the global CRO services market is segmented on the basis of services, therapeutic area, end user, and region. On the basis of services, the market is segmented into early-phase development services, clinical research services, laboratory services, and consulting services. The clinical research services accounted for the largest share of the CROs market in 2015, owing to growing number of biosimilars and biologics by pharmaceutical and biopharmaceutical companies, increase in R&D activities, and growing number of clinical trials.

On the basis of therapeutic area, the oncology segment accounted for the largest share of the CRO services market. The increasing number of clinical trials conducted for oncology and rising prevalence of cancer worldwide are key market drivers for this segment. In 2015, pharmaceutical and biopharmaceutical companies accounted for the largest share of global CRO services market, by end user. 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 expected to drive the CRO services market for pharmaceutical and biopharmaceutical companies.

Geographically, the global CRO services market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2015, North America commanded a major share of the global CRO services market. Factors such as 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 clinical trial activities in this region are contributing to the large share of North America. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to the fast-growing pharmaceutical industry, favorable government policies, increasing number of pharmaceutical companies establishing manufacturing facilities, and lower cost for clinical trials in this region.

Some of the prominent players in the CRO services market include Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation Of America Holdings (U.S.), Pharmaceutical Product Development, LLC (U.S.), PAREXEL International Corporation (U.S.), ICON Plc (Ireland), 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).

Research Coverage

The report analyzes the outsourcing services provided by CROs across different industries and regions. It aims at estimating the market size and future growth potential of the CRO services market for different segments such as services, therapeutic areas, end users, and regions. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, service offerings, recent developments, and key market strategies.

Reasons to Buy the Report:

The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, service development/innovation, market development, market diversification, and competitive assessment) for increasing their market shares.

Table Of Contents

1 INTRODUCTION 20

1.1 OBJECTIVES OF THE STUDY 20

1.2 MARKET DEFINITION 20

1.3 MARKET SCOPE 21

1.3.1 MARKET COVERED 21

1.3.2 YEARS CONSIDERED FOR THE STUDY 22

1.4 CURRENCY 22

1.5 LIMITATIONS 22

1.6 STAKEHOLDERS 22

2 RESEARCH METHODOLOGY 23

2.1 RESEARCH APPROACH 23

2.1.1 SECONDARY SOURCES 24

2.1.1.1 Key data from secondary sources 24

2.1.2 PRIMARY SOURCES 25

2.1.2.1 Key data from primary sources 25

2.1.2.2 Key industry insights 26

2.2 MARKET SIZE ESTIMATION 27

2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 29

2.4 MARKET SHARE ESTIMATION 30

2.5 ASSUMPTIONS FOR THE STUDY 30

3 EXECUTIVE SUMMARY 31

4 PREMIUM INSIGHTS 37

4.1 CONTRACT RESEARCH ORGANIZATIONS: MARKET OVERVIEW 37

4.2 ASIA-PASIFIC: CONTRACT RESEARCH ORGANIZATIONS MARKET,

BY CLINICAL RESEARCH SERVICE (2015) 38

4.3 CONTRACT RESEARCH ORGANIZATIONS MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 39

4.4 CONTRACT RESEARCH ORGANIZATIONS MARKET: GEOGRAPHIC MIX 40

4.5 CONTRACT RESEARCH ORGANIZATIONS MARKET:

DEVELOPING VS. DEVELOPED COUNTRIES/REGIONS 40

5 MARKET OVERVIEW 41

5.1 INTRODUCTION 41

5.2 MARKET DYNAMICS 41

5.2.1 KEY MARKET DRIVERS 42

5.2.1.1 Growing R&D expenditure 42

5.2.1.2 Growth in outsourcing of R&D activities 43

5.2.1.3 Increasing demand for outsourcing of analytical testing and clinical trial services 43

5.2.1.4 Increasing number of clinical trials 44

5.2.2 KEY MARKET RESTRAINTS 46

5.2.2.1 Regulatory pressure on contract research organizations 46

5.2.3 KEY MARKET OPPORTUNITIES 46

5.2.3.1 Growth in biosimilars and biologics markets 46

5.2.3.2 Rising demand for specialized testing services 48

5.2.4 KEY CHALLENGES 48

5.2.4.1 Growing competition in the contract research organizations industry 48

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Market Research Report Store

About Market Research Report Store

Market Research Report Store is one of the most fast-growing and professional online platforms for industry reports, market reports, and professional surveys. Our collection covers more than 100 global markets. We have cooperated with leading publishers and consultant companies to offer the best market intelligence products to our clients with instant access to our database.

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